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Daily News

November 8, 2017

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politics

    VIOLATION OF REQUIREMENT ON CREDITS ISSUING OF UP TO 100,000 LARI IN NATIONAL CURRENCY ONLY TO BE FINED

    The Parliament’s Fiscal Committee supported today draft amendments, which envisage imposition of fine for violation of requirement on issuing of credits of up to 100,000 lari in national currency only. The amendments have to be made to Code of Administrative Offences.


    BODIES OF AUTONOMOUS REPUBLICS TO BE ABLE TO GET GRANTS TOO

    The Parliament’s Fiscal Committee supported today draft amendments, which create legislative base for receiving of grants by bodies of autonomous republics (Ajara and Abkhazia). The amendments have to be made to law “On Grants” and Budgetary Code.


economics

    AS OF SEPTEMBER, CREDITS INCREASED, EXCLUDING EXCHANGE RATE EFFECT, BY 18.7% Y-O-Y

    National Bank of Georgia reported that as of September, volume of credits has totaled to 20.3 billion lari, being increased year-on-year (excluding exchange rate effect) by 18.7%.

    Including exchange rate effect, credits have increased by 22.8%, while real growth (i.e. excluding inflation effect) made up 16.6%.


    AS OF SEPTEMBER, CREDITS’ DOLLARIZATION RATE MADE UP 56.7%

    National Bank of Georgia reported that as of September, rate of credits’ dollarization (i.e. ratio of credits, issued in the US dollar, to total volume of loans), made up 56.7% (if excluding exchange rate effect).

    To compare, a year ago (i.e. as of September 2016), the rate made up 64.9%.


    “PRODUCE IN GEORGIA” STATE PROGRAM IS AMENDED

    At the meeting today, the government approved several amendments to “Produce in Georgia” state program.

    After the meeting, head of Produce in Georgia Agency Mariana Morgoshia declared to journalists that “according to amendments, there will be possible a simultaneous use of [the program’s] components of crediting and leasing that was not allowed by the current version”.


    FINANCING OF COST OF HOTEL BRAND FRANCHISING TO BE POSSIBLE ONLY AFTER SIGNING OF AGREEMENT WITH “PRODUCE IN GEORGIA” AGENCY

    Financing of cost of use of international hotel brand (franchising) will be possible only after signing of agreement with Produce in Georgia Agency of the Ministry of Economy and Sustainable Development within no more than 24 months from the moment of operation start.

    As the Ministry said, corresponding amendments to “Produce in Georgia” state program were approved at the government meeting today.


    DEMAND EASED TO NUMBER OF COUNTRIES OF OBLIGATORY DISTRIBUTION OF CINEMA PRODUCTION, CREATED WITHIN “MAKE FILM IN GEORGIA”

    Ministry of Economy and Sustainable Development reported that demand decreases to number of countries, where production, created within “Make Film in Georgia” (a component of “Produce in Georgia” state program) – TV or mini-series, commercial or music video, has to be distributed.

    According to amendments, approved at the government meeting today, besides Georgia, the mentioned production has to be distributed in any other single country.


    SINCE LAUNCH OF PREFERENTIAL AGROLENDING PROGRAM, 138 NEW ENTERPRISES ARE CREATED

    In its budget performance report for 9 months, the government declared that since launch of preferential agrolending program (2013), 138 new enterprises were created in the country. Besides, over 750 existing enterprises were reequipped or expanded.


    WITHIN “GEORGIAN TEA” PROGRAM, AGREEMENTS ARE SIGNED WITH 20 BENEFICIARIES

    In its budget performance report for 9 months, the government declared that within “Georgian Tea” state program (rehabilitation of tea plantations) in 2016-2017, agreements were signed with 20 beneficiaries.

    According to the report, total area of plantations, affected by these agreements, makes up 495 ha, while total cost of rehabilitation – 1.24 million lari.


    SINCE LAUNCH OF PROJECT ON CO-FINANCING OF AGRICULTURAL PRODUCTION PROCESSING, 24 NEW ENTERPRISES WERE OPENED

    In its budget performance report for 9 months, the government declared that since launch of the project on co-financing of agricultural production processing enterprises (2014), 24 new enterprises were opened. That includes 7 enterprises, opened in January-September of this year.


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