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Nodar Khaduri Delivered Speech during ADB’s 46th Annual Meeting

Published: May 5, 2013 | 12:52 pm
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(CNA)-In the frame of the business visit to India, Nodar Khaduri, Minister of Finance of Georgia participated in the ADB’s 46th annual meeting where he delivered a speech.

„ADB has indeed a lot to share with member states in terms of achievements. This Bank has been a strong contributor to economic development and poverty reduction across the region. ADB has positioned itself as one of the leading development partners in Georgia in a relatively short time span. The Bank has been actively engaged in Georgia in public and private operations with a steadily growing portfolio. We strongly appreciate that ADB’s support has always been responsive to government’s needs and priorities. Our plan going forward is to build on the excellent cooperation with the ADB to further strengthen our partnership,“ declared Khaduri.

In his words, last year has been pivotal for Georgia. The country underwent a smooth political transition and transfer of power through the ballot box. The new Georgian government is committed to continue the implementation of successful reforms and build on the existing success stories and accomplishments.

„We are launching comprehensive reforms in agriculture to unlock its significant untapped potential through inter alia better access to agriculture credit, well-targeted export promotion measures and investment in agricultural machinery, irrigation, drainage and other value-chain supporting infrastructure. We will remove all barriers to free and fair competition to establish a genuinely level playing field for all businesses working in Georgia. Our goals are ambitious and we believe that with the support of our partners we can achieve success,“ stated the Minister.

Georgia’s macroeconomic outlook remains positive with robust economic growth at 7.2% in 2011 and 6.1% in 2012. Growth has been broad-based with construction, manufacturing, financial services, tourism, communication and transport as major contributors. Broad-based growth is expected to continue at a fast pace, benefitting from credit expansion, public and private investment and FDI. The general government deficit has declined to 2.9% of GDP in 2012 and further fiscal consolidation is planned in 2013 fiscal year. Tax revenues in 2013 continue to be very strong. In the beginning of 2013 small and medium enterprise turnover has increased significantly in terms of both number and volume of business transactions as compared to the same period of 2012. This head start inspires confidence and attests to the strong positive outlook for the ongoing year.

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