GD Prime Minister Irakli Kobakhidze announced that Georgia has effectively abandoned the practice of direct privatization of state property, and new legislative amendments will soon formalize this decision.
Speaking ahead of the government session, Kobakhidze emphasized that over the past year and a half, since the formation of the new government, direct sales of property have been halted.
“We have practically completely refused to privatize property in a direct form. We want to regulate all this at the level of the law as well. Relevant amendments will be made to the law that will precisely define the conditions for privatization. Accordingly, the practice that has already been introduced will be consolidated at the legislative level,” he said.
Kobakhidze first raised the issue during his annual parliamentary report in June, stressing that direct sales of state-owned real estate, including land resources, carry corruption risks.
“This practice contains risks, including corruption risks. Therefore, we have made a principled decision and the practice of direct sales of real estate has been ended,” he noted at the time.
