AS OF JUNE 30, FOR COVERING OF EXTERNAL DEBT, $1.05B HAVE TO BE PAID
National Bank of Georgia (NBG) reported that in line with schedule of Georgia’s external debt covering, $1.05 billion are subject to immediate payment as of June 30. That includes principal sum of $875.1 million and accrued interest of $179.4 million.
FINANCING OF THE MINISTRY OF REGIONAL DEVELOPMENT AND INFRASTRUCTURE INCREASES NEXT YEAR BY 34%
Draft of Georgia’s state budget-2021, being considered now in the Parliament, envisages financing of the Ministry of Regional Development and Infrastructure at the amount of 2.42 billion lari. If compared with approved appropriations for 2020, the sum increases by 34% (by 615 million lari).
FINANCIAL METRICS OF GEORGIAN BANKING SECTOR ARE SENSITIVE TO SEVERITY OF THE HEALTH CRISIS
The financial metrics of the Georgian banking sector are sensitive to the severity of the health crisis and the performance of loans most vulnerable to the downturn, Fitch Ratings said at its recent webinar on Georgia
In the 1st quarter, following instructions of National Bank of Georgia (NBG), banks pre-emptively created loan loss reserve, totaling to 1.1 billion lari (equal to about 3% of sector loans at the end of the 1st quarter). Coupled with weaker revenues, this resulted in sector’s loss of 0.5 billion lari in the first half of the year, “corresponding to an annualized return on equity of minus 18%”, Fitch said.
THE GOVERNMENT: PARTNERSHIP FUND FINISHED 2019 WITH PROFIT
Georgian government reported that revenues of Georgian Partnership Fund have decreased in 2019 in comparison with 2018, but the Fund still finished 2019 with profit. The government attributed reduction of income to reduction of income from dividends by 27%.
IN 2019, NET PROFIT OF “BATUMIS TSKALI” INCREASED 7.9 TIMES
LLC Batumis Tskali (Batumi Water, the company of water supply sewerage of Batumi) reported net profit of 112.9 million lari for 2019. According to audited report of the company, the volume has increased 7.9 times year-on-year.
IN 2019, NET PROFIT OF “AVIATOR” DECREASED BY 5.2%
LLC Aviator reported net profit of 76.4 million lari for 2019. According to audited report of the company, the volume has decreased by 5.2% year-on-year.
IN 2019, “KHASHURI GLASS” HAD LOSS AGAIN
JSC Khashuri Glass reported loss of 540,118 lari for 2019. According to audited report of the company, the volume has decreased by 1.2% year-on-year.
WITHIN “PRODUCE IN GEORGIA” STATE PROGRAM, “CHIRINA” EXPANDED ITS POULTRY COMPLEX
Within “Produce in Georgia” state program, company Chirina has expanded its poultry-farming complex (Sartichala-3), Georgian Ministry of Economy and Sustainable Development reported. Construction of the complex, which was opened on October 10, was started in 2019.