“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.
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.