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Machavariani: the main challenge for the next 4 years will be to reduce the increased debt and deficit

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Natia Taktakishvili
25.12.20 13:30
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"Increased debt and deficit will be the main challenge for our country and the budget not only 2021, but also for the next 4 years," said Ivane Machavariani, a candidate for finance minister.

According to him, it is important to start a significant reduction of the deficit after 2021.

"You know, this is the only way to reduce debt. It has been repeatedly stated by the Prime Minister that macroeconomic stability based on fiscal discipline is crucial. This is the most important precondition for our well-being and better economic condition so that macro parameters do not deteriorate. Otherwise, we have examples of strong countries with high culture and great history (Greece, Lebanon), which got quite a big blow because they were not managed properly, in fiscal and macroeconomic terms for years. It will take us at least a decade to rehabilitate and restore the situation. The deficit that we submitted to the parliament is 7.5%, which is rather high, and we must start a sharp decline from 2022 to maintain a maximum of 3%," Ivane Machavariani said.