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Gvindadze: Georgia needs an act of economic freedom

2011-07-13 18:00

Minister of Finance of Georgia believes that the act of economic freedom will be useful for the economic development of Georgia - "Business-Georgia" reported.

"The most important principle, which the law provides is that the adoption of new state taxes and setting the upper limit of taxes would only be possible through a referendum" - said Gvindadze.

The act, in particular, stipulates that the expenditure of budget will not exceed 30% of GDP.

"In addition, the government is taking additional steps in maintaining the fiscal stability. In particular, the law provides the ratio of budget deficit to GDP not exceeding 3 percent, while the ratio of public debt to GDP below 60%. These options will allow us, in the long term, to maintain macroeconomic stability, that will increase investor confidence to the country and will contribute to the input of investments" - said the Minister.

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