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Tuesday, 19 June 2018


“Number One Country” asks for help

2011-11-21 20:14

“Number One Country” Asks for Help. 24714.jpeg

Hurry up, if you plan to invest in Georgia's economy. Now is the best investment time! At least, this is what Georgian PM Nica Gilauri says. Keep in mind, there are a lot of proposals, and you will have to make a line to get through. As economy minister Vera Kobalia states, this year Tbilisi will receive USD 1 bn. A fairy-tale, in a word. One thing is unclear: for some reason the European Bank for Reconstruction and Development advises that Saakashvili stop dreaming of huge money flows and focus on a new legislation.

"Now it's the best time to invest in Georgian economy", - Nica Gilauri exclaimed at a Christian Democratic congress in Germany. The prime minister believes there are several reasons to invest in Sakartvelo and the key point is this: healthy macroeconomic policy that keeps all economic indexes "sound". "Our banking sector is characterized by high deposit interest rates. We have reserves, - he remarked. - We have carried out constitutional amendments adopting an economic freedom act. We can't have budgetary deficit beyond 3%, expenditure must not go above 30% of GDP, and the overall debt - 60%".

It's not the first time that Gilauri has mentioned healthy Georgian economy. This is old news. Yet, the last thing he said sounded shocking to well-balanced Germans. "According to the World bank, we are number one country in the world, - he exclaimed - We are ranked sixth for business activity. Our greatest achievement is eradication of corruption. We have made progress in tourism, and this year, comparing to last year, Georgia had a 41% increase in tourists.

We know well how visitors are counted in Saakashvili's kingdom. Everyone who crossed the border - businessmen, relatives and so on are taken for tourists. Probably, only pets are not considered "visitors". Though who knows, their time will come when it is necessary to polish up statistics. As for "number one country" according to the World Bank version, Gilauri was not only unwise to say so. He simply framed up his country in front of the world's largest creditor.

This week director of the World Bank's Transcaucasian representative office Asad Alami unambiguously said: the Georgian economy is so open that in case of negative global processes, it will suffer a heavy blow. "Things that are taking place in the world are a serious challenge to everyone", - Alami emphasized. - Particularly to Georgia. The center of all that will slowly move to the East, and Georgia's economy is open to all those influences. Supported by international financial institutions, the Georgian government must do a lot".

But do words of high administrators have importance to Georgian officials? Here is Georgian minister of economy and sustainable development Vera Kobalia promising to earn USD 1 bn in investments before the end of the year. "These investments arrive from different sectors, including energy sphere, and I would like to say that starting next year we will have twice more contracts, - she adds. - For instance, the investment agency is now actively working on textile industry development in the country trying to attract Turkish investments".

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