ANNUAL INFLATION IN MAY MADE UP 6.6%
Sakstat reported that annual inflation in May made up 6.6%. In turn, monthly inflation (i.e. in comparison with previous month, i.e. April) did not change.
AUDIT SERVICE: IN 2016, ONLY 2% OF ASSIGNATIONS FOR PROGRAM OF LAND MARKET DEVELOPMENT WERE MASTERED
State Audit Service says that allocations of the state budget-2016 for the program of land market development was defined at 2.03 million lari and that plan was corrected during a year.
However, volume of funds, mastered within the program made up at the end of the year 41,000 lari, i.e. only 2% of the plan, the Service specified in its conclusion on the government’s report on performance of the state budget-2016.
AUDIT SERVICE POINTS AT PROBLEMS IN FUNDS’ MASTERING WITHIN SUBPROGRAM ON ASSISTANCE TO AGRICULTURAL COOPERATIVES
State Audit Service states that the state budget’s subprogram on assistance to agricultural cooperatives had problems with mastering of funds both in 2015 and in 2016.
In 2016, factual spending within the subprogram made up 34.5% of initially approved allocations (7.23 million lari) and 51.8% of corrected plan (4.83 million lari), the Service stated in conclusion on the government’s report on performance of the state budget-2016.
AUDIT SERVICE: IN 2016, FACTUAL SPENDING OF “GEORGIAN TEA” SUBPROGRAM MADE UP ONLY 1.9% OF THE PLAN
State Audit Service says that in 2016, the state budget envisaged 3.5 million lari for the subprogram “Georgian tea” (co-financing of rehabilitation of the state-owned and private tea plantations), however the allocations were corrected to 154,000 lari during a year.
At the end of the year, factual spending of the subprogram made up 43.5% of the corrected plan and only 1.9% of the initial plan, the Service stated in conclusion on the government’s report on performance of the state budget-2016.
ROADS DEPARTMENT: PROJECTING OF TBILISI’S NEW BYPASS ROAD CONSTRUCTION STARTS
Roads Department declared about start of projecting works on construction of Tbilisi’s new bypass road (55 km) and Natakhtari-Zhinvali section (28 km).
The project envisages construction of alternative highway from Natakhtari to Rustavi and Zhinvali, the Department explains.
15 BAVARIAN COMPANIES TOOK PART IN ECONOMIC FORUM IN TBILISI
Today, Tbilisi hosted Georgian-Bavarian economic forum, being held within visit of business delegation from this German land to Georgia.
The Bavarian party was represented by 15 companies from such spheres as architecture and construction, engineering, industrial machinery, medical equipment, information technologies, automotive industry and tourism, including MAN Truck&Bus AG, Taktomat GmbH, EMPIC GmbH, Schaeffler AG, etc.
IFC TO BUY 30% OF LARI-DENOMINATED EUROBONDS OF “SAKARTVELOS BANKI”
International Finance Corporation (IFC, member of the World Bank group) announced intention to buy, as the anchor investor, 30% of lari-denominated Eurobonds, issued recently by Sakartvelos Banki (Bank of Georgia).
As a result, IFC will invest 108.34 million lari (about $45 million) in these securities.
“TBC PLC” TO BE INCLUDED IN FTSE 250
TBC Bank Group declared that shares of TBC PLC will be included in FTSE 250, London Stock Exchange index, calculated according to 250 largest issuer companies. “The inclusion will be implemented at the close of business Friday, 16 June 2017 and will take effect from the start of trading on Monday, 19 June 2017”, the Group said.
“VTB BANK GEORGIA” INCREASES CAPITAL
VTB Bank Georgia announced forthcoming growth of capital. The decision was made by Russian bank VTB, which owns 97.14% in the Georgian bank.
YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION: CITIZENS ARE STILL UNPROTECTED FROM PYRAMID SCHEMES IN THE COUNTRY
Young Financiers and Businessmen Association estimates that “citizens are still not protected from financial pyramids in the country”.
Vice-president of the Association Paata Bairakhtari points that according to current legislation, finance companies, which are established as LLCs and issue bills to citizens, are beyond regulation of National Bank of Georgia (NBG),
NBG can check documentation of these organizations only after recognition of them as qualified credit institutions, Bairakhtari says and explains that such recognition requires in turn that the company has attracted funds from more than 4 natural persons or volume of attracted sum exceeds 5 million lari.
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