Georgian PM on Fitch ratings:
“Georgia is the only country in the region to move up in the rating”
Fitch has upgraded Georgia's rating to 'BB' from 'BB-'. The outlook is stable. Photo: Gov't of Georgia.
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Georgian Prime Minister Mamuka Bakhtadze has responded to Georgia’s improved standing in the Fitch rating.
Bakhtadze noted that of particular import is the fact that Georgia is the only country in the region which moved up in the Fitch rating.
Fitch has upgraded Georgia's rating to 'BB' from 'BB-'. The outlook is stable. Fitch explained the upgrade was due to the trend that the Georgian economy had proved resilient to negative developments in 2018.
Bakhtadze said that the promotion in the international rating agency means that the Georgian economy is now more competitive and the country will be able to attract more investments and create more jobs.
Great news from @FitchRatings. #Georgia’s sovereign rating has been upgraded to ‘BB’ from ‘BB-’ with a stable outlook. Georgia is transforming into a regional hub w/robust & resilient economy w/ 4.8% economic growth in 2018. @GovernmentGeo
— Mamuka Bakhtadze (@BakhtadzeMamuka) February 25, 2019
He said that this rating is a clear example for him that “we will achieve success in our main strategy and make Georgia an economic centre of the region”.
Bakhtadze explained that Fitch made this “important decision” as Georgia had reduced the current account deficit, diversified economy and implemented right fiscal and monetary policy.
This is unambiguous support that the government of Georgia is implementing the right economic policy… and I want to sort out the larisation strategy… every reform or initiative that is implemented by our government aims to create stable fiscal and microeconomic environment that will further affect positively to the rating”, said Bakhtadze.
Fitch has also praised Georgia’s pension reform and said that the recently launched funded pension pillar will likely encourage savings in the country.