Prime Minister Mamuka Bakhtadze said at a news briefing on June 29 that the current estimations of Georgia’s economic growth based on the state statistics office, Geostat, prove that “the government carries out correct economic policy.”
According to Geostat, Georgia’s real Gross Domestic Product (GDP) grew 7.5% year-on-year in May 2018; the figure stood at 5.3% in May 2017.
“This proves that the reforms that we have implemented and those we have announced create an environment where the rate of economic growth will be accelerated,” Prime Minister Bakhtadze said.
He also spoke of the International Monetary Fund’s (IMF) approval of the three-year Extended Fund Facility (EFF) arrangement for Georgia on June 27, allowing the Georgian authorities to use USD 42.25 million for their “economic reform program.”
The Prime Minister further reiterated that the Government expenses would gradually decrease from the current 4.5 to 3.9% of GDP, which, according to Bakhtadze would save up to GEL 200-250 million over two years, that he plans to direct towards social programs.