Daily News

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“Since April 2020, Georgia has seriously backslided with respect to the basic democratic principles and key political commitments it made as part of the Association Agreement”, the European Parliament said in a recent study on Georgia’s fulfillment of obligations under the Association Agreement (in 2020-2022).

The document points at sharp political polarization in Georgia and notes that the ruling party concentrates power more and more in its hands, while limits the space for dissent.

“Since the early 2000s, Georgia has been praised for effective fighting corruption. However, reforms have slowed down in recent years”, the European Parliament said in a recent study on Georgia’s fulfillment of obligations under the Association Agreement (in 2020-2022).

“Georgia has made only loose commitments regarding the application of international standards for its financial system, as only the banking sector is well developed” in the country, the European Parliament said in a recent study on Georgia’s fulfillment of obligations under the Association Agreement (in 2020-2022).

As the document notes, Georgia performs well in terms of compliance with EU banking regulations.

“In 2020-2021, Georgia has progressed in approximating its legal framework with EU food safety standards”, but the country needs “a gradual and flexible approach to approximation and enforcement in sanitary and phyto-sanitary”, the European Parliament said in a recent study on Georgia’s fulfillment of obligations under the Association Agreement (in 2020-2022).

The document indicates that “legal approximation with sanitary and phyto-sanitary standards is challenging in Georgia, given both the weight of the agricultural sector in terms of employment (about 50%), the vulnerability and small size of enterprises in this sector”.

Georgian State Service for Insurance Supervision reported that in total premium, attracted by Georgian insurance companies as of December 31, 2021 (772.7 million lari), combined share of 5 companies made up 67.4%, or 521 million lari. If compared with 2020, the top five did not change.

Georgian State Service for Insurance Supervision reported that in total reimbursements of Georgian insurance sector as of December 31, 2021 (435.7 million lari), combined share of 5 companies made up 67%, or 292 million lari. If compared with 2020, the top five has slightly changed.

Credo Bank reported net profit of 27.3 million lari for 2021. If compared with 2020, the volume has increased 2 times, while if compared with 2019 – decreased by 1.3%.

Silk Road Bank reported net profit of 828,932 lari for 2021. In 2020, the bank had loss of 1.2 million, while in 2019 – of 210,554 lari.