Temur Basilia:

Temur Basilia: "The country’s approach to the pension system is right"

access_time2019-05-21 10:28:22

"The success of the pension reform depends on the resources management," Temur Basilia, the ex-Vice Prime Minister, former Economic Adviser to the former president, says in an exclusive interview with Commersant.

Basilia believes  the country’s approach  to the pension system  is correct. According to him, it is important to place the pension charges correctly what the agency will be responsible for. He adds that the reform is very important for the economic development as well.

 "If resources will be disposed inappropriately and wrong, then a risk of failure of the reform really exists. The Pension Agency’s funds should be placed  in the international organizations' assets that will  ensure the security of the pension fund at the international level as well as in the Georgian economy. Such a  system works in the United States, the only difference is that the people’s  involvement in the pension system is voluntary there, "Basilia says.

The financier hopes that after a certain period when the society when society is aware of all the benefits of the pension system, joining to it will become voluntary.

In Basilia’s words,  work on the introduction  of pension system in Georgia began  many years ago, when he served as  the president's economic advisor. However, as he claims, the country was not ready  for such a reform.

"I  worked on this issue, we developed  some conception. Small groups were created from private pension funds but then the country was not ready for a large-scale pension reform. In fact, it should be started sooner or later and it can be only hailed it has been started, "Basilia says.


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