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DAILY NEWS June 14, 2019

GEORGIA’S BUDGET-2020 IS PLANNED IS ASSUMPTION OF 5% GROWTH

Georgia’s Deputy Finance Minister Giorgi Kakauridze said that the government plans the budget for 2020, assuming economic growth of 5%, while for next years – of 5.5%.

“The mentioned indicators are considered and agreed with the IMF and other financial institutions”, Kakauridze noted. More...


OPENING OF THE US COMMERCIAL REPRESENTATION IS PLANNED IN GEORGIA

Process of opening of the US commercial representation in Georgia will begin, Georgian government reported, specifying that the office will have regional scope.

The government noted that start of work on opening of the representation in Georgia is reflected in the memorandum of understanding, which was signed by Georgia’s Minister of Economy and Sustainable Development Natia Turnava and the US Secretary of Commerce Wilbur Ross. More...


GEORGIA PLANS ACQUISITION OF THE BUILDING IN FRANCE FOR THE EMBASSY

Sofio Katsarava, chair of Georgian Parliament’s Committee on Foreign Relations, said that it is planned to acquire a building in France for the embassy. In next years, buildings for embassies, perhaps, could be acquired in other countries too, she noted. More...


LOGISTIC CONFERENCE IN GEORGIA ATTRACTS PARTICIPANTS FROM MORE THAN 100 COUNTRIES

Georgian Ministry of Economy and Sustainable Development of Georgia reported about international logistic conference, which is underway in Georgia, part in which takes up to 150 delegates from more than 100 countries. As the Ministry noted, participants of the event represent forwarders and logistic companies. More...


FAO OFFERS CREATION OF COUNTRYWIDE NETWORK OF DEMONSTRATION PLOTS IN GEORGIA

The UN Food and Agriculture Organization (FAO) proposed creation of countrywide network of demonstration plots in Georgia in order “to intensify extension services” in the country.

As Georgian representation of FAO said, “Within the scope of this network of demo plots, different actors, public and private, would cooperate and coordinate their actions to showcase best agricultural practices to farmers”. More...


IDFI: MOST PROBLEMATIC ISSUE FOR PUBLIC INSTITUTIONS IS PUBLICATION OF INFORMATION ON FINANCE DISPOSITION

Institute for Development of Freedom of Information (IDFI) said that it studied practice of pro-active publication of public information (as of May) in 100 public institutions.

According to IDFI, the most problematic issue for public institutions is publication of information on disposition of finances. More...


“FITCH”: GEORGIAN BANK SECTOR OUTLOOK IS STABLE

In its latest review, Fitch Ratings pointed that “Georgian bank sector outlook is stable”.

As Fitch declared, “We expect limited new problem loans, helped by stricter regulatory standards for new retail lending (tackling dollarization and excessive retail growth) and relatively good near-term economic growth prospects”. More...


“TBC BANK” TO ISSUE UNSECURED BONDS OF $300M

TBC Bank declared about successfully pricing of debut emission of 5-year unsecured bonds, totaling to $300 million. Annual yield rate will make up 6%. More...


NBG CANCELLED REGISTRATION OF PAYMENT SERVICE PROVIDER

National Bank of Georgia (NBG) declared that registration of Zixipay, Georgian payment service provider, is cancelled and the company passed into liquidation mode. Respective order was made on June 6. More...


AZERI “BUTA AIRWAYS” INCREASES FREQUENCY OF FLIGHTS TO TBILISI

Georgian Civil Aviation Agency reported that Azeri Buta Airways increases frequency of flights to Tbilisi during the summer navigation season. In particular, for the period between June 15 and September 15, the airline adds more 5 flights per week. More...


ECONOMIC PRESS MONITOR June 14, 2019

Forbes Georgia: “IN WHICH SECTORS OF ECONOMY NUMBER OF EMPLOYED DECREASES/INCREASES”

Referring to Sakstat, the magazine reports that employers’ number in Georgia in the 1st quarter made up 619,400, increasing by 2.6% year-on-year.

At that, number of employed increased in all sectors, except construction and agriculture, the magazine specifies. More...


Forbes Georgia: “ISET: AT BEST, GEORGIA’S ECONOMY WILL GROW IN 2019 BY 5.9%”

According to updated forecast of international school of economics at Tbilisi State University (ISET), Georgia’s GDP growth in the 2nd quarter will make up 4.7%, while in the 3rd quarter – 7.4%.

However, ISET indicates that the forecast is expected to be decreased. More...


Tabula: “BANKING REGULATIONS HAMPER THE ECONOMIC GROWTH”

Tbilisi Mayor Kakha Kaladze estimates that banking regulations “hamper economic development”. In particular, these regulations hamper developers, the construction sector, he specifies. More...


SPECIAL REPORT June 12, 2019

TAX AND LAW BRIEF

DRAFT LAW ON THE AMENDMENTS TO TAX CODE OF GEORGIA

According to the project initiated in the Parliament of Georgia on May 10, 2019:

- Personal Income Tax (PIT) exempt income threshold is intended to be increased to 6000 GEL for citizens of Georgia who participated in World War II and the battles for the territorial integrity, freedom and independence of Georgia and other countries.

Source: The Parliament of Georgia, 28 May 2019. More...


Exchange Rates (NBG)
  06/14/19 + / -
  USD   2.7468   0.0079
  EUR   3.0943   0.0029
  RUR   4.2700   0.0298
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Wish you happy New Year! Let happiness, peace and prosperity be with you and your beloved ones in 2019!

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