Daily News February 22, 2019	Days:  20 21 22 25 26

politics

NBG FORBADE ISSUANCE OF CREDITS AND GUARANTEES TO CHAIRMAN OF “TBC BANK” SUPERVISORY COUNCIL AND HIS DEPUTY ALREADY IN NOVEMBER 2018

On February 21, National Bank of Georgia (NBG) published extended comment in connection with case of TBC Bank, according to which committee on financial sector supervision forbade issuing of new credits and guarantees to chairman of supervisory council of the bank Mamuka Khazaradze and his deputy Badri Japaridze already in November 19, 2018.

On that day, November 19, fine of 1.1 million lari was also imposed on TBC Bank, while independent members of supervisory council were given 2 months for presentation of their position concerning violation by administrators of the bank of requirements of legislation, NBG said in the comment, noting that reply of the council did not meet expectation of NBG, however.




IDFI: FROM 22 RECOMMENDATIONS, ISSUED BY OECD-ACN TO GEORGIA, “SIGNIFICANT PROGRESS” IS RECORDED IN NONE

Institute for Development of Freedom of Information (IDFI) reported that Anti-Corruption Network of Organization for Economic Cooperation and Development (OECD-ACN) released its next report in February.

In the report, out of 22 recommendations, issued by OECD-ACN to Georgia, “significant progress” is recorded in none, “progress” was recorded in 17, “lack of progress” – in 4, while fulfillment of 1 was not estimated, IDFI said.




“TI GEORGIA”: CRITERION OF INSIGNIFICANCY OF VIOLATION IN PROPERTY DECLARATION COULD BE DEFINED BY THE GOVERNMENT, INSTEAD OF LAW

TI Georgia, Georgian branch of Transparency International, declared that criterion of insignificancy of violations in property declaration of Georgian officials could be defined by the government, instead of law. Change of lower limits of the property, which is subject to declaration, is also envisaged.

economics

MINISTER OF REGIONAL DEVELOPMENT AND INFRASTRUCTURE: IN 2018-2023, 5.1B LARI WILL BE INVESTED IN HIGHWAY CONSTRUCTION

In 2018-2023, construction of new 227-km highway is planned, in which, approximately, 5.1 billion lari will be invested, Georgia’s Minister of Regional Development and Infrastructure Maia Tskitishvili declared.

Of this length, construction works are underway on 77 km, which, according to the Minister, will be step-by-step completed in 2019-2021.




DRAFT AMENDMENTS TO LAW “ON ACCUMULATIVE PENSION” REJECTED

Georgian Parliament has considered today in first hearing draft of amendments to the law “On Accumulative Pension”. The draft got support of 42 MPs, while only 10 voted contra, but the draft was still rejected because of lack of required quorum (75 MPs).




NEW FOREST CODE IS SUBMITTED FOR APPROVAL TO THE PARLIAMENT

Georgian Ministry of Environmental Protection and Agriculture reported that the Forest Code, work on which was finished in 2018, is submitted for approval to the Parliament.

The Ministry noted that consideration of the Code in the Parliament is planned within the spring session, and approximately, at the end of spring, the draft will be approved.




STRATEGY TO BE DEVELOPED FOR ASSISTANCE TO SMART ACCOUNTING INTRODUCTION

Georgian National Energy and Water Supply Regulating Commission reported about launch of the twinning project, envisaging development of strategy on assistance to introduction of incentive regulation of service quality and smart accounting.

As the Commission noted, the project worth 1.2 million EUR, being implemented through financing of the EU, is calculated for 21 months.




“GALT&TAGGART”: WITHOUT CONSTRUCTION OF NEW OBJECTS OF GENERATION, GROWING CONSUMPTION OF ELECTRICITY WILL CAUSE SIGNIFICANT GROWTH OF IMPORT

Investment company Galt&Taggart declared that by 2030, there is expected doubling of electricity consumption in Georgia.

Respectively, without construction of new objects of generation, growing consumption of electricity will cause significant growth of import, the company pointed in the report.




IN 2018, BANKING DEPOSITS INCREASED NOMINALLY BY 14% Y-O-Y

National Bank of Georgia (NBG) reported that total deposits, placed as of December 31 of last year in Georgian banks, amounted to 23 billion lari, increasing nominally (i.e. not taking exchange rate effect into account) by 14% year-on-year.

Envisaging the mentioned effect, the volume has increased by 16.3%, while real growth (i.e. minus inflation) made up 14.8%.