18.02.22
დ The Chairman of the Parliamentary Political Group "European Socialists" Fridon Injia spoke about the need to create a state investment commercial bank from the rostrum of the supreme legislative body.
. The chairman of the political group raised the issue at the plenary sitting of the Parliament, where the deputies listened to the Minister of Finance of Georgia Lasha Khutsishvili in the format of "Minister Hour".
. “I want to draw your attention to one important issue. I asked the Minister of Finance how much is provided by the state programs for 2022 - such as "Produce in Georgia", "Cheap Agro Credit" and others, and I received the answer that the state should issue a loan of 560 million GEL. Over the past 5 years, the state has paid GEL 600 million to private banks on interest rates from similar programs. That's it, it turned out that the state programs that we want for the people, from there we transferred 600 million GEL to private banks. Would it not be good to set up a single state investment commercial bank? It does not take much to do this. All it takes is a will. This is simple arithmetic, "Fridon Injia said at the plenary session.
თქმით According to the chairman of the political group, for some reason this initiative has some opposition and some circles are behind it, including the National Bank, who are interested in making the banks only private.
🔹 “Let's look at our neighborhood. Is there a state bank in Turkey? - Yes. There are also private banks, the competition is going on. Is there a state bank in Azerbaijan? - Yes. Is there a state bank in Austria? - Yes. I'm not talking about Russia, it's there too. There are a number of countries where there are state-owned banks along with private banks. "It does not want anything, it only needs the will," said Fridon Injia.
🔹 As the chairman of the political group said, a really big deal was done when the interest rate on pension loans dropped from 36% to 26 %. Therefore, if a state investment commercial bank is established, the interest rate on loans may be halved. "Nothing prevents the creation of a state investment commercial bank, so that all programs and funds leave the state bank. In such a case, loans, not only pension, but also other loans, will be much cheaper. I ask the question - if there was a state investment commercial bank, would it be 600 million GEL, or through the state, in the pocket of the state? Could we have spent that money on those refugees, on the needy people who are today. It requires neither higher mathematics nor higher theories. Here is simple arithmetic. "Therefore, the state must take some responsibility," said Fridon Injia.
🔹 According to him, it is completely free for a state investment commercial bank to do something useful for the people.
🔹 “What is happening today is to withdraw hundreds of millions of dollars directly from the pockets of the population, which could be in the state treasury. "Nothing stands in the way of that," Fridon Injia said.
🔹 At the plenary session, he expressed hope that his proposals, recommendations and initiatives will be properly analyzed and studied by the Ministry of Finance, as well as the Government of Georgia in general, including the Prime Minister, and this will be the subject of discussion. "I have some experience in this field. I have made some contribution to the establishment of Post Bank, which was a state-owned bank. Then it was sold, then it became the People's Bank, then Liberty Bank. I know how this is done. I do not want anything here. I just want the state to do what our country and our people need, and we do not do the financing program at the expense of the state budget to private banks. Here it is clear that through the State Investment Commercial Bank, the population will take out loans at a much lower interest rate. If we do that our people will be in profit. "If there is any confusion in this arithmetic, I am ready to discuss all issues," said Fridon Injia.