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Economic Press Monitor

January 10 - 16, 2021

Previous Issues:  Days: < 12 19 26 02 16

 

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economic & politics

    FORBES GEORGIA: “ON SYSTEM OF MANAGEMENT OF FIGHT AGAINST COVID-19 IN GEORGIA”

    January 15, 2021 - The magazine publishes opinion of Giorgi Shakarishvili, founder of Tbilisi Global Healthcare Institute, regarding management of COVID-19 pandemic in Georgia. The author indicates that publication aims to trigger technical discussion on systemic assessment of fight against COVID-19 in Georgia in order to improve the management system.


    NETGAZETI.GE: “WHY SO-CALLED CRYPTO-MINING CANNOT BE STOPPED IN ABKHAZIA – EXPLANATION OF DE-FACTO MINISTER”

    January 14, 2021 - For years, due to cheapness and availability of electricity, mining of crypto-currency has been a profitable business in Abkhazia, the article notes.

    The article reports that crypto-currency mining was officially not banned for those who had a permission, but against the background of growing electricity cost and the current crisis, activity of legally operating enterprises was suspended until May 2021.


    REZONANSI: “WHAT SIGNAL DID BIDZINA IVANISHVILI SEND TO INVESTORS BY LEAVING POLITICS?”

    January 12, 2021 - The article brings comments of head of the Center for Economic Transformation Ramaz Gerliani and economist Merab Janiashvili in connection with decision of billionaire Bidzina Ivanishvili to leave the post of ruling Georgian Dream’s chairman and retire from politics.

    Gerliani considers that “Ivanishvili’s resignation will change nothing, until Georgian Dream remains the ruling team in the country” and “he will remain an informal leader”.


    REZONANSI: “WHAT FINANCIAL RESOURCE DID BIDZINA IVANISHVILI RETAIN FOR HIMSELF AND WHAT DID HE SHARE WITH HIS CHILDREN? – BILLIONAIRE’S STATEMENT”

    January 12, 2021 - Billionaire Bidzina Ivanishvili, who left the post of ruling Georgian Dream’s chairman, declares that $1.5 billion of his property “will be fully directed to charity”. Exactly this process was launched on December 30-31 last year, when the assets were passed to disposal of his charity fund Cartu, he said in an interview with Entrepreneur magazine.


    KVIRIS PALITRA: “WHAT WILL ECONOMICALLY HARD SPRING BRING TO US”

    January 11, 2021 - Doctor of economics, professor Ramaz Otinashvili forecasts that due to COVID-19 pandemic, this spring will be especially difficult.

    “Many jobs are not temporarily paused, but they have been swallowed up by the crisis”, Otinashvili says.


macroeconomics & budget

    TABULA: “ON THE BACKGROUND OF PRICE HIKE OF WHEAT, GRAIN CONSUMERS DEMAND FROM THE GOVERNMENT TO INCREASE SUBSIDIES”

    January 15, 2021 - Georgian grain consumers state that during state subsidy program, 1 sack of flour cost 63 lari, while it costs now 67-68 lari. Therefore, they demand from the government to increase the subsidy from 10 lari (per sack) to 15 lari, Tabula reports.


    FORBES GEORGIA: “TEMPTATION OF INVESTING PUBLIC FINANCES IN PRIVATE PROJECTS IN GEORGIA”

    January 13, 2021 - The article indicates that in Georgia, aim of potential investments of public funds should not be wholesale and retail trade, primary agriculture and agricultural industry, tourism, railroad and motor transportation, warehousing and other fields, which, according to data of 2019, accounted for more than 50% of Georgia’s GDP.

    The above-mentioned sectors in Georgia create small added value, have less high-tech potential and demand (highly)-skilled staff in small proportion, the article says.


    BANKEBI DA FINANSEBI: “BY WORLD BANK FORECAST, GEORGIA’S ECONOMY IN 2021 WILL INCREASE BY 4%”

    January 11, 2021 - The World Bank forecasts that Georgian economy will reduce by 6% in 2020 and increase by 4% in 2021. In 2022, growth is projected at 6%.


energy, oil & gas

    BANKEBI DA FINANSEBI: “GEORGIA WILL RECEIVE THIS YEAR 1.014B M3 OF GAS IN EXCHANGE FOR TRANSIT OF AZERBAIJANI GAS”

    January 11, 2021 - Referring to natural gas balance, the newspaper reports that additional volume of gas, to be received by Georgia from Azerbaijan’s Shah Deniz field in 2021, makes up 508.7 million cubic m, while of option gas – 505.96 million cubic m.

    This means that volume of gas, received by the country from South Caucasus Corridor, will increase by 126 million cubic m if compared with the year 2020 (888.6 million cubic meters), the newspaper notes.


