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Economic Press Monitor
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Economic Press Monitor

February 18 - 24, 2024

Previous Issues:  Days: < 27 03 10 17 24

 

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economic & politics

    NETGAZETI.GE: “ACCORDING TO KHUTSISHVILI, BRINGING AND SELLING CAR IN RUSSIA DOES NOT VIOLATE SANCTIONS”

    February 22, 2024 - There are “concrete materials, which show that Georgia is used as a third country, and sanctioned cars are transported from our country to Russia”, declared opposition MP Khatia Dekanoidze.

    Do you have information that transportation of sanctioned cars by individual drivers is not restricted, Dekanoidze asked Georgia’s Finance Minister Lash Khutsishvili, who spoke in the country’s Parliament on February 21.


    REZONANSI: “IN ABOUT 12-13 YEARS, GEORGIA WILL REACH TODAY’S LEVEL OF CZECH REPUBLIC AND IN 15-16 YEARS – LEVEL OF GERMANY”

    February 22, 2024 - The IMF expects that forecast, Georgia’s income per capita in 2024, adjusted to purchasing power, will make up 45% of the EU median, declared Georgia’s Finance Minister Lasha Khutsishvili, speaking on February 21 in the country’s Parliament.

    As an example, the Minister brought Poland, Lithuania, Latvia and Bulgaria, which at the time of accession to the EU “had this showing even lower”.


    TABULA: “NATIONAL CENTER FOR ASSESSMENT AND EXAMINATIONS WILL BE HEADED BY NINO TSERETELI”

    February 21, 2024 - Nino Tsereteli has been appointed to the post of director of the National Center for Assessment and Examinations, Georgian Ministry of Education and Science reports. She has 20-year experience of work in the education system.


    NETGAZETI.GE: “JOSEP BORRELL’S 3 MESSAGES FOR GEORGIA”

    February 21, 2024 - After the EU-Georgia Association Council’s meeting in Brussels, the EU High Representative for Foreign Affairs and Security Policy Josep Borrell voiced 3 messages for Georgia.

    Georgia should accelerate implementation of reforms, including those provided by the Association Agreement, and fulfill 9 recommendations of the European Commission, Borrell said.


    TABULA: “MAMUKA MDINARADZE ELECTED LEADER OF PARLIAMENTARY MAJORITY”

    February 19, 2024 - Mamuka Mdinaradze was elected the majority leader in Georgian Parliament (this post became vacant after the appointment of Irakli Kobakhidze as Prime Minister of Georgia). Office of the Georgian Dream faction chairman, being released by Mdinaradze, will be occupied by Rati Ionatamishvili.


    BANKEBI DA FINANSEBI: “IN WHAT GEORGIA-REGISTERED RUSSIAN COMPANIES ARE ENGAGED”

    February 19, 2024 - In 2022-2023, 26,529 Russian companies were registered in Georgia, but the scope of activity is known only for 4,276, reports TI Georgia, Georgian branch of Transparency International.

    As the organization notes, upon registration of a business entity in Georgia, specification of scope of future activities is not required, and it becomes known only after start of operation.


    FORBES GEORGIA: “NATIONAL BANK HAS INDEPENDENCE PROBLEM”

    February 19, 2024 - In one of the recommendations, the European Commission indicates that Georgia “maintain the independence of the National Bank of Georgia and ensure an orderly appointment of the next governor of the bank”.

    Georgian Constitution establishes independence of National Bank of Georgia (NBG), but the reality is different, the article says.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “AYFB – ESTABLISHING OF MINIMUM WAGE IS GOOD, BUT ECONOMIC RELATIONS SHOULD NOT MOVE INTO SHADOW SECTOR”

    February 23, 2024 - “The law on minimum wage, of course, sets noble goals”, but “it is necessary to take into account all the risks when considering it”, says Georgian Association of Young Financiers and Businessmen (AYFB).

    “In this regard, there is always a risk of appearance of shadow accounting in companies”, AYFB points out.


    BANKEBI DA FINANSEBI: “3 COUNTRIES, FROM WHICH CHEAP LABOR IS BROUGHT TO GEORGIA”

    February 23, 2024 - “Personnel outflows and demographic trends make labor shortages a long-term challenge” for Georgia, a study from TBC Capital indicates. As the company notes, influx of labor into Georgia is expected to continue in 2024.


energy, oil & gas

    BANKEBI DA FINANSEBI: “TOTAL INSTALLED CAPACITY OF POWER PLANTS INCLUDED IN NET ACCOUNTING SYSTEM IMPLEMENTED BY THE COMMISSION AMOUNTED TO 67 MW”

    February 21, 2024 - As of January, 1,066 micropower plants were included in Georgia’s net accounting system. Their total installed power mounted to 67 mW.


conflict and court

    NETGAZETI.GE: “ACCORDING TO THE MINISTRY, AGREEMENT ALREADY REACHED WITH ABOUT 65% OF REPUBLICAN HOSPITAL’S EMPLOYEES”

    February 19, 2024 - Up to 350 employees of the Republican Hospital have already chose one of the proposed compensation packages, reports Georgian Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection. In total, the hospital staff numbers about 550 people.


companies

    NETGAZETI.GE: ““GEORGIAN WINGS” MADE THE FIRST TBILISI-CHISINAU FLIGHT”

    February 22, 2024 - Georgian Wings performed the first regular flight between Tbilisi and Chisinau (Moldova).

    According to Georgian Wings president Shalva Kiknadze, flights will be operated twice a week (Tuesdays and Saturdays).


    BANKEBI DA FINANSEBI: “WITH SUPPORT OF “SAKARTVELOS BANKI”, “AMERICAN MONOLITH” EXPANDS TERMINAL”

    February 19, 2024 - American Monolith is expanding cool storage facility and container terminal in Poti. Sakartvelos Banki (Bank of Georgia) allocated 10 million lari for this project, within EBRD trade support program.


finances & banking

    NETGAZETI.GE: “INTEREST ON OVER 150,000 PENSIONERS’ LOANS WILL DECREASE AND BECOME APPROXIMATELY 25.5%”

    February 23, 2024 - Interest on loans, issued to over 150,000 pensioners, will be reduced, the Georgian government declared. This became known after the meeting, held on February 22 between Prime Minister Irakli Kobakhidze with acting president of National Bank of Georgia Natia Turnava and director general of Liberty Bank Beka Gogichaishvili.


construction

    REZONANSI: “GEORGIA SHOWS SIGNS OF HOUSING CRISIS?”

    February 19, 2024 - The financier Temur Basilia, former deputy prime minister of Georgia (in 1994-1995), considers that there is prestage of a housing crisis in Georgia.

    Doctor of economics Nika Shengelia notes in his turn: “As a rule, the housing crisis is such a situation when both mortgages and rentals have risen in price”, and “today, a really difficult situation is created in this regard in Georgia”.


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  02/23/24 + / -
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