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NBG President Sees the Solution to the Current Situation in the So-called Next Generation Reforms and Unpopular Decisions

Giorgi Kadagidze, President of the National Bank of Georgia, believes that the solution to the current situation lies in the so-called next generation reforms and unpopular decisions.

However, Kadagidze did not elaborate on what he meant by that. According to him, he will speak about it during his annual speech in the Parliament.

As for the Deputy Prime Minister and Economy Minister Giorgi Kvirikashvili’s statement, about the National Bank increasing its refinancing rate, Kadagidze noted that it was wrong to look for a solution to fundamental problems in the National Bank.

"We are carrying out the only correct policy available to us in the current situation, given the external shocks. The solution lies in the so-called second-generation reforms and unpopular, difficult decisions. These decisions must necessarily be made and I will specifically talk about it next week, during my speech in the Parliament,”- Kadagidze said.

According to him, he has always refrained from assessing the government's statements, but as the President of the National Bank, he will present his latest speech and annual report in the Parliament next week.

"We will have an opportunity to talk about many trends, reasons and solutions without any political context. People today are first and foremost interested in solutions and specific decisions.

Therefore, in my opinion, today we must discuss exactly how to solve the current problems and our future prospects, in contrast to the statements I have been recently hearing,”- he said.

He also expressed hope for the upcoming discussions in Parliament being mainly focused on problem solving and reforms.

15.05.2015 11:14

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