Georgian President Giorgi Margvelashvili has agreed to summon MPs for an urgent session to discuss the economic situation in the country, as stated by Parliamentary Secretary Giorgi Kverenchkhiladze. The president wants development of a concrete plan to stabilize the national currency, News Georgia reports.
Margvelashvili decided to initiate the session after talks with members of the Our Georgia - Free Democrats and the United National Movement today. Ministers and President of the National Bank Giorgi Kadagidze will take part in the upcoming talks. The date of the session has not been set yet, it will be announced this week.
In February, Margvelashvili refused to summon MPs for such a meeting because the Cabinet assured him of its readiness to come up with a plan to stabilize the situation by March 5. The plan has not been developed yet, according to Margvelashvili's Economic Advisor Giorgi Abashishvili. The Cabinet is yet to present a report on the session of the committee for the economy and economic policy which will be held this week.
The lari has been falling since November 20, 2014. It has gone down from 1.7400-1.7600 to 2.1740 GEL/$.
Opposition and experts believe that the currency downturn is a result of incorrect economic policy. The National Bank started a harsher monetary policy in February. Kadagidze blamed the government for neglecting warnings made earlier. The government assures that it is in control of the situation and plans to cut administrative expenditures.
