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Privatization of Government buildings will help stabilize Lari

Friday, February 27
The Georgian government is offering short-term, mid-term and long-term plans as possible ways to stop the national currency depreciating any further against the greenback.

One idea – to privatize government buildings – would bring about $300-350 million USD into the Georgian economy.

"The short-term plan is about speeding-up privatization. The same plan includes raising the awareness of Georgia and attracting more tourists. The Ministry of Economy is working in this direction,” Finance Minister Nodar Khaduri said.

"As for the Ministry of Finance, we need to look at the budget. Costs which were allocated for implementing infrastructural and investment projects will not be reduced,” he added.

Georgia’s Economy Minister presented the list of assets that will be sold and privatized. He said some businessmen have already expressed interest in the assets.

The list of assets to be privatized includes:
• Historical building of the National Bank of Georgia,
• Ministry of Economy building,
• Former Bobokvati presidential residence in Adjara at the Black Sea shore,
• Tskneti Governmental residential buildings at the prestigious resort near Tbilisi,
• Thermal power plant,
• National Lottery Company.

The Ministry of Economy building may be transformed into a hotel.

Meanwhile, NBG president Giorgi Kadagidze announced the country’s imports would soon be affected by the depreciation of the Lari.

As of today the official NBG exchange rate saw $1 US dollar at 2.26 GEL. (