“Fiscal Resilience and Social Protection Support Program” signed between Georgia and the Asian Development Bank.

The document was signed by the Minister of Finance of Georgia, Lasha Khutsishvili, and the Regional Director of the Asian Development Bank, Shane Rosentha.

The Asian Development Bank has approved a USD 100 million policy-based loan to deepen Georgia’s reforms to fiscal management, capital markets, and its pension system.

ADB’s second subprogram supports policies aimed at improving institutional capacity to manage fiscal risks stemming from disasters triggered by natural hazards and climate change, and weak corporate governance in state-owned enterprises. It will strengthen macroeconomic resilience to shocks by reducing exposure to currency and refinancing risks associated with high external debt. It also supports measures to promote regular contribution payments among pension participants as well as the adoption of a framework that incentivizes additional voluntary savings.