On December 15, 2011, the Prime Minister of Georgia, Nika Gilauri, held a briefing with respect to rising credit rating of Georgia by one step by the rating agency Fitch Ratings.
"Good day. Today, there are three international agencies in the world studying and assessing solvency of our country. These agencies are: Standard&Poor's, Fitch and Moody's. Several months ago, all three of them visited Georgia.
As you know, Standard&Poor's has risen credit rating of Georgia from B+ to BB. An hour ago, exactly the same data was published by Fitch, which visited Georgia several weeks ago. They have studied the economy, political, geopolitical and economic problems of the country and reforms carried out in Georgia. Under the background when ratings have been decreased for very many countries of the world, including the European Union member states, as a result of Fitch research, rating of Georgia has been risen from B+ to BB that has confirmed the initial assessment of Standard&Poor's.
A new research conducted by Fitch says: "the main achievement is connected to the fact that the government has successfully managed to decrease budget deficit rapidly. Foreign debt has a trend of decreasing and preferential terms; reforms turned out fruitful, investments are made in infrastructure, export is diversified, and business climate is supportive to investors."
This is an additional advertisement of Georgia to those who are searching for new places for making investments.
I would like to congratulate Georgian businessmen, private sector and government representatives on this achievement. Under the background of the economic problems in the world, Europe and Asian countries, it is very important that such authoritative agencies, as Fitch and Standard&Poor's, emphasize our macroeconomic stability, the fact that the government has managed to decrease budget deficit very well. They emphasize the low index of foreign debt inviting new investors in our country.
This means that we shall expect additional investments from the world next year. There is great money for investment in the world searching for new markets, which does not go to countries having macroeconomic problems. Georgia may become a new market, which has all macroeconomic parameters in healthy and good condition.
The macroeconomic parameters, there recognition by Standard&Poor's and Fitch, and starting negotiations on free trade agreement with the European Union, are the achievements as a result of which we can expect good economic growth, creation of new jobs, reduction of unemployment and making new investments in Georgia from the next year.
This assessment means that the macroeconomics and geopolitics of the country are in a better condition than they were last year, and that credit resources will become cheaper for the country and Georgian companies. If Georgia needs to search for additional credit resources, these resources will be much cheaper for state companies, as well as for companies operating in Georgia, including banking sector," declared Nika Gilauri.
The Press Service of the Prime Minister