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Daily News

July 16, 2021

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politics

    AUDIT SERVICE: ANNEX TO THE PROGRAM BUDGET DIDN’T ADJUST TARGETS OF ALL PROGRAMS/SUBPROGRAMS

    Georgian State Audit Service indicated that in the annex to the program budget, enclosed with draft amendments to the state budget-2021, not all targets of programs/subprograms, whose funding has changed, have been corrected.

    In particular, targets have not been updated in case of 8 programs and 16 subprograms, which funding has changed significantly (change varying from negative 74% to positive 234%), the Service specified.


economics

    AUDIT SERVICE: DRAFT AMENDMENTS TO THE STATE BUDGET-2021 ENVISAGE CUT OF THE STATE DEBT BY 4% IN COMPARISON WITH CURRENT VERSION

    Georgian State Audit Service reported that according to the draft amendments to Georgia’s state budget-2021, state debt of the country will make up 32.3 billion lari by the end of this year, being reduced by 1.4 billion lari (i.e. by 4%), if compared with the originally approved plan.

    Main contribution to this reduction was made by strengthening of the national currency, the effect of which is 98%, while other 2% was contributed by reduction of the existing debt balance, the Service specified.


    AUDIT SERVICE: DRAFT AMENDMENTS TO THE STATE BUDGET-2021 ESSENTIALLY REDUCE VOLUME OF FISCAL BUFFER

    Georgian State Audit Service reported that draft amendments to the state budget-2021 increase volume of receipts by 1.2 billion lari (by 7%), bringing it to 17.9 billion lari, while payments will increase by 1.1 billion lari (by 6%), up to 19.5 billion lari.

    To cover the payments, the draft envisages usage of 1.6 billion lari from current account balance of the budget of 2.3 billion lari, the Service indicated.


    IN JANUARY-JUNE, REMITTANCES TO GEORGIA INCREASED BY 40.9% Y-O-Y

    National Bank of Georgia (NBG) reported that volume of remittances, transferred to Georgia in the first half of 2021, totaled to $1.08 billion. If compared with the same period of 2020, the volume has increased by 40.9%.


    IN JANUARY-JUNE, REMITTANCES FROM GEORGIA INCREASED BY 30.3% Y-O-Y

    National Bank of Georgia (NBG) reported that volume of remittances, transferred from Georgia in the first half of 2021, totaled to $138.2 million. If compared with the same period of 2020, the volume has increased by 30.3%.


    IN 2020, NBG PURCHASED TREASURY SECURITIES WORTH 603.9M LARI

    In its annual report, National Bank of Georgia (NBG) says that it continued during 2020 purchase of securities on the secondary market within the framework of open market operations.

    According to the report, NBG held 17 auctions in the reporting year and purchased treasury securities with nominal value totaling to 603.9 million lari.


    “COLLIERS GEORGIA”: GEORGIA’S MARKET OF INVESTMENT APARTMENTS WILL FACE CHALLENGES

    Colliers Georgia estimates that Georgia’s market of investment/rental apartments will face challenges. The company forecasts significant decrease in prices, both for to be leased and to be sold property.


    IN ORDER TO DEVELOP SECURITIES MARKET, PILOT PROGRAM OF PRIMARY DEALERS IS UNDERWAY

    National Bank of Georgia (NBG) reported that in order to develop securities market in the country, a pilot program of primary dealers is being implemented.

    The pilot program began in November 2020 and will last 1-1.5 years, NBG said.


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