Economic Press Monitor September 8 - 14, 2024	Days:  03 10 17 07 14

economic & politics

TABULA: “COMCOM FINED “MTAVARI” 5,000 LARI – DECISION WILL BE APPEALED TO THE COURT”

September 12, 2024 - Georgian National Communication Commission (ComCom) fined TV company Mtavari Arkhi 5,000 lari for refusing to air political advertisement for the ruling Georgian Dream. The TV company will appeal the decision in court.




BANKEBI DA FINANSEBI: ““WE WELCOME CHINESE INVESTORS, SO THEY TAKE ADVANTAGE OF OUR COUNTRY’S GEOGRAPHICAL LOCATION AND TRADE REGIMES””

September 12, 2024 - Georgia encourages Chinese investors to take advantage of the country’s geographical location and liberal trade regimes to develop their business, Georgia’s Vice Premier and Minister of Economy and Sustainable Development Levan Davitashvili declared at the meeting with Chinese Vice Premier Ding Xuexian in Beijing.

As Davitashvili indicated, “We work closely with partner countries to develop and strengthen transport links between Europe and Asia”.




TABULA: “GODOLADZE: SUSPENSION OF US ASSISTANCE OF $95M WILL NOT AFFECT OUR INSTITUTE”

September 12, 2024 - Suspension by US of assistance in the amount of $95 million (intended for Georgian government) will not affect the Institute of Earth Sciences and the National Center for Seismic Monitoring, declared head of the Center Thea Godoladze. We have received further clarification in this regard, she said.




NETGAZETI.GE: “WHY IVANISHVILI NEEDED TO BE ON THE LIST OF CANDIDATES”

September 12, 2024 - In Georgian parliamentary elections of 2024, number one of the candidates’ list of Georgian Dream will be Bidzina Ivanishvili (billionaire founder and honorary chairman of the ruling party). Until now, Ivanishvili not only was not number one on the list, but he was never on the list at all, the article indicates.




NETGAZETI.GE: ““GEORGIAN DREAM” PRESENTS TOP 20 OF VOTING LIST – WHO WILL BE ON THE LIST”

September 11, 2024 - On September 10, the ruling Georgian Dream presented first 20 members of the electoral list for Georgia’s parliamentary elections on October 26.

The first number on the list is Bidzina Ivanishvili (billionaire founder and honorary chairman of the ruling party).




TABULA: “I AM READY TO TAKE RESPONSIBILITY FOR A SECOND TERM – PRESIDENT’S INTERVIEW WITH “LE FIGARO””

September 11, 2024 - “I am ready to take great responsibility, including for a second term, in order to return Georgia to the European path”, Georgia’s President Salome Zurabishvili declared in an interview with the French newspaper Le Figaro. “If the charter I proposed will act, I am ready to be a negotiator with our European partners”, she said.




REZONANSI: “WITH HELP OF SOME MACHINATIONS, GEORGIANS TRY TO HAND OVER THEIR ANCESTORS PROPERTY TO FOREIGNERS”

September 10, 2024 - The law adopted by the Georgian Parliament in 2019 prohibits sale of agricultural land to foreign citizens, but the private sector still manages to sell vineyards, arable and other types of land, the newspaper indicates. Statistics do not say anything about such facts, the article notes.




TABULA: “IVANISHVILI SAYS THAT WITH THE CONSTITUTIONAL MAJORITY, THEY WILL CHANGE CONSTITUTIONAL STRUCTURE OF THE COUNTRY”

September 9, 2024 - If a constitutional majority is obtained in the parliamentary elections (to be held at the end of October), there is a willingness to change the model of the constitutional structure, declared Bidzina Ivanishvili, billionaire founder and honorary chairman of ruling Georgian Dream, while addressing attendants of election event in Akhaltsikhe.

In particular, Ivanishvili said, it is supposed “at the right time, to move the country to such a model of constitutional structure that will allow us to fulfill our long-time dream – to see Georgia united and strong”.




REZONANSI: “WHY PAPUASHVILI AND KOBAKHIDZE DID NOT MEET WITH GERMAN DELEGATION AND WHAT ISSUE HAS BEEN ADDED TO THE EU’S 9 RESERVATIONS”

September 9, 2024 - German Bundestag members visiting Tbilisi said at the concluding press conference that the Georgian authorities refused to meet with them.

According to the German side, they requested a top level meeting initially, then at the second and third levels, but “no one had time for them”.

macroeconomics & budget

TABULA: “THE GOVERNMENT WILL ALLOCATE ADDITIONAL 4M LARI TO THE PATRIARCHATE FOR REHABILITATION OF GELATI”

September 12, 2024 - For restoration of Gelati (monastery complex near Kutaisi, built in 1106 AD), the Georgian government will allocate 11.5 million lari. The Prime Minister’s order of March 18 envisaged allocation of 7.5 million lari, while by order of September 9, 4 million lari are added to initial sum.




