„All the major factors of economy are healthy and we have quite positive trend; Exchange rate of GEL is being stabilized“ states Prime Minister of Georgia Print Version

2019-08-13

"If we look at the overall economy, macroeconomic position projects all the major factors of economy being healthy and we have a quite positive trend, which lets us state that we were dealing with an excessive depreciation of GEL and it is being stabilized now" stated Mamuka Bakhtadze, Prime Minister of Georgia when commenting on the topic for the gathered media.

According to the Head of Government of Georgia, proceeds in the tourism sector declined by about 60 MLN USD in July compared with the respective period of the last year.

"On the one hand there are actual data and on the other - projections and forecasts. It is a normal occurrence. I would urge you to always focus on the substance. Development of conspirational theories around any issue would not be reasonable or within the public interest to my mind. Tourism sector has suffered and as proceeds declined by 60 MLN USD in July compared to respective period of the past year. However, we have very good results in other directions, be that export, current account deficit or other. Therefore, we state that trend of fundamental developments within the economy of the country are positive and this position is shared by commercial banks and other financial institutions. They came up with the projections. Thus, our assessment was clear - we were dealing with an excessive depreciation of GEL. We are now observant and witness GEL being stabilized. As for the tourism sector, no matter who argues, fact remains that tourism sector has incurred significant losses primarily for the small and medium enterprises (SMEs) operating in this area, who were affected most of all. And they need support" stated the Prime Minister of Georgia.

According to the Head of Government of Georgia, tourism sector should get support from the authorities and relevant measures have been planned towards this end.

"We are obliged to assist and support the tourism sector. Two programs have been designed towards this end and along with other activities we believe that growing trend of the past will be regained. I cannot label assumptions claiming that tourism sector has not suffered of these restrictions. It is neither a conspiration theory, nor a false statement. I cannot think of a greater disinformation. Ask anyone engaged in the sector - small and medium businesses in Adjara. We had a 40% increase in proceeds from tourism in June, followed with a significant decline in July. It is a reality at present" concluded the Prime Minister of Georgia.

Prime Minister's Press Office