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GCC Says All Elements of Cooperation Available to Deepen Economic Ties with Georgia

Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC
Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC
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GCC Says All Elements of Cooperation Available to Deepen Economic Ties with Georgia

Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC
Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi. GCC

Gulf Cooperation Council Secretary General Jasem Mohamed Albudaiwi affirmed that all elements of cooperation are available to deepen the economic and trade relations between the GCC countries and Georgia, paving the way for the signing of a free-trade agreement between the two sides.

His remarks came during a meeting with Georgia’s Deputy Prime Minister and Minister of Economy and Sustainable Development Levan Davitashvili on the sidelines of the 4th Tbilisi Silk Road Forum, held on Thursday in Tbilisi.

The secretary general stated that during the meeting, ways to develop the economic and commercial relations between the GCC countries and Georgia were discussed.

Davitashvili pointed out the noticeable development in Georgian-GCC relations over the past two years, expressing his wishes for further progress in all fields.

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German Coalition Reaches Breakthrough on 2025 Budget, Financial Plan

A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
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German Coalition Reaches Breakthrough on 2025 Budget, Financial Plan

A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights
A German flag blows in the wind in front of a stack of containers at the harbour in Hamburg, Germany, February 24, 2022. REUTERS/Fabian Bimmer/File Photo Purchase Licensing Rights

The leaders of Germany's three-party coalition on Friday achieved a breakthrough in negotiations on the national budget for 2025, dpa has learnt from government sources.

The coalition leaders have also reached a preliminary deal on a financial plan to secure additional economic growth of more than 0.5% - worth an estimated €26 million ($28 million) - in the coming year.

Sources told dpa that the coalition plans to stick with strict rules against budget deficits, known as the debt brake, banking on a significant increase in economic output to overcome shortfalls in government spending.

The breakthrough comes after weeks of negotiations between German Chancellor Olaf Scholz of the Social Democratic Party (SPD), Vice Chancellor and Economy Minister Robert Habeck of the Greens and Finance Minister Christian Lindner of the pro-business Free Democratic Party (FDP).

The key sticking point has been a €10 billion deficit in government expenditure, with Lindner's FDP refusing to sideline the debt brake to allow for additional borrowing and investments, and the SPD ruling out any cuts to welfare spending.

Sources told dpa that the new deal includes a supplementary budget totalling €11 billion to overcome lower-than-expected tax revenues and higher government spending.