Finance Minister: Gov’t policy aiming to create “healthy investment environment”

Finance Minister Lasha Khutsishvili participated in an economic forum organised by the Bank of Georgia and the analytical centre Geocase. Photo: Ministry of Finance, 03 Feb 2023 - 13:50, Tbilisi,Georgia

Georgian Finance Minister Lasha Khutsishvili on Friday said the country’s investment policy was based on the goal of creating a “healthy environment” for investment and business.

The Ministry cited Khutsishvili with the comment from a discussion held within an economic forum organised by the Bank of Georgia and the analytical centre Geocase.

In his remarks, Khutsishvili highlighted global financial ratings firm Fitch Ratings’ recently revised financial outlook for the country’s financial development from “stable” to “positive”. He noted the institution’s sovereign credit rating was “one of the most consistent and stable” assessments of a country's investment attractiveness.

This is not an indicator where much progress can be made in only a few years. Statistics show that even one level of change takes at least several years, and the interval naturally depends on the progress achieved, and reforms implemented, during this period. Currently, our credit rating is rated at 'BB'", Khutsishvili added.

The Minister also told the forum improving the credit rating required progress in "many directions". 

These directions are: macroeconomic stability and fiscal discipline [...] the quality of the country's governance [...] external vulnerabilities [...] geopolitical risks and the country's income level, which is a long-term challenge and where investments play a very big role", he said, adding “progress” was being made in these areas.

Khutsishvili also said the Government’s “stable economic policy” and reduction of vulnerability to external risks contributed to the improvement of the investment environment in the country.