Today, an agreement on the Fiscal Sustainability and Social Security Program was signed between Georgia and the Asian Development Bank (ADB). The document was signed by the Minister of Finance of Georgia. Ivane Matchavariani and the Head of the Regional Office of the Asian Development Bank, Shane Rosenthal.
The Asian Development Bank allocated EUR 170.8 million to Georgia under the program, which will be directed to the budget.
The program aims to promote sustainable and inclusive economic growth in the country. It includes reforms aimed at mitigating the health, social and economic impacts caused by the pandemic, as well as finding sustainable ways for economic growth.
The reforms focus on three main areas: strengthening the increased fiscal risk management as a result of the COVID-19 crisis, developing the internal government securities market, strengthening social protection programs, and fiscal sustainability.
It should be noted that the agreement signed with ADB is part of the financial support that the Government of Georgia has received from partner international donor organizations to combat the COVID 19 pandemic and further rehabilitate the country's economy.