Daily News
July 1, 2022
IN THIS ISSUE:
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| 1. |
IN Q1, GEORGIA’S TOTAL FOREIGN DEBT MADE UP 110.8% OF GDP
Economics
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As of March 31, Georgia’s total foreign debt amounted to $22.1 billion, which corresponds to 110.8% of the country’s GDP for the last 4 quarters, National Bank of Georgia (NBG) reported. As of December 31, 2021, the country’s total foreign debt made up $20.6 billion, corresponding to 132.9% of GDP.
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| 2. |
IN Q1, GEORGIA’S DEFICIT OF CURRENT ACCOUNT MADE UP 13% OF GDP
Economics
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National Bank of Georgia (NBG) reported that in the 1st quarter, negative balance of Georgia’s international payments amounted to $598.4 million. The volume has increased by 37.6% year-on-year, while its ratio to GDP raised from 12.5% to 13%.
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| 3. |
AS OF MARCH 31, GEORGIA’S NET INTERNATIONAL INVESTMENT POSITION MADE UP NEGATIVE 132.4% OF GDP
Economics
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As of March 31, Georgia’s net international investment position made up negative $26.4 billion, National Bank of Georgia (NBG) reported. This volume corresponds to 132.4% of GDP for the last 4 quarters.
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| 4. |
IN ALL FORECAST SCENARIOS OF NBG, MONETARY POLICY RATE WILL BE INCREASED FURTHER BY THE END OF 2022
Economics
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June baseline forecast scenario of National Bank of Georgia (NBG) envisages growth of the monetary policy rate by 1.65 percentage points (pp) by the end of this year (from current 11%). In 2023, the scenario envisages growth of 0.4 pp.
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| 5. |
“TI GEORGIA” POINTS AT CORRUPTION RISKS IN THE PROCESS OF STATE PROPERTY PRIVATIZATION
Politics
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TI Georgia, Georgian branch of Transparency International, declared that during the privatization of state property in 2013-2021, “extremely low competition, lack of transparency”, as well as “inadequate response to alleged violations” are recorded. “These are the key challenges that create corruption risks in the process of privatization”, the organization pointed.
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| 6. |
REVENUE SERVICE: GEORGIA BECAME IOTA PRESIDENT FOR THE FIRST TIME
Politics
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Georgia has become the president (for a period of 1 year) of Intra-European Organization of Tax Administrations (IOTA) for the first time, Revenue Service of Georgian Finance Ministry reported. The corresponding decision was made at the 26th General Assembly of IOTA in Zurich (Switzerland).
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| 7. |
FROM AUGUST, “WIZZ AIR” TO RETURN THE 2ND BASED AIRCRAFT TO KUTAISI AIRPORT
Business
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Kutaisi airport reported that from August 1, the Hungarian low-coster Wizz Air will return the 2nd based aircraft to the airport. From August, Wizz Air will resume direct regular flights from Kutaisi to Paris (from August 4, once a week) and Tallinn (from August 1, twice a week), the airport specified.
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| 8. |
ARAB “FLYADEAL” STARTED FLIGHTS TO GEORGIA
Business
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On July 1, Saudi low-coster Flyadeal carried out the 1st flight to Tbilisi airport, reported TAV Georgia (operator of the airport). As TAV Georgia noted, Flyadeal will operate during the summer season direct regular flights to Tbilisi from 3 cities in Saudi Arabia: Riyadh, Jeddah and Dammam.
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