Daily News October 7, 2019	Days:  03 04 07 09 10

politics

GEORGIA AND GERMANY DISCUSSED TRADE AND ECONOMIC RELATIONS AND FUTURE COOPERATION

Today, Georgian Ministry of Economy and Sustainable Development hosted a meeting with Parliamentary State Secretary at Germany’s Federal Ministry for Economic Affairs and Energy Thomas Bareiss.

As Georgian Ministry said, the parties discussed bilateral trade and economic relations and priority directions of future cooperation.

economics

NEXT YEAR, INTRODUCTION OF AUTOMATIC TAX DECLARING IS PLANNED

Explanatory note, enclosed to draft of Georgia’s state budget-2020, submitted by the government to the Parliament, indicates start of introduction of automatic declaring in tax administration in next year.

The government declares that this “will considerably decrease time and necessary resource of business subjects in their relations with tax authorities”.




29 STATE-OWNED COMPANIES ARE ESTIMATED AS HIGHLY RISKY

Explanatory note, enclosed to draft of Georgia’s state budget-2020, submitted by the government to the Parliament, says that 29 state companies are estimated as highly risky. Their total liabilities (excluding LLC Marabda-Kartsakhi Railway) amounted in 2018 to 4.97 billion lari, i.e. 12.1% of GDP.




IN 2018, LOSSES OF STATE-OWNED COMPANIES INCREASED BY 24.8%

Explanatory note, enclosed to draft of Georgia’s state budget-2020, submitted by the government to the Parliament, indicates that total loss of 67 state-owned enterprises amounted in 2018 to 805.3 million lari.

These 67 companies are the only among Georgia’s 236 state-owned enterprises, which have presented financial reporting.




IN 2018, DIRECT FINANCIAL ASSISTANCE TO STATE COMPANIES DECREASED 3.7 TIMES

Explanatory note, enclosed to draft of Georgia’s state budget-2020, submitted by the government to the Parliament, indicates that direct financial assistance to state-owned enterprises totaled in 2018 to 168.9 million lari. If compared with 2017 (630 million lari), the volume has decreased 3.7 times.




KFW ALLOCATES 60M EUR FOR WATER INFRASTRUCTURE OF BATUMI

Today, credit agreement with German development bank (KfW) was signed in Tbilisi, which envisages financing of water infrastructure of Batumi. As Georgian Finance Ministry reported, KfW allocates 60 million EUR for that end.




KFW AND AFD CONTINUE FINANCING OF GEORGIA’S POWER SECTOR REFORMATION

Today credit agreements with German development bank (KfW) and French Development Agency (AFD) were signed in Tbilisi, which envisage financing of Georgia’s power sector reformation.

As Georgian Finance Ministry reported, KfW and AFD allocate per 60 million EUR each for the second phase of reform.