Shevardnadze Says Georgia Faces no Default

(Tbilisi, August 25, 2003, Civil Georgia) – Georgian President Eduard Shevardnadze said in his Monday radio broadcast on August 25, that there is no risk of default.

Last week President of the Georgian National Bank Irakli Managadze said that the country would face default in case of failure to meet the IMF’s recommendations, as the fund would withdraw its support in the talks with the Paris Club.
 
“Simply, certain persons try to frighten the population. The country will not face the default even if the Parliament fails to emend the 2003 budget [one of the IMF’s recommendations],” stressed the President.  
Still Shevardnadze hopes the Parliament will adopt budgetary amendments at an August 26 parliamentary session.

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