“STANDARD&POOR’S” UPGRADED GEORGIA’S SOVEREIGN RATING
Standard&Poor’s declared about revision of Georgia’s sovereign credit rating, which the agency has upgraded by one step, up to “BB” with “stable” outlook.
While commenting on the rating upgrade, Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared on October 12 that it happened for the first time since 2011.
“TBC RESEARCH”: DELAY OF ECONOMIC GROWTH RATE WILL BE MORE EVIDENT IN Q4
“In August, GDP growth stood at 5.8% primarily thanks to the low base effect”, TBC Research indicates. However, overall delay of economic growth rate is obvious, which will be more evident in year-on-year expression in the 4th quarter, the
In general of is available that in annual terms even more obvious will become in the 4th quarter of this year, researchers declare.
“TBC RESEARCH”: IN CASE OF MAINTENANCE OF LARI EFFECTIVE EXCHANGE RATE AT THE CURRENT LEVEL, INFLATION WILL GROW UP TO 8% BY END OF THE YEAR
TBC Research points that inflation in Georgia “jumped sharply” in September up to 6.4%, being “broad based across a number of products, both imported and domestic, indicating that besides direct cost-push pressures stemming from the undervalued exchange rate, higher inflation expectations are also building up”.
The company considers that in assumption of preservation of current level of commodity prices and real effective exchange rate of lari, inflation this year will reach 8% (previous forecast made up around 7%).
GEORGIAN BUSINESS ASSOCIATION: AMENDMENTS TO LABOR LEGISLATION MUST BE MADE ON THE BASIS OF ANALYSIS AND STEP BY STEP
“The principled stand of Georgian Business Association is that amendments to labor legislation must be made on the basis of corresponding analysis and step by step”, the organization said in the released statement.
That “will allow us to have effective regulatory policy, to avoid laying of unjustified burden on business and the state and at the same time, to remain within the process, provided by the Agreement on Association [with the EU]”, the Association specified.
AGRARIAN COMMITTEE SUPPORTED DRAFT STATE BUDGET-2020
Georgian Parliament reported that Committee on Agrarian Issues supported today draft of the state budget-2020.
To remind, the document was submitted for the Committee’s consideration on October 8, but the Committee refused to vote and returned it to the Finance Ministry with remarks.
DEPUTY ECONOMY MINISTER: WE EXPECT THAT ABOUT 500 MW WILL BE ADDED IN NEXT 3 YEARS TO ENERGY SYSTEM
Georgia’s Deputy Minister of Economy and Sustainable Development David Tvalabeishvili indicated that memorandums, signed for now on investments in Georgia’s energy sector, total to $1 billion.
“According to our assumption, about 500 MW of additional power will be added to our system within next 3 years and about 40 hydroelectric stations and other power facilities will be built”, he said.
TBILISI MAYOR: SINCE NOVEMBER, OWNERS OF TAXI OF CATEGORY A WILL BE ABLE AGAIN TO USE DRY-CLEANER VOUCHER
Since November 1, owners of taxi of category A (cars of white color) will be able to receive vouchers for interior dry cleaning again, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. “Vouchers will be distributed free of charge, so expenses will affect neither taxi drivers, nor the budget”, he assured.
TBILISI CITY HALL TO PROCURE 40 NEW SUBWAY CARS
At the first stage, 40 new cars will be purchased for Tbilisi subway that corresponds to 10 full trains, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. As he said, cost of these cars will make up about $60 million.
TBILISI MAYOR: DURING PREPARATION OF CONSTRUCTION PROJECT, ENVISAGING OF TERRITORY FOR WASTE CONTAINERS WILL BE OBLIGATORY
Upon preparation of construction project, there will be obligatory to envisage territory for waste containers, Tbilisi Mayor Kakha Kaladze declared at the capital government meeting today. Corresponding amendments have to be made to the rule of issuing of construction permissions.