IN Q1, GEORGIA’S EXPORT INCREASED BY 5.3% Y-O-Y, WHILE IMPORT DECREASED BY 2.4%

Sakstat released express data, according to which Georgia’s commodity foreign trade turnover (excluding unorganized trade) in January-March amounted to $2.77 billion. If compared with the same period of 2020, the volume has decreased by 0.3%. More...

AS OF MARCH 31, NATIONAL CURRENCY SUPPLY INCREASED BY 8.6% Y-O-Y

National Bank of Georgia reported national currency supply amounted as of March 31 to 4.47 billion lari. If compared with the same period of 2020, the volume has increased by 8.6% (by 354 million lari). More...

AGREEMENT REACHED WITH IMF MISSION ON INCREASE OF SUPPORTING PROGRAM VOLUME

On April 1-13, IMF mission, led by Mercedes Vera Martin, held negotiations with Georgian authorities on completion of the Sixth Review of the program, implemented in Georgia with support of the Fund’s Extended Fund Facility and on augmentation of the program volume.

As IMF reported, the mission recommends to increase support to Georgia by 130% of the country’s quota (by about $375 million). More...

GEORGIA PUBLISHED APPLICATION ON EUROBONDS’ PLACEMENT ON LONDON STOCK EXCHANGE

An official application has been published on behalf of Georgia on placement of Eurobonds worth $500 million on London Stock Exchange, Georgian Finance Ministry reported.

As the Ministry noted, the transaction was officially announced today on trading platform Bloomberg, and online meetings with international investors will be held on April 13 and 14. More...

CUSTOMS DEPARTMENT HAS A NEW HEAD

Georgian Finance Ministry’s Revenue Service reported about appointment of Zurab Sichinava as the new head of Georgian Customs Department.

Until now, Sichinava worked in the Protection Police Department of the Interior Ministry. More...

HEAD OF “PRODUCE IN GEORGIA” AGENCY: AT THIS STAGE, UP TO 10 INTERNATIONAL COMPANIES ARE INTERESTED IN FDI GRANT MECHANISM

Mikheil Khidureli, director of the Georgian State Agency Produce in Georgia, reported that at this stage, up to 10 international companies are interested in the mechanism of assistance to foreign investment projects (FDI-grant). Our investment team conducts negotiations with these companies, he said. More...

NBG PRESENTED DRAFT RULE FOR CREDIT REGISTER’S CREATION AND USE

National Bank of Georgia (NBG) presented a draft rule for creation and use of a credit register (data about credit portfolio of lending organizations). Notes and comments on the draft could be submitted to NBG until May 7. More...

FISCAL COMMITTEE CHAIRMAN: INTEREST RATE ON CREDITS FOR RETIREES IS HIGH

Irakli Kovzanadze, chairman of Georgian Parliament’s Fiscal Committee, declared that “interest rate on loans for retirees, including the debt burden, is high”. “We must do our best to ease conditions of existence for 800,000 pensioners”, he pointed. More...

Bankebi da Finansebi: “KELLY DEGNAN – GEORGIA HAS A LOT TO OFFER IN AGRO-TOURISM”

The US ambassador to Georgia Kelly Degnan declared that “Georgia has a lot to offer, in particular in agro-tourism”.

The ambassador stated this during the panel discussion “Pandemic: Opportunity or Challenge for Agricultural Sector”, organized by Georgian Farmers’ Association. More...

Bankebi da Finansebi: “NEW FERROALLOY ENTERPRISE WILL BE BUILT IN TERJOLA – 100 PEOPLE WILL BE EMPLOYED”

With support of “Produce in Georgia” state program, Manganese Industries will build a new ferroalloy enterprise in Terjola municipality (Imereti region), the newspaper reports. The state handed over a land plot to the company at a symbolic price of 1 lari. More...

Forbes Georgia: “WITH INVESTMENT OF $5M, NEW PREMIUM-CLASS HOTEL OPENS IN MESTIA”

A hotel complex of premium class will be opened in Mestia (mountainous region Svaneti) in May, the magazine reports. LLC Gistola invests $5 million for that end. More...

Tabula: “DIRECTOR OF BATUMI BOULEVARD, WHO OPPOSED CONSTRUCTIONS, IS DISMISSED”

Irakli Jincharadze, director of Batumi Boulevard, who opposed development and alienation of the Boulevard territory, was dismissed from office, Tabula reports.

In its turn, Ajara Ministry of Finance and Economy attributed Jincharadze’s dismissal with violations, revealed by the State Audit Service. More...

MONTHLY TOURISM UPDATE (FEBRUARY 2021)

- The number of international travelers declined by 91% in February compared to the same period of both, 2020 and 2019, while the number of international visitors fell by 90% and the number of international tourists fell by 86%.

- From March 2020 to February 19, 2021, 220 different hotels, and 11,744 hotel rooms, were utilized under the quarantine zones program. More...