Minister: New Georgian govt intends to halt borrowing
The new Georgian government does not intend to borrow anymore to cover its current expenses, Finance Minister Nodar Khaduri said at a conference devoted to the year-end results, Trend news agency reported.
"When we say that the budget deficit must hit 2.8% of GDP, this means that we must not borrow any more, especially at high interest rates," Khaduri said. "We will take loans from international organizations such as the Asian Development Bank, the World Bank and the European Bank for Reconstruction and Development in 2013. But these will be only for investment projects, which will focus on the development of roads, water supply and other infrastructure. We will not take loans to cover the current expenses."
Moreover, he stressed that the government intends to return the IMF's debt in the future.
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