    FORBES GEORGIA: “AMENDMENTS TO THE CODE REGARDING TAXATION OF LIQUEFIED GAS BROUGHT THE BUDGET A 300% INCREASE OF REVENUES IN SIX MONTHS”

    January 11, 2021 - Georgian Business Association indicates that amendments to taxation of liquefied gas have subjected so-called excise-free commodity code, used for import of oil-products for years, to taxation as well, and one-stage taxation with 300 lari is activated.

    “As a result, within 6 months from the date of activation of the legislative amendments, the state budget received by 300% more revenues than it was expected”, says Shavleg Mishveladze, head of the Association’s committee on oil, oil-products and gas.


conflict and court

    TABULA: “ENTREPRENEURS UNION ACCUSES COMPETITION AGENCY’S HEAD OF NON-PAYMENT OF DEBT”

    January 15, 2021 - Goga Tsitskishvili, chairman of Georgian Entrepreneurs Union, accused Irakli Lekvinadze, head of Georgian Competition Agency, of non-payment of business debt.

    The matter concerns the period, when Lekvinadze owned 50% in LLC Sales Management Company.


companies

    FORBES GEORGIA: “BRITISH INVESTMENTS IN GEORGIAN IT COMPANY – “CENTIGEN SOFT” BECOMES THE LARGEST SHAREHOLDER OF “APOLLO 11””

    January 14, 2021 - British consulting company Centigen Soft became shareholder of Georgian software company Apollo 11, the magazine reports. Corresponding agreement was signed in early December 2020.


    BANKEBI DA FINANSEBI: “SHARES OF “MAGTICOM” OWNERS CHANGE – GIA JOKHTABERIDZE INCREASES SHARE UP TO 75%”

    January 14, 2021 - Gia Jokhtaberidze, who owned until now 54% in Georgian telecom operator MagtiCom, increases his share up to 75%, the newspaper reports, referring to BPN news agency. The company got consent of Georgian National Communications Commission on December 31, 2020.


    BANKEBI DA FINANSEBI: “OPENED WITH ASSISTANCE OF THE GOVERNMENT, “AGARA SUGAR” STOPPED AGAIN”

    January 13, 2021 - Referring to business-partner.ge, the newspaper reports that Agara Sugar (sugar factory in Agara, Shida Kartli region), which, as a result of benefits provided by the government, resumed operation in June 2020, has stopped again. Benefits for the company expired on December 31, 2020.


    BANKEBI DA FINANSEBI: “CONSTRUCTION OF ENTERPRISE, PRODUCING NETS FOR PROTECTION FROM HAIL AND SUN, STARTS IN GEORGIA”

    January 13, 2021 - In Kareli (Shida Kartli region), LLC Agrobade (Agrarian Nets) started construction of enterprise, which will produce nets for protection from hail and sun, the newspaper reports, with reference to agronews.ge.

    Founder of the company Avtandil Maisuradze says that production will start in this January, while corresponding equipment will be delivered from Germany.


finances & banking

    BANKEBI DA FINANSEBI: ““IN PAST YEARS, WE HAVE IMPLEMENTED SIGNIFICANT MACROPRUDENTIAL MEASURES TO REDUCE EXCESSIVE INDEBTEDNESS AND CREDITS’ DOLLARIZATION””

    January 12, 2021 - In an article, published by The Banker magazine, president of the National Bank of Georgia (NBG) Koba Gvenetadze emphasizes measures taken by NBG to mitigate negative impact of COVID-19 pandemic on the country’s financial sector.

    Gvenetadze indicates that “The pandemic-like global shock, which we are facing now, emphasizes vital importance of constant preparedness to crisis”.


agriculture & food

    TABULA: “RUSSIA RAISES PRICE OF WHEAT – SHARE OF RUSSIAN WHEAT IN GEORGIA REACHES 90%”

    January 14, 2021 - Russian Ministry of Agriculture decided to introduce new restrictions on wheat exports, which result in grains’ price growth, Tabula reports.

    The article points that currently, up to 90% of Georgia’s consumption is met at the account of wheat, imported from Russia.


tourism

    REZONANSI: “DURING A PARTIAL LOCKDOWN, WINTER RESORTS ARE FULL OF PEOPLE – WHY IS THE GOVERNMENT WORKING WITH DOUBLE STANDARD?”

    January 13, 2021 - Due to increased number of COVID-19 cases in Georgia, most of restrictions, imposed in the country, have been extended and trade objects are not allowed to work, but the same time, vacationers visit winter resorts without problems, the newspaper indicates.

    As the article points, work of even family-type hotels is prohibited in ski resorts this year the, but they still accept vacationers.


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