სახელმწიფო ვალი და ფისკალური პოლიტიკა

Sustainability Fiscal Policy is one of the fundamental factors for achieving macroeconomic stability. Increase in budgetary expenditures, which is taking place in parallel with debt level rising, often leads to anticipation that budgetary consolidation will be necessary to maintain sustainability and solvency in the future: Cutting costs or tax increases to maintain debt stability.
Under reasonable financial governance, the state debt can be considered as one of the tools to stimulate economic growth. However, the inefficient governance of the state debt may lead to a crisis rather than economic growth. Therefore, it is important to implement prudential management of public debt to ensure sustainable development of the country.
In the first chapter of the work the main macroeconomic theories are discussed in the aspect of negative and positive effects of public debt.
The second part examines modern challenges of fiscal sustainability, tools for debt sustainability analysis, and fiscal situation in the Caucasus and Central Asian countries.
The third part discusses current state of the internal and external debt trends of the republic of Georgia, medium-term debt management strategy and debt sustainability analysis.