Georgia faces economic collapse

Published: 29 November 2003 y., Saturday
Georgia's interim president has warned the country stands on the brink of "economic collapse" after the ouster of Eduard Shevardnadze and says drastic steps have to be taken to reverse the situation. Acting President Nino Burdzhanadze told top officials in a televised broadcast that the legacy of economic decline left by the discredited Shevardnadze administration was "even worse than we thought". "The situation is very difficult. Yesterday's data shows that we are facing economic collapse," she said, adding the situation called for radical measures. She gave no specific details beyond urging state enterprises to work at full capacity. But her warning clearly prefaced fresh appeals to the West to help her impoverished former Soviet country where the average monthly income is about $40 (24 pounds). Georgia has fallen out with the International Monetary Fund which refused to lend it money under a poverty reduction programme until the Shevardnadze government dealt with mass corruption and tax evasion.
Šaltinis: news.ft.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.

Facebook Comments

New comment


Captcha

Associated articles

The most popular articles

G20 will act to revive growth

The finance chiefs from the leading economies met in southern England to discuss measures to deal with the global economic crisis. more »

New bid to improve the environment

Environmental projects up for bid at ‘auction floor’ conference in Brussels. more »

U.S. men opt for credit crunch snip

In the United States increasing numbers of men are having vasectomies to avoid any added strain on hard-pressed finances. more »

In 2008 the number of settlements performed by Bank SNORAS payment cards grew twice faster than the market

Within last year the number of settlement operations made by using AB Bank SNORAS payment cards grew by 21 per cent or twice more than on the market where 10 per cent growth was fixed. more »

European Parliament gives go-ahead to tougher maritime safety rules

The “Erika III” package, aimed at protecting Europe's coasts from maritime disasters and improving passenger and crew safety, was adopted by Parliament on Wednesday. more »

New rules for banks to avoid a future financial crisis

Improving the transparency and the supervision of the financial system to ensure proper risk management in the banking sector is the aim of legislation approved on Monday by the Economic and Monetary Affairs Committee. more »

Getting cohesion funds into the real economy faster

MEPs could back speeding up the rate at which Europe's regional funds are made available. more »

European Commission provides humanitarian aid worth €700,000 in Pacific island countries

The Commission has taken a humanitarian decision for €700,000 to provide assistance to communities affected by floods in Fiji, the Solomon Islands and Papua New Guinea. more »

Euromoney awards Parex banka for excellent private banking services in Latvia and Lithuania

The international business magazine Euromoney has announced the results of its Private Banking Survey 2009, and Parex banka has received the award for “Best Private Banking Services Overall” in Latvia. more »

More seek food aid

Mass layoffs and inflation are pushing people to seek food aid. more »