Page "Economy of Georgia (country)" Paragraph 4

Like many post-Soviet countries, Georgia went through a period of sharp economic decline during 1990s, with high inflation and large budget deficits, due to persistent tax evasion.

In 1996 Georgia's budget deficit rose to as much as 6. 2 %.

During that period international financial institutions played a critical role in Georgia's budgetary calculations.

Multilateral and bilateral grants and loans totaled 116. 4 million lari in 1997 and totaled 182. 8 million lari in 1998.