“I hope in 2021 the country will no longer need subsidies in its current form” – Finance Minister

“I hope in 2021 the country will no longer need subsidies in its current form” – Finance Minister

access_time2020-11-19 11:35:14

“I hope that in 2021 the country will no longer need subsidies in its current form,” Georgian’s Finance Minister Ivane Machavariani says.

 

According to Machavariani, GEL 70 million have been allocated from the country's budget to finance the subsidy program, of which about 60% has already been spent.


“Given the current situation, the launch of the subsidy program was  timely. The allocated amount is being used  at a rapid pace- 60% of the amount has been spent on subsidies, thanks to which citizens can  buy apartments, and development companies can push through the hard times, ” the Minister notes.



In Machavarian’s words,  despite the economic downturn, the construction sector sees growth largely due to the mortgage subsidy program.

 

“This sector is very important for the country, we still hope that in 2021 the development sector will no longer need subsidies in its current form,”  the Minister of Finance explains.

 

A  mortgage subsidy program, which provides for the payment of interest rates by the state on mortgage loans, was launched  on June 25 and expires in January 2021.


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