Daily News June 29, 2018	Days:  27 28 29 02 03

politics

PRIME MINISTER: WE WILL PRESENT RENEWED COMPOSITION OF THE GOVERNMENT WITHIN THE TERMS, ESTABLISHED BY LAW

We will present renewed composition of the government within the terms, established by law, Prime Minister Mamuka Bakhtadze declared at the news briefing today.

“As for personnel composition, certainly, I realize high public interest”, the Premier noted, but anyway did not named the candidates.

economics

GEORGIA’S AVERAGE GDP GROWTH RATE MADE UP 7.5% IN MAY

Sakstat released estimation for May, according to which annual rate of real GDP growth in the reporting month made up 7.5%. Average growth rate for the first 5 months of the year made up 6.1%.




NBG PRESIDENT: INFLATION IS EXPECTED TO REMAIN NEAR THE TARGET WITHIN A YEAR

“It is expected that during a year, inflation will remain near the target indicator”, president of National Bank of Georgia (NBG) Koba Gvenetadze declared.

Gvenetadze said this at the joint news briefing, held today together with the Finance Minister Nikoloz Gagua and the IMF resident representative in Georgia Francois Painchaud.




IN Q1, GEORGIA’S TOTAL FOREIGN DEBT MADE UP 111.5% OF GDP

National Bank of Georgia (NBG) reported that as of March 31, total foreign debt of the country amounted to $17.5 billion (42.2 billion lari). This volume corresponds to 111.5% of GDP for the 1^st quarter, NBG specified.




IN Q1, GEORGIA’S NET INTERNATIONAL INVESTMENT POSITION WAS NEGATIVE, MAKING UP 152.3% OF GDP

National Bank of Georgia (NBG) reported that as of March 31, Georgia’s net international investment position was negative, making up $23.9 billion (57.6 billion lari) in volume. The volume corresponds to 152.3% of GDP for the last 4 quarters, NBG specified.




IN Q1, GEORGIA’S NEGATIVE BALANCE OF INTERNATIONAL PAYMENTS MADE UP 11.6% OF GDP

National Bank of Georgia (NBG) reported that negative balance of international payments amounted in the 1^st quarter to $5428 million (1.1 billion lari, or 11.6% of GDP for the reporting quarter).

As NBG noted, major role in formation of the negative balance for the 1^st quarter had commodity trade again.




THE GOVERNMENT: OPIC PLANS TO INCREASE CONSIDERABLY INVESTMENTS IN GEORGIA

The US Overseas Private Investment Corporation (OPIC) plans significant growth of investments in Georgia, administration of Georgian government declared.

The administration said that new investment projects were discussed by OPIC managing director Kenneth Angel and Georgia’s Prime Minister Mamuka Bakhtadze at the meeting, held in Tbilisi today.




TAX DEBTS, COLLECTED BY COMPANIES AS OF JANUARY 1, 2013, TO BE WRITTEN OFF

At the meeting today, the government approved amendments to Tax Code, which envisage write-off of tax debts, collected by the companies as of January 1, 2013.

Prime Minister Mamuka Bakhtadze stressed that big part of these debts is collected in 2011-2012.




REGISTRATION OF FARMS AND FARMERS BEGINS

Registration of farms and farmers begins countrywide, the Ministry of Environmental Protection and Agriculture declared.

Those persons and entities, wishing to register by own initiative, will be able to pass registration by hot line of the Agency for Agricultural Projects Management, the Ministry said.




MINISTRY OF ENVIRONMENTAL PROTECTION AND AGRICULTURE: EXPORT OF PEACHES GREW BY 22 TIMES

As of June 28, Georgia exported 1,608 t of peaches, the Ministry of Environmental Protection and Agriculture reported. That volume exceeds 22 times an indicator of the same period of 2017, the Ministry noted.

business

“SAKARTVELOS BANKI” STARTS DEVELOPMENT OF FINTECH

Sakartvelos Banki (Bank of Georgia) presented today its program of open banking development, BOG Fintech, and the corresponding web site (www.fintech.ge).

Within BOG Fintech, so-called “API sandbox” is created (an environment that testers can use to mimic the characteristics of the production environment and create simulated responses from all APIs the application relies on).