The representatives of international financial organisations operating in Georgia and representatives of the diplomatic corps have sent a joint open letter to the Georgian government and Georgian people, praising the country's resilient response to the coronavirus pandemic.
The letter notes that the Georgian economy relies on tourism, trade and remittances, and that it thus is vulnerable to the effects of the pandemic.
The Georgian authorities, stakeholders across the public and private sectors, and the Georgian people have responded in an extraordinarily resilient and cooperative manner,” says the letter.
Georgia has received ‘well-deserved’ international praise for its fight with the coronavirus pandemic, noted the letter.
The letter noted that support schemes were created for business and vulnerable groups and added that recovery plans are being designed.
Fiscal prudence and the buildup of reserves in recent years make the Georgian economy better prepared to address the economic impact of the crisis,” says the letter.
However, the letter says that Georgia needs major investments and financial support “to properly equip the health sector for the challenges ahead…prepare for recovery towards economic resilience.”
The financial institutions say that they “are working together to ensure rapid support to Georgia and are currently discussing a substantial financial relief package to help the authorities respond effectively to this unprecedented crisis.”
These financial institutions are: the Asian Development Bank, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the European Union and the European Investment Bank, the Federal Republic of Germany through KfW, the French Republic through the Agence française de Développement, the International Monetary Fund, and the World Bank Group.