Finance Minister - “correct” macroeconomic, fiscal policies aided Georgia’s rapid post-pandemic recovery

Georgian Finance Minister Lasha Khutsishvili on Wednesday said the country’s “correct and healthy” macroeconomic and fiscal policy, implemented during the pandemic and post-pandemic periods, had aided in a “rapid economic recovery” and maintained macroeconomic stability and credit ratings.

In his comments while presenting the revised version of the 2024 state budget in the Parliament, Khutsishvili told lawmakers Georgia had recorded the “best” BB positive rating “in history” according to Fitch Ratings, an American-based credit rating agency.

He stressed the fiscal sector, recognised by international assessments and ratings, represented the “strongest aspects” of the country’s economy and credit ratings, and noted the country ranked first in the world in terms of budget openness, which included an assessment of budget transparency, accountability and oversight standards.

We have one of the healthiest and economic growth-oriented tax systems in the world, which is recognised by international organisations as a good example for the world,” he said.

The official added Georgia had “one of the most developed” business environments and lowest tax rates according to the World Bank, while also having a “very efficient” tax administration, which allowed the country to present a “significantly increased” budget every year and implement fiscal consolidation.