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DAILY NEWS June 27, 2022

PREMIER: FOR 5 MONTHS, WE WILL HAVE A DOUBLE-DIGIT ECONOMIC GROWTH

Georgia’s Prime Minister Irakli Garibashvili declared that according to estimations, “we expect double-digit economic indicators [of growth] in May too”. Accordingly, “for 5 months, we will have a double-digit economic growth”, he said at the government meeting today. More...


PREMIER: SIGNING OF THE EU ASSOCIATION AGREEMENT IS A TRULY HISTORIC DATE

“Today, is an anniversary date”, as 8 years have passed since we signed the EU Association Agreement, Georgia’s Prime Minister Irakli declared at the Georgian government meeting today. “It is a truly historic date”, he stressed. More...


“TI GEORGIA”: JUDICIAL REFORM IS ESSENTIAL FOR GEORGIA TO OBTAIN THE EU MEMBERSHIP CANDIDATE’S STATUS

TI Georgia, Georgian branch of Transparency International, pointed that in order for Georgia to obtain the status of the EU membership candidate country, judicial reform is essential.

For assignment of the status, the European Commission demanded from Georgia to fulfill 12 conditions by the end of this year. More...


NBG: ACCORDING TO ROSC REPORT, CORPORATE GOVERNANCE FRAMEWORK FOR GEORGIAN BANKS MEETS THE BEST INTERNATIONAL STANDARDS

The World Bank’s Report on the Observance of Standards and Codes (ROSC) in the field of corporate governance says that the framework, developed for Georgian banking sector, meets the best international standards, National Bank of Georgia (NBG) reported.

NBG noted that the new ROSC is an update of the assessment, first carried out in 2002, and considers the framework of corporate governance policy as of December 2021. More...


ECONOMY MINISTER: PARTNERSHIP FUND SHOULD BE A CORPORATE GOVERNANCE STANDARD-BASED INVESTMENT FUND WITH GREATER AUTONOMY

Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development, declared that Georgian Partnership Fund (established in 2011) should be an investment fund, based on standards of corporate governance and having greater autonomy.

We will continue work in connection with the Fund, but positions in part of content have been determined, and “you will learn more information in the near future”, the Minister told journalists after the government meeting today. More...


“SOCIAL JUSTICE CENTER” AND OSGF: AMENDMENTS TO GEORGIAN CONSTRUCTION CODE CREATE HIGH RISKS OF UNREASONABLE AND UNAUTHORIZED DECISIONS

Social Justice Center and Open Society – Georgia Foundation (OSGF) estimate that because of amendments, made to the Georgian Code of Spatial Planning, Architecture and Construction, “the risks of unreasonable and unauthorized decisions are high”. The Georgian Parliament adopted these amendments in expedited mode on June 23. More...


REVENUE SERVICE: VESSEL UNDER TURKISH FLAG WAS REFUSED IN BATUMI TO UNLOAD OIL-PRODUCTS SENT BY THE SANCTIONED COMPANY

Georgian Finance Ministry’s Revenue Service declared that the vessel ESEN KA, floating under Turkish flag, which entered Batumi on June 26, is not on the international list of sanctioned.

However, the cargo placed on this vessel, oil-products that were to be sent to Turkey, were sent by a company under sanctions, the Service said. More...


BECAUSE OF EMERGENCY SITUATION, KAZBEGI CUSTOMS CHECKPOINT TEMPORARILY STOPS WORKING

Georgian Finance Ministry’s Revenue Service declared about temporal shut down of Kazbegi customs checkpoint, caused by emergency situation.

The Service specified that because of difficult meteorological situation in the Dariali Gorge, all customs control procedures at the checkpoint have been suspended. More...


ECONOMIC PRESS MONITOR June 28, 2022

Bankebi da Finansebi: “THIS YEAR, GOODS TRANSPORTATION VIA KAZAKHSTAN-AZERBAIJAN-GEORGIA-TURKEY CORRIDOR WILL INCREASE UP TO 3.5M T, I.E. 6 TIMES”

On June 27, ministers of foreign affairs and transport of Azerbaijan, Turkey and Kazakhstan met in Baku, the newspaper reports. It is not difficult to assume that the main agenda of the meeting in Baku was development of the Asia-Europe transport corridor bypassing Russia, the article says. More...


Bankebi da Finansebi: “CHAIRMAN OF GEORGIAN BREAD PRODUCERS UNION – NO INCREASE IN BREAD PRICE IS EXPECTED IN NEAR FUTURE”

Malkhaz Dolidze, chairman of Georgian Bread Producers Union, declared that no increase in bread price is expected in near future. At that, he pointed that there are no problems now with flour stocks in the country. More...


Netgazeti.Ge: ““PENSION FUND COULD SUFFER LOSS – THE REASON IS INFLATION””

“Since the beginning of the year and up to date, our profitability makes up 3.1%”, Goga Melikidze, senior investment officer at Georgian Pension Agency said. “However, the main thing is real profitability taking into account inflation” (in May, annual inflation in Georgia made up 13.3%), he noted. More...


Rezonansi: “LARGE PHARMACEUTICAL COMPANIES BECAME INTERESTED IN PRODUCTION OF MEDICINES IN GEORGIA”

Georgia’s Prime Minister Irakli Garibashvili declared that several investors are interested in starting production of medicines in Georgia. “Many owners of high-tech, very strong factories have contacted the government, and 2 or 3 of them are already in intensive negotiations with the Ministry”, he said. More...


SPECIAL REPORT December 15, 2021

MONTHLY TOURISM UPDATE (NOVEMBER 2021)

- The number of international travelers1 increased by 288.8% in November 2021, compared to the same period of 2020, and declined by 73.0% compared to the same period in 2019. Meanwhile, the number of international visitors2 increased by 267.2% (2021/2020) and declined by 69.3% (2021/2019), and the number of international tourists3 increased by 283.2% (2021/2020) and declined by 55.3% (2021/2019). More...


Exchange Rates (NBG)
  06/28/22 + / -
  USD   2.9336   0.0013
  EUR   3.1040   0.0026
  RUR   5.4929   0.0679
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