POLITICS

World Bank Regional Director for the South Caucasus: The government should continue supporting the stability and growth of the financial sector

06.12.22 13:10


I think it is necessary for the government to continue supporting the stability and growth of the financial sector, said Sebastian Molineus, World Bank Regional Director for the South Caucasus, answering the journalists' question regarding the government's decision that the profit tax for banks will be 20 percent instead of 15 percent.

 

"This is news that I have to admit that I have not had the opportunity to familiarize myself with in detail. In general, what I can say is that the financial sector is strong and resilient and has withstood the shock really well, it has proven to be resilient and I think it is necessary for the government to continue supporting the stability and growth of the financial sector," said Sebastian Molineus.

 

According to the Prime Minister of Georgia, Irakli Gharibashvili, banks and the financial sector will no longer switch to the so-called Estonian model of profit tax, and the existing profit tax system will be maintained for them, which implies a 20% profit tax.

 

"It is unjustified that the banks have such a large profit," said Gharibashvili.

 

*The quotes in the article have been double-translated from Georgian and wordings may be inaccurate.

 

 

 

source: IPN 

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