On 18 September, Georgia’s Finance Minister Ivane Matchavariani was elected chairman of the board of governors of the Asian Development Bank for one year, reported agenda.ge.
Speaking at the event, Matchavariani emphasised the ADB's efforts in helping Georgia fight the spread of Covid-19 and at the same time pointed to several sectors that would need further support from the bank. “First and foremost, we need to continue and strengthen economic and structural reforms that will help sustain the economy. We need to strengthen the role of the private sector in the economic recovery process, and in this regard, the Asian Development Bank can make a significant contribution. It is also important to develop human capital, for which it is necessary to reform the education and health systems. The Asian Development Bank has extensive experience in supporting reforms and needs to focus on this in the long run,” he said.
He also talked about the importance of regional cooperation and integration. Matchavariani said that Georgia supports a free trade policy. “It is essential to develop transport infrastructure, trade, and customs relations with the bank’s member and border countries. We must build our future on the principles of greater integration, greater openness and fewer barriers,” he added.
In its most recent report on Georgia, the ADB stressed that the country’s economic recovery could be maintained by prolonging certain tax and credit concessions, stimulating private sector development and strengthening health institutions in preparation for a possible second wave (Caucasus Watch reported). The ADB has partnered with Georgia since 2007 and is one of the country’s largest multilateral development partners. Over $2.8 billion has been approved for Georgia’s development since 2007. This includes $1.4 billion from regular ordinary capital resources (OCR), $902 million from concessional OCR, $455 million in non-sovereign lending, $17 million in technical assistance and trade finance.
