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Daily News

April 1, 2024

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politics

    GEORGIAN PREMIER: IN THE NEXT ONE YEAR, WE WILL HAVE QUALITATIVE, TANGIBLE RESULTS IN TERMS OF FURTHER REDUCTION OF CORRUPTION

    “Over the next one year, we will have qualitative, tangible results in terms of further reduction of corruption”, Georgia’s Prime Minister Irakli Kobakhidze declared to journalists recently.

    “We have a very ambitious goal – to take a place in the European top three of leaders in the fight against corruption”, said Kobakhidze.


economics

    IN 2023, GEORGIA’S TOTAL FOREIGN DEBT INCREASED BY 3%, WHILE ITS RATIO TO GDP DECREASED BY 15.5 PERCENTAGE POINTS

    As of December 31, 2023, Georgia’s total foreign debt amounted to $24.2 billion, increasing by 3% year-on-year, National Bank of Georgia (NBG) reported. As NBG noted, this volume corresponds to 79.2% of the country’s GDP for 2023.


    IN 2023, GEORGIA’S RATIO OF CURRENT ACCOUNT DEFICIT TO GDP INCREASED BY 0.2 PERCENTAGE POINTS

    In 2023, Georgia’s negative balance of international payments made up 4.3% of GDP, National Bank of Georgia (NBG) reported. In 2022, this ratio made up 4.1% (respectively, in 2023, the ratio has decreased by 0.2 percentage points).


    AT THE END OF 2023, RATIO OF GEORGIA’S NEGATIVE NET INTERNATIONAL INVESTMENT POSITION TO GDP DECREASED BY 16.7 PERCENTAGE POINTS Y-O-Y

    As of December 31, 2023, Georgia’s net international investment position amounted to $30 billion, National Bank of Georgia (NBG) reported. As NBG noted, this volume corresponds to 98.4% of GDP for 2023.


    IN Q1, DEMAND FOR NBG DEPOSIT CERTIFICATES 3.2 TIMES EXCEEDED EMISSION, RATES DECREASED

    In the 1st quarter, demand for deposit certificates (discount securities of National Bank of Georgia (NBG) with a maturity period of 3 months) 3.2 times exceeded the emission.

    According to NBG, the emission for January-March amounted to 60 million lari (3 auctions), while demand totaled to 194 million lari.


    WITHIN FRAMEWORK OF RAMP PROGRAM, GEORGIAN PENSION AGENCY TO RECEIVE TECHNICAL ASSISTANCE FROM THE WORLD BANK

    Georgian Pension Agency has joined Reserve Advisory & Management Partnership (RAMP) of the World Bank (WB).

    Within this program, the Agency will receive technical support from the WB Treasury in investment management issues, the Agency said.


    GEORGIAN STATE AUDIT SERVICE INDICATES SHORTCOMINGS IN CHECKING PRELIMINARY NOTIFICATIONS ON GOODS IMPORT

    Georgian system of preliminary notification of imports of goods does not comply with European regulations, Georgian State Audit Service declared. While saying this, the Service referred to a working document published by the European Commission on February 1, 2023.


    GEORGIAN STATE AUDIT SERVICE: MARKET SURVEILLANCE AGENCY LACKS STRATEGIC AND ANNUAL PLANNING, METHODOLOGY OF DATA COLLECTION AND PROCESSING

    Georgian State Audit Service assessed at the system level the effectiveness of measures implemented by the Market Surveillance Agency in relation to consumer, industrial and construction products.

    The Service indicated that the Agency lacks strategic and annual planning, methodology of data collection and processing.


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