Daily News

IN THIS ISSUE:

Georgia’s Deputy Finance Minister Giorgi Kakauridze said that the government plans the budget for 2020, assuming economic growth of 5%, while for next years – of 5.5%.

“The mentioned indicators are considered and agreed with the IMF and other financial institutions”, Kakauridze noted.

Process of opening of the US commercial representation in Georgia will begin, Georgian government reported, specifying that the office will have regional scope.

The government noted that start of work on opening of the representation in Georgia is reflected in the memorandum of understanding, which was signed by Georgia’s Minister of Economy and Sustainable Development Natia Turnava and the US Secretary of Commerce Wilbur Ross.

Sofio Katsarava, chair of Georgian Parliament’s Committee on Foreign Relations, said that it is planned to acquire a building in France for the embassy. In next years, buildings for embassies, perhaps, could be acquired in other countries too, she noted.

Georgian Ministry of Economy and Sustainable Development of Georgia reported about international logistic conference, which is underway in Georgia, part in which takes up to 150 delegates from more than 100 countries. As the Ministry noted, participants of the event represent forwarders and logistic companies.

The UN Food and Agriculture Organization (FAO) proposed creation of countrywide network of demonstration plots in Georgia in order “to intensify extension services” in the country.

As Georgian representation of FAO said, “Within the scope of this network of demo plots, different actors, public and private, would cooperate and coordinate their actions to showcase best agricultural practices to farmers”.

Institute for Development of Freedom of Information (IDFI) said that it studied practice of pro-active publication of public information (as of May) in 100 public institutions.

According to IDFI, the most problematic issue for public institutions is publication of information on disposition of finances.

In its latest review, Fitch Ratings pointed that “Georgian bank sector outlook is stable”.

As Fitch declared, “We expect limited new problem loans, helped by stricter regulatory standards for new retail lending (tackling dollarization and excessive retail growth) and relatively good near-term economic growth prospects”.

TBC Bank declared about successfully pricing of debut emission of 5-year unsecured bonds, totaling to $300 million. Annual yield rate will make up 6%.

National Bank of Georgia (NBG) declared that registration of Zixipay, Georgian payment service provider, is cancelled and the company passed into liquidation mode. Respective order was made on June 6.

Georgian Civil Aviation Agency reported that Azeri Buta Airways increases frequency of flights to Tbilisi during the summer navigation season. In particular, for the period between June 15 and September 15, the airline adds more 5 flights per week.