2 billion GEL allocated to stimulate Georgian economy during coronavirus crisis
There is 351 million GEL (about $106.04m/€96.75m) mobilised in the crisis budget of Georgia. Photo: Nino Alavidze/Agenda.ge.
Tweet 
Share
A total of 2 billion GEL (about $0.60b/€0.55b) has been allocated to assist the Georgian economy in the tough period caused by the coronavirus global crisis, announces Prime Minister Giorgi Gakharia.
- Georgian government allocates 1 mln GEL to respond to new coronavirus
- Georgian gov’t to cover utility fees for certain citizens
Gakharia said that today it is difficult to predict what kind of influence this global coronavirus crisis will have on the Georgian economy, but it is already obvious that the economic growth rate will not be the same as was projected at the beginning of 2020.
When we discuss this issue with our partner international financial organisations we all agree that we are entering a period of recession. This is the impact of global trends on the Georgian economy but we also understand that those strict measures that we take today in terms of fighting against COVID-19 will also have an impact on economic performance. And today we are not in a situation to talk about the same economic growth rates that we projected at the beginning of this year", Gakharia said.
Gakharia also announced that in the crisis budget 351 million GEL (about $106.04m/€96.75m) has been mobilised.
The International Monetary Fund (IMF) is working with the Georgian authorities to provide 'additional financing' to contain the spread of the coronavirus and support the Georgian people and economy, announced the Mission Chief for Georgia at the International Monetary Fund (IMF) Mercedes Vera-Martin in a statement published on March 30.
The World Bank is offering €45 million to support Georgia implement ongoing reforms in areas critical for inclusive economic growth and also assist in the country’s efforts to mitigate the economic impact of the COVID-19 pandemic.
The Government Reserve Fund has allocated 1 million GEL ($358,358) to the Ministry of Health to respond to the challenge of the new coronavirus in Georgia. The Ministry of Finance has also been instructed to allocate additional financial resources to the Ministry of Health if necessary.
The Georgian government will cover utility fees, including sanitary service, gas and water bills for three months (March, April, May) for households which consume less than 200 kWh of electricity and 200 cubic meters of natural gas per month.
A total of 19,935,000 GEL (about $6.02m/€5.49m) has already been accumulated in the StopCov fund as of March 31. The funds raised in the StopCoV fund, that was created on March 23, will be used to meet 'identified needs'.
The United States Embassy to Georgia salutes Georgian emergency medical personnel, who are “at the front lines” of the struggle against the new coronavirus. Stressing that “battling COVID-19 requires many skills and talents”, the Embassy expressed its gratitude to those “who are helping to keep us safe and healthy”.
A total of 128,179,715 GEL ($40.9 mln/€37.4 mln) has already been accumulated in the StopCov fund as of now. The funds raised in the StopCoV Fund, which was created on March 23, will be used to overcome the coronavirus crisis.
The Georgian economy is gradually returning to a positive development track, says Georgian Economy Minister Natia Turnava, citing the recent statistics of the external trade of Georgia which shows that in September 2020 the exports of Georgia increased 8.6 per cent compared to the same month of last year.
A year into the coronavirus pandemic Georgians remain concerned about the state of the economy and the impact of Covid-19, reads poll results released today by the National Democratic Institute (NDI or the Institute) and CRRC Georgia.
The government of Georgia is going to present a 10-year development plan in May, which will convey the government’s vision of how to emerge from the coronavirus crisis, announces Georgian Prime Minister Irakli Garibashvili.