In his recent interview with The CheckPoints, Beka Liluashvili, the Economic Advisor to the Prime Minister, talked about the government's measures to handle the economic crisis caused by the pandemic.
"When we identified the first positive case of coronavirus in the country, on the governmental level, the special committee created, that is still actively working on managing the pandemic and the spread of the virus. The other committee was created in line with all the ministers and all of the government's economic team. Institutionally, this board is still active,"- he said.
According to Liluashvili, two directions were created. Firstly, certain measures were implemented to secure social safety nets. Secondly, certain measures were also implemented to avoid the liquidity crunch in the business, the private sector, and the financial sector.
"As an economist, I think one of the biggest risks was the liquidity crunch that might occur and the real estate crisis. When a crisis creates a liquidity crunch, then the portfolio's quality is falling, we observe the price drop in the real estate sector. Therefore, a strong policy is necessary to secure the price level on the market. Personally, I think the support measures developed by the government were the most economically efficient" - he added.
