Future Generation Fund slows down
By Messenger Staff
Thursday, September 10Just before last year’s Russian aggression the Georgian Government announced the establishment of the Future Generations Fund, which would accumulate surplus budget revenues for future generations and spend them only in emergencies. “Unfortunately crisis hit very early,” Minister of Finance Kakha Baindurashvili now states.
The Fund should have accumulated some of the income from the GEL 500 million eurobonds issued by the Georgian Government. Unfortunately events developed in an unfavourable direction. The Minister says that the Fund still exists but is not functioning because unless Georgia has excess revenues not a single tetri will be paid into it. He suggests that for the next 2 years it is unlikely that Georgia will have excess budget revenues it can use for this purpose.