Georgia Receives Additional €170.8 mln from the ADB as Budget Support

Georgia received an additional 170.8 million euros from the Asian Development Bank in the form of budget support.

Today, Georgia and the Asian Development Bank (ADB) signed an agreement on the Fiscal Sustainability and Social Security Program. The document was signed by the Minister of Finance of Georgia Ivane Machavariani and the Head of the Regional Office of the Asian Development Bank Shane Rosenthal.

Under the program, the Asian Development Bank will allocate 170.8 million euros of financial resources to Georgia, which will be directed to the budget.

The program aims to promote sustainable and inclusive economic growth in the country. It includes reforms aimed at mitigating the health, social and economic impacts caused by the pandemic, as well as finding sustainable ways for economic growth.

The reforms focus on three main areas: strengthening the increased financial risk management resulting from the COVID-19 crisis, developing the internal government securities market, strengthening social protection programs, and fiscal sustainability.

It is noteworthy that the agreement signed with ADB is part of the financial support that the Georgian government has received from partner international donor organizations to fight the COVID-19 pandemic and further rehabilitate the country's economy.

By Ana Dumbadze 

30 October 2020 17:26