Fitch Rating to indicate Georgia’s return to pre-pandemic condition, PM says

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Fitch Rating to indicate Georgia’s return to pre-pandemic condition, PM says

09.08.21 13:35

The Fitch Rating outlook on Georgia indicates that the state returned to the pre-pandemic macroeconomic baseline, said Prime Minister Irakli Garibashvili during the governmental sitting.

He referred to the recent revision of the Outlook on Georgia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Negative to Stable and affirmed the IDR at BB.

“We see that economy is recovering at an impressive pace. The economic growth for the last six months at 12.7% is truly promising,” PM said. Garibashvili added that the Fitch outlook would be a significant signal for international investors.

Fitch Ratings revised projection published on August 6, 2021, reflects a much-improved macroeconomic baseline. Fitch’s confident that the Georgian authorities will continue implementing policies supporting macroeconomic stability and medium-term sustainability of public finances. This year’s projected strong economic recovery will help government debt to start declining, while accumulated fiscal buffers will help limit pandemic-related risks.

source: 1TV

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