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NBG President: Economy has Lost $300mln Because of the Government's Mistakes


NBG President: Economy has Lost $300mln Because of the Government's Mistakes


President of NBG has named strengthening of Visa regulations as being the first mistake, including Iran and China, which caused a reduction of 100 million USD.

“This is far more in comparison to the whole wine export in 2015. This can be the same to break all wine bottles down, that have been the exported though that year. We welcome abolishment of Visa regulations with Iran. It is recommended to abolish Visa regime with Egypt and China as well”, Giorgi Kadagidze noted.

The second mistake is restriction of land privatization. Giorgi?Kadagidze names nut export by way of example, which export exceeds to wine. Company “Ferrero” had plaid a great role in the expansion of nut export, which has entered Georgia and introduced Georgian nut to everyone.

“This code remains valid nor Ferrero nor other company can can be found in these conditions”, – Kadagidze noted.

According to Kadagidze’s estimation, additional problems is business seizing, while court hearings, which hampers marking of investments inside the companies.

“We should be aware of, that economy can be a synchronic work of all the state institutions and? a good mistake of one authority makes all the economy ill”, – President of NBG? has declared to TV-company Rustavi 2.

The final mistake is complicated relationship using the International Monetary Fund, which concerns towards separation of Supervisory Board from NBG. Because of this, the review is just not over and done with IMF and Georgia cannot take 46 million through the EU.

“Totally these problems give us a reduction of 250-600 million”, – Giorgi Kadagidze declares.

According to him, National Bank will not make statements inside the past svereal years, mainly because it protects investment environment.


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