GEORGIAN PRIME MINISTER: WE WILL NEVER RESIGN OURSELVES TO OCCUPATION

On August 7, “12 years have passed since we had the hardest days in our country’s modern history”, Georgia’s Prime Minister Giorgi Gakharia stated.

“Russia-Georgia war of 2008 claimed the lives of hundreds of our citizens, including civilians, we lost our hero soldiers, territories”, Gakharia posted on his official Facebook page. More...

STATE MINISTER IN RECONCILIATION AND CIVIC EQUALITY BECAME THEA AKHVLEDIANI

At the government meeting on August 6, Georgia’s Prime Minister Giorgi Gakharia introduced Thea Akhvlediani, who is appointed to the post of State Minister for Reconciliation and Civic Equality.

Akhvlediani, born in 1975, is master of international politics (CERIS, Brussels) and specialist in international economic relations (Tbilisi State University). More...

THE EU AND FAO LAUNCH THE 3^RD STAGE OF AGRICULTURAL GRANT PROGRAM

Within the EU-financed European Neighborhood Program for Agriculture and Rural Development (ENPARD), the UN Food and Agriculture Organization (FAO) announced the 3^rd stage of a grant competition. Applications will be accepted until September 30. More...

NBG PUBLISHED DRAFTS OF LEGAL ACTS ON SECURITIES MARKET

National Bank of Georgia (NBG) published supervising-related legal acts, drafted within the amendments to the law “On Securities Market”, which were adopted in June.

These legal acts enter in force on October 5, while market participants and other interested parties can present own reasons and comments until September 4, NBG said. More...

ECONOMY MINISTER: WITHIN THE LAST MONTH, 17 ENTERPRISES USED THE CREDIT-AND-GUARANTEE SCHEME

Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared that for the last month, 17 enterprises used the credit-and-guarantee scheme within the state program “Produce in Georgia”.

Among them are enterprise for construction materials’ production, healthcare-related business activity, hotels and restaurants, clothes manufacturing, food production and warehousing facility, the Minister reported. More...

IN Q1, AGROINSURANCE POLICIES WERE ISSUED BY “ALDAGI” ONLY

Georgian State Service for Insurance Supervision reported that 14 agroinsurance policies were issued in the 1^st quarter. At that, by the end of the reporting period, 10 policies were active. More...

IN 6 MONTHS, NET PROFIT OF INSURANCE SECTOR INCREASED BY 49% Y-O-Y

Georgian State Service for Insurance Supervision released estimation, according to which insurance profit of Georgian insurance companies for 6 months of this year totals to 89.5 million lari, increasing by 23% year-on-year. At that, net profit of the insurance sector for the reporting period makes up 29.2 million lari, increasing by 49%. More...

IN 6 MONTHS, PREMIUM FROM DIRECT INSURANCE ACTIVITY INCREASED BY 11% Y-O-Y, WHILE REIMBURSEMENT DECREASED BY 24%

Georgian State Service for Insurance Supervision released estimation, according to which premium, attracted by Georgian insurance companies in 6 months of this year, totals to 297.3 million lari. If compared with the same period of 2019, the volume has increased by 11%. More...

IN Q2, LOSS OF “LIBERTY BANK” MADE UP 20.4M LARI

Liberty Bank reported loss of 20.4 million lari for the 2^nd quarter. In the 1^st quarter, the bank had loss of 18.6 million lari, while in the 2^nd quarter of 2019 – profit of 5.2 million lari. More...

IN Q2, LOSS OF “PROCREDIT BANK” MADE UP 11.6M LARI

ProCredit Bank reported loss of 11.6 million lari for the 2^nd quarter. In the 1^st quarter, the bank had loss of 16.8 million lari, while in the 2^nd quarter of 2019 – profit of 9.2 million lari. More...

REGULATING COMMISSION SET LONG-TERM TARIFFS FOR LLC “INTER GAS” AND COORDINATED ITS INVESTMENTS

Georgia National Energy and Water Supply Regulating Commission set long-term tariffs for LLC Inter Gas, operating in Akhaltsikhe municipality (Samtskhe-Javakheti region). The tariffs, which will enter in force on September 1 of this year, will be effective until January 1, 2023. More...

Rezonansi: “THE GOVERNMENT DIRECTLY SAID THAT IT WILL NOT ALLOW DEVALUATION OF LARI IN AUTUMN”

Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared: “We succeed and there are no sharp fluctuations in connection with lari exchange rate any more”.

“There is a chance that lari was stable in autumn”, the Minister said. More...

Bankebi da Finansebi: “OIL ROSE IN PRICE AT LEADING GLOBAL EXCHANGES – IN GEORGIA, GROWTH OF FUEL PRICE BY 10 TETRI IS EXPECTED”

On international markets, petrol started growth in price and such change in price, certainly, will be reflected on Georgian market too, the newspaper says. In particular, adjustment of prices is forecasted by Wissol Group president Soso Pkhakadze. More...

Forbes Georgia: “STATEMENT OF JSC “RUSTAVI AZOT” IN CONNECTION WITH EXPLOSION IN BEIRUT”

JSC Rustavi Azot (Rustavi chemical plant) released a statement in connection with information that cause of explosion in Lebanese capital of Beirut was allegedly ammonium nitrate, exported from Georgia in 2013.

Proceeding from the fact that Rustavi Azot operates the chemical plant just for last 3 years, we are deprived of opportunity to obtain detailed information on whether this ammonium nitrate was really produced in Rustavi, the statement points. More...

FOREIGN DIRECT INVESTMENTS IN GEORGIA

- Due to the COVID-19 pandemic, global FDI is expected to fall by 30-40% in 2020 (UNCTAD), while the decrease in Georgia is forecast at 19% (IMF).

- Net FDI inflows have been decreasing in Georgia since 2017, based on both, yearly and Q1 data. More...