BANKEBI DA FINANSEBI: “TAKING RISK FACTORS INTO ACCOUNT, NBG EXERCISES CAUTION, AND FOR THESE REASONS, THE MONETARY POLICY RATE HAS REMAINED UNCHANGED – LASHA KAVTARADZE”

September 12, 2024 - We expected that the monetary policy rate will remain unchanged at 8%, says Galt&Taggart analyst Lasha Kavtaradze. Moreover, the rate will remain unchanged until end of the year, he predicts.




BANKEBI DA FINANSEBI: “THE BUDGET DOES NOT DEPEND ON GRANTS, SO WE DO NOT SEE ANY RISK IN THE BUDGET OF 2025 – KAKAURIDZE”

September 10, 2024 - Georgia’s state budget does not depend on foreign grants, which share is minimal, Georgia’s Deputy Finance Minister Giorgi Kakauridze declared. “Therefore, we do not see any risk of stalling in the budget for next year”, he said.




NETGAZETI.GE: “US SUSPENDED ASSISTANCE TO EARTH SCIENCE INSTITUTE – THEA GODOLADZE”

September 10, 2024 - US assistance to Georgian Institute of Earth Sciences has been suspended, head of the Institute Thea Godoladze posted on social media.

As Godoladze said, “financial restrictions imposed by the US government in connection with the recent events in Georgia influenced the target program too, which beneficiaries we were”.

energy, oil & gas

REZONANSI: “ENERGY SECTOR STANDS PAT WITH CONSTRUCTION OF SMALL HYDROELECTRIC POWER STATIONS”

September 11, 2024 - Since 2013, 63 hydroelectric power stations were built in Georgia, but construction of such large hydroelectric power stations as NamokhvanHES and KhudonHES has been suspended, the article indicates.

Power engineer Gia Arabidze emphasizes importance of reservoir hydroelectric power stations’ existence in the country.

companies

TABULA: “SWEDISH EMBASSY BACKED “EVOLUTION GEORGIA””

September 12, 2024 - On July 12, part of Evolution Georgia employees went on strike, demanding improvement of working conditions and increase of salaries.

On August 10, Evolution Georgia released a statement saying that the company is starting the process of staff cut and plans to lay off 1,000 employees.




BANKEBI DA FINANSEBI: “NATIONAL BANK FINED “CREDITSERVICE+” 86,200 LARI”

September 12, 2024 - National Bank of Georgia (NBG) fined the microfinance organization Creditservice+ 86,200 lari for a number of violations.

In particular, NBG reports about 1 case of incorrect submission of the requested information/documentation and significant shortcomings in operation of software (electronic) system at the organization.

transport & communications

BANKEBI DA FINANSEBI: “NO ALTERNATIVE IS CONSIDERED, AGREEMENT ON ANAKLIA TO BE SIGNED SOON WITH CHINA-SINGAPORE CONSORTIUM – PREMIER”

September 10, 2024 - No alternative is being considered, there is a Sino-Singaporean consortium with which an agreement on the port of Anaklia will be signed this year, declared Georgia’s Prime Minister Irakli Kobakhidze. “Some minor details have yet to be clarified”, and as soon as they are clarified, an agreement will be signed immediately, he said.

international cooperation

NETGAZETI.GE: “SIX-SIDED MEETING OF CASCA+ WAS HELD BEING ORGANIZED BY “GEORGIAN RAILWAY””

September 11, 2024 - A regular meeting of participants of multimodal route CASCA+ was held in Batumi, being organized by Georgian Railway. In the event, heads of railway administrations of Azerbaijan, Georgia, Kyrgyzstan, Turkey, Turkmenistan and Uzbekistan took part.

finances & banking

NETGAZETI.GE: “RUSSIAN LAW ASKS BANKS TO DO THINGS, WHICH ARE PROHIBITED BY OTHER LAW”

September 9, 2024 - On the basis of the so-called “Russian Law” (Georgia’s law “On Transparency of Foreign Influence”), Georgian Justice Ministry wants to retrieve from commercial banks confidential information of non-governmental organizations and their employees.

According to the mentioned law, the Ministry will have the authority to fine 5,000 lari those commercial banks that do not provide data containing bank secrecy, the article says.

tourism

FORBES GEORGIA: “GEORGIA RANKS 45^TH IN TRAVEL AND TOURISM RATING”

September 9, 2024 - In the Travel & Tourism Development Index of the World Economic Forum, Georgia ranks 45^th among 119 countries with a score of 4.14 points out of 7 possible. In the 2022 index, Georgia with 4.3 points was in 44^th place.