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Economic Press Monitor


September 14, 2021

IN THIS ISSUE:

1. AS FINANCE MINISTER EXPLAINS, CERTAIN ADJUSTMENTS ARE EXPECTED IN CONNECTION WITH TAKING OF EXTERNAL DEBT
2. SHARP DEPRECIATION OF LARI IS NOT EXPECTED EVEN AFTER ELECTIONS
3. COMPANY ASSOCIATED WITH THE DEPUTY MINISTER JOINS ASSESSMENT OF “NAMOKHVANHES” CONTRACT – “SJC”
4. CITY HALL ALLOCATED 3.5M FOR REPAIR OF “GOTSIRIDZE” SUBWAY STATION, BUT THE PLATFORM MUST BE BUILT ANEW

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1. AS FINANCE MINISTER EXPLAINS, CERTAIN ADJUSTMENTS ARE EXPECTED IN CONNECTION WITH TAKING OF EXTERNAL DEBT
Economic & Politics

Georgia’s Finance Minister Lasha Khutsishvili said that certain adjustments are expected in connection with taking of external debt. “Reduction of the debt level necessarily must start essentially this year”, he declared after the Georgian government meeting on September 13.

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2. SHARP DEPRECIATION OF LARI IS NOT EXPECTED EVEN AFTER ELECTIONS
Macroeconomics & Budget

“At the moment, lari exchange rate is subjected to political factor”, says doctor of economics Nika Shengelia. During the pre-election period (elections in local self-governments will be held in Georgia on October 2), “there will be substantial expenses on the part of the parties, but the government and the National Bank will do everything to prevent depreciation of lari”, he explains.

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3. COMPANY ASSOCIATED WITH THE DEPUTY MINISTER JOINS ASSESSMENT OF “NAMOKHVANHES” CONTRACT – “SJC”
Companies

Georgian Justice Ministry reported that legal analysis of the agreement on construction of NamokhvanHES, signed between the state and the Turkish company ENKA Renewable, will be conducted by CMS Cameron McKenna Nabarro Olswang, selected because of low price bid.

For its part, Georgian non-governmental organization Social Justice Center (SJC) declared that local consultant of this company will be Mgaloblishvili, Kipiani, Dzidziguri (MKD), the law firm, in which the Deputy Justice Minister Tamar Tkeshelashvili had worked for years.

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4. CITY HALL ALLOCATED 3.5M FOR REPAIR OF “GOTSIRIDZE” SUBWAY STATION, BUT THE PLATFORM MUST BE BUILT ANEW
Macroeconomics & Budget

Tbilisi City Hall has allocated 3.5 million lari for reconstruction and overhaul of Gotsiridze subway station. Works, started in this February, were supposed to be completed in 3 months, but it turned out that the platform should be built completely anew.

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Exchange Rates (NBG)
  09/15/21 + / -
  USD   3.1129   0.0012
  EUR   3.6822   0.0063
  RUR   4.2846   0.0157
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