Irakli Kovzanadze, Chairman of the Finance and Budget Committee of the Parliament, decided to leave the Parliament.

"Dear friends and colleagues! I want to let you know that after a 7 year dynamic and quite challenging working period, I have decided to leave the mandate of a member of the Parliament and consequently resign from the position of the chairman of Finance and Budget Committee.

Under my management, Finance and Budget Committee in close and fruitful co-operation with partner institutions has managed to implement a number of important and fundamental reforms in fiscal as well as in monetary spheres. At the same time, an adequate supervision has been determined on both entire state budget process and expedient public expenditures. With an active participation of the Committee, a number of important laws and systemic reforms were adopted in banking as well as in insurance systems where sound corporate governance principles and adequate supervision have been introduced and strengthened.

Despite quite a number of challenges (external and internal shocks, pandemic, ongoing full scaled war in the region, inflation process, etc), nowadays, in the country macro stability is secured, banking sector is sound reflecting high and strong liquidity position, budget deficit is under control and national currency is stable.

Fulfilment of systemic reforms would have not been possible without permanent support of partner International Financial Institutions such as IMF, World Bank, EBRD, IFC, USAID, KfW and other donors.

I’d like to express my deep gratitude towards IFI’s and donors for supporting us. I intend to return to banking-finance and scientific-academic activity once my parliamentary work is accomplished.

Finally, I’d like to thank my colleagues at the Parliament for supporting and backing me. I wish further fruitful activity and success to the Parliament and my colleagues", - Kovzanadze wrote.