Natia Turnava: Georgia is practically one of the exceptions that has maintained its ratings, as the ratings of various countries in the post-Soviet space, our region and Eastern Europe have been downgraded

Fitch has left Georgia's sovereign credit rating unchanged. As the Minister of Economy and Sustainable Development Natia Turnava said at a briefing at the Governmental Administration, the ratings of various countries in the post-Soviet space, our region and Eastern Europe have been downgraded, and Georgia is practically one of the exceptions that has maintained its ratings.

"Fitch has left our country's sovereign credit rating at BB level unchanged. Despite the global uncertainty and pandemic crisis, as well as the difficulties that Georgia has faced, according to the international rating agency, the quality of our governance, macroeconomic stability and ongoing reforms allow them to re-evaluate the degree of our economic and investment attractiveness and to leave our credit rating unchanged”, said Natia Turnava.

“According to Fitch, the pace of economic recovery in our country will be higher than average this year, in particular 4.3%. It is noteworthy that Fitch estimates for 2022 are more optimistic than those of some international institutions, as they predict 5.8% next year,"- said Natia Turnava.

According to the Ministry of Economy and Sustainable Development, Fitch emphasizes that the National Bank of Georgia's (NBG) track record of credible policy making has been important in preserving macroeconomic and financial stability, and limiting balance of payments risks in previous economic shocks as well as the current global pandemic.

“Fitch makes it clear in its report that the re-election of the Georgian Dream in the parliamentary elections strengthens the rating company's expectations for the continuation of economic policy and reforms. At the same time, despite the political tensions and the boycott of the opposition parties in the parliament, the rating company does not see any risks in the continuation of economic policy and reforms, "- reads the statement released by the Ministry of Economy and Sustainable Development.