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Economic Press Monitor


July 10, 2024

IN THIS ISSUE:

1. IVANISHVILI’S PROPERTY INCREASED BY $700M AND REACHED A RECORD SHOWING OF $7.30B
2. WHERE DID THE GOVERNMENT TAKE 29M LARI, WITH WHICH ICE ARENA IN BATUMI HAD TO BE BUILT
3. GEORGIA’S NOMINAL GROSS NATIONAL INCOME BY PURCHASING POWER PARITY IS ALREADY AHEAD OF 6 EU MEMBER STATES – WORLD BANK
4. “IG DEVELOPMENT GEORGIA”, WITH SUPPORT OF “GALT&TAGGART”, SUCCESSFULLY ISSUED BONDS OF $19.5M

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1. IVANISHVILI’S PROPERTY INCREASED BY $700M AND REACHED A RECORD SHOWING OF $7.30B
Economic & Politics

According to the latest data of Bloomberg, Bidzina Ivanishvili (founder and honorary chairman of the ruling Georgian Dream) with a fortune of $7.3 billion (growth since the beginning of this year – $700 million, or 10.6%) ranks 369th in the list of 500 richest people of the world.

Bloomberg suggests that 27% of Ivanishvili’s property is invested in global stocks, 36% – in fixed-income assets, 20% – in cash, 12% – in alternative investments and 5% – in raw materials.

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2. WHERE DID THE GOVERNMENT TAKE 29M LARI, WITH WHICH ICE ARENA IN BATUMI HAD TO BE BUILT
Macroeconomics & Budget

The new ice palace and swimming pool of international standards in Batumi had to be built as far back as 2019. For that end, 29 million lari have been already spent from the budget, but so far no one is held to respond in the fact that neither the ice arena nor the swimming pool are built here, the article says.

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3. GEORGIA’S NOMINAL GROSS NATIONAL INCOME BY PURCHASING POWER PARITY IS ALREADY AHEAD OF 6 EU MEMBER STATES – WORLD BANK
Macroeconomics & Budget

According to the World Bank, Georgia’s nominal gross national income adjusted by purchasing power parity in 2023 increased by 11.75% to 86.6 billion PPP dollars. In the last year, Georgia was among 30 countries with double-digit growth rate.

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4. “IG DEVELOPMENT GEORGIA”, WITH SUPPORT OF “GALT&TAGGART”, SUCCESSFULLY ISSUED BONDS OF $19.5M
Companies

IG Development Georgia issued 2-year bonds totaling to $19.5 million. The initial volume of transaction made up $15 million, but due to high demand from investors, the volume was increased by $4.5 million.

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