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Daily News


October 16, 2020

IN THIS ISSUE:

1. ADB ALLOCATED 115.3M EUR TO GEORGIA
2. CHAIRMAN OF THE PARLIAMENT’S FISCAL COMMITTEE: THE GOVERNMENT DEBT INCREASES AND APPROACHES THE LIMIT SET BY THE LAW
3. THE GOVERNMENT: “GEORGIAN STATE ELECTROSYSTEM” IS EXPECTED TO LEAVE REHABILITATION MODE IN Q4
4. IN 2019, PROFIT OF “GEORGIAN ENERGY DEVELOPMENT FUND” INCREASED 10 TIMES
5. “ENERGOTRANS” HAD LOSS IN 2019 TOO
6. LLC “ENGURHES” FINISHED 2019 WITH LOSS
7. IN 2019, ASSETS OF NON-FINANCIAL CORPORATIONS INCREASED BY 30%
8. IN 2019, REVENUES OF ENTERPRISES, ENGAGED IN FINANCIAL SERVICES, INCREASED BY 3.7%

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1. ADB ALLOCATED 115.3M EUR TO GEORGIA
Economics

Georgia and Asian Development Bank (ADB) signed today agreement “On Program for Sustainable Development of Water Supply and Sewerage Sector”, Georgian Finance Ministry reported.

Within the program, ADB allocates credit of 115.3 million EUR to Georgia as the budgetary support, so it will go directly to the budget of the country.

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2. CHAIRMAN OF THE PARLIAMENT’S FISCAL COMMITTEE: THE GOVERNMENT DEBT INCREASES AND APPROACHES THE LIMIT SET BY THE LAW
Economics

The government debt increases and approaches the limit set by the law (60% of GDP), chairman of Georgian Parliament’s Fiscal Committee Irakli Kovzanadze said during consideration of primary version of the state budget-2021 at the Committee meeting today.

Kovzanadze pointed that risks could appear to monetary, fiscal and generally, to macroeconomic stability.

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3. THE GOVERNMENT: “GEORGIAN STATE ELECTROSYSTEM” IS EXPECTED TO LEAVE REHABILITATION MODE IN Q4
Business

Georgian government expects that state-owned JSC Georgian State Electrosystem will leave the rehabilitation mode in the 4th quarter.

As the government said in the state-owned companies’ performance review, which was accompanied to draft of the country’s state budget-2021, submitted to the Parliament, Georgian State Electrosystem finished 2019 with net profit of 30 million lari, which volume has decreased by 36% year-on-year.

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4. IN 2019, PROFIT OF “GEORGIAN ENERGY DEVELOPMENT FUND” INCREASED 10 TIMES
Business

Georgian government reported that profit of JSC Georgian Energy Development Fund amounted in 2019 to 10 million lari. As the government specified in review of the state-owned companies’ performance, the volume has increased 10 times year-on-year.

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5. “ENERGOTRANS” HAD LOSS IN 2019 TOO
Business

Georgian government reported that LLC Energotrans had loss of 26 million lari in 2019. As the government specified in review of the state-owned companies’ performance, the volume has decreased by 7.1% year-on-year.

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6. LLC “ENGURHES” FINISHED 2019 WITH LOSS
Business

Georgian government reported that LLC EngurHES, operating Georgia’s largest hydroelectric station, finished 2019 with loss of 8 million lari. As the government specified in review of the state-owned companies’ performance, the company had profit of 16 million lari in 2018.

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7. IN 2019, ASSETS OF NON-FINANCIAL CORPORATIONS INCREASED BY 30%
Economics

Referring to conducted research, Sakstat reported that assets of Georgian non-financial corporations totaled at the end of 2019 to 80.2 billion lari. If compared with 2018, the volume has increased by 30%.

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8. IN 2019, REVENUES OF ENTERPRISES, ENGAGED IN FINANCIAL SERVICES, INCREASED BY 3.7%
Economics

Sakstat reported that revenues of Georgian enterprises, engaged in financial services (except insurance and pension funds’ activity), totaled in 2019 to 5.5 billion lari. If compared with 2018, the volume has increased by 3.7%.

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Exchange Rates (NBG)
  10/26/20 + / -
  USD   3.2285   0.0083
  EUR   3.8158   0.0021
  RUR   4.2209   0.0035
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