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Georgian government to cut costs, PM says

Georgia’s government intends to resort to the “belt-tightening”, Georgia’s Prime Minister Irakli Garibashvili told reporters Feb. 21.

He said that due to the worsening of economic situation in the country, the government plans to reduce administrative costs.

Garibashvili explained that the fall in the Georgian lari’s rate negatively affected the citizens’ economic situation and the companies’ financial results, adding that the government is ready to “tighten belts.”

Over the past three days, the lari fell by 20 percentage points and stood at 2.17 laris per dollar as of Feb. 20.

The experts don’t make encouraging forecasts and suggest that the lari will continue to fall.

In the past two weeks, the national currency of Georgia depreciated by almost five percent.