The FINANCIAL -- “The improvement of international rating agency Moody’s sovereign credit rating from Ba3 to Ba2 is an obvious signal for investors that the situation in Georgia is improving and it should be logically followed by the inflow of investments and international capital,” - the Deputy Minister of Economy and Sustainable Development of Georgia, Nino Javakhadze stated.
The Deputy Minister considers that the improvement of rating will also ease the access to the international financial resources for the local financial institutions, according to Ministry of Economy and Sustainable Development of Georgia.
“On September 11, 2017, the rating agency Moody’s has improved Georgia’s sovereign credit rating by 1 step from BA3 to BA2, and left the prospects stabile. This is the first case of improvement in rating since 2010, while the previous improvement was recorded in October, 2010. The rating agency evaluates the structure of an economy, the prospects for economic development, the threats and opportunities, as well as the management of public finances, debts and other factors, which can influence the country’s ability to serve its financial obligations” – Nino Javakhadze said.
According to the Deputy Minister, the rating company took into account the positive economic growth of Georgia in 2014-2016 despite the negative external factors and the fact that the country has well managed these foreign shocks. “The Association Agreement with the EU and the fact that Georgia is committed to harmonize its political and practical activity with the EU standards in the following years is another advantage of the country. Structural reforms, including the pension reform, their perspectives and their impact on the economic development of the country in the future are also taken into consideration” – Nino Javakhadze commented.