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Economic Press Monitor

August 2 - 8, 2020

Previous Issues:  Days: < 27 18 25 01 08

 

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economic & politics

    BANKEBI DA FINANSEBI: “IN 6 MONTHS, PARTIES GET DONATION OF 7M, OF WHICH “GEORGIAN DREAM” ACCOUNTED FOR 67%, “LELO” – FOR 21%”

    August 6, 2020 - Referring to Georgian State Audit Service, the newspaper reports that in 6 months of this year, political parties of the country get income of 12.88 million lari. Out of total, donations made up 7 million lari.


    TABULA: “TURNAVA: MANY COUNTRIES WANT WE OPEN SKY FOR THEM, BUT THE MAIN THING IS SAFETY OF OUR CITIZENS”

    August 3, 2020 - Natia Turnava, Georgia’s Minister of Economy and Sustainable Development, indicates that “We clearly realize that many countries want that Georgia had opened sky and direct flights had started”. “That is exactly because we are safe [place] therefore there is this demand”, she specifies.


macroeconomics & budget

    REZONANSI: “THE GOVERNMENT DIRECTLY SAID THAT IT WILL NOT ALLOW DEVALUATION OF LARI IN AUTUMN”

    August 7, 2020 - Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared: “We succeed and there are no sharp fluctuations in connection with lari exchange rate any more”.

    “There is a chance that lari was stable in autumn”, the Minister said.


    BANKEBI DA FINANSEBI: “AS OF AUGUST 3, PENSION ASSETS MADE UP 890M LARI”

    August 5, 2020 - Georgian Pension Agency reported that pension assets amounted as of August 3 to 890 million lari. Of total, 1.7% is placed on fixed deposits, 25.2% – on profitable accounts, while 73.1% are invested in deposit certificates.


    BANKEBI DA FINANSEBI: “UNPROFITABLE BUSINESSES OF THE GOVERNMENT – LOSS OF STATE ENTERPRISES IS ENORMOUS, WHILE PAYMENT OF THE COMPANIES’ MANAGEMENT – ABUNDANT”

    August 5, 2020 - There are over more than 200 state-owned companies in Georgia, which sustain losses from year to year, the newspaper says.

    According to the country’s Finance Ministry, losses of 67 state companies totaled in 2018 to 805 million lari, while total losses of the state enterprises for the last 5 years exceeded 2.5 billion lari.


    BANKEBI DA FINANSEBI: “FRENCH DEVELOPMENT AGENCY AND THE EU ALLOCATE 65M EUR FOR MODERNIZATION OF KHASHURI WATER SYSTEM”

    August 4, 2020 - French Development Agency (ADF) and Georgian Finance Ministry signed credit agreement of 58 million EUR, the newspaper reports. The funds are intended for financing of restoration of system of water supply and sewerage in Khashuri (Shida Kartli region).


    REZONANSI: “UNEMPLOYMENT RATE IN GEORGIA RAISED BY 12% BECAUSE OF CORONAVIRUS PANDEMIC”

    August 3, 2020 - Referring to Georgian State Agency for Employment Assistance, the newspaper reports that as of July 31, there were 245,421 self-employed, affected because of COVID-19, passed registered as compensation seekers at the web portal of the Ministry of IDPs from Occupied Territories, Labor, Healthcare and Social Protection.

    As the article notes, out of total, 160,161 persons have received one-time compensation of 300 lari, while 48.05 million lari were transferred in total.


    BANKEBI DA FINANSEBI: “AS OF ECONOMIC INDICATORS FOR JUNE, REDUCTION OF ECONOMY IN NON-TOURIST SECTOR IS ALMOST STOPPED”

    August 3, 2020 - Georgia’s Deputy Finance Minister Nikoloz Gagua indicates that main reason of economic drop, recorded in June (GDP reduction by 7.7%), is tourist sector, which has traditionally very big share in Georgia (8-10% of GDP).

    However, declares Gagua, “If we analyze existing dynamics, we can say that in other sectors of the country’s economy, reduction of economy is almost stopped”.


energy, oil & gas

    BANKEBI DA FINANSEBI: “OIL ROSE IN PRICE AT LEADING GLOBAL EXCHANGES – IN GEORGIA, GROWTH OF FUEL PRICE BY 10 TETRI IS EXPECTED”

    August 7, 2020 - On international markets, petrol started growth in price and such change in price, certainly, will be reflected on Georgian market too, the newspaper says. In particular, adjustment of prices is forecasted by Wissol Group president Soso Pkhakadze.


companies

    FORBES GEORGIA: “STATEMENT OF JSC “RUSTAVI AZOT” IN CONNECTION WITH EXPLOSION IN BEIRUT”

    August 7, 2020 - JSC Rustavi Azot (Rustavi chemical plant) released a statement in connection with information that cause of explosion in Lebanese capital of Beirut was allegedly ammonium nitrate, exported from Georgia in 2013.

    Proceeding from the fact that Rustavi Azot operates the chemical plant just for last 3 years, we are deprived of opportunity to obtain detailed information on whether this ammonium nitrate was really produced in Rustavi, the statement points.


    FORBES GEORGIA: “WITH ASSISTANCE OF “SAKARTVELOS BANKI”, ENTERPRISE OF FROZEN CONFECTIONERY IS BUILT IN NATAKHTARI”

    August 6, 2020 - Using financial resource of Sakartvelos Banki (Bank of Georgia), LLC Food Alliance built enterprise of frozen confectionery in Natakhtari, the magazine reports. Project cost makes up 10 million lari, of which participation of the bank amounts to 6.7 million lari.


    TABULA: “TBILISI CITY HALL OFFICE ADAPTED TENDER OF 30M TO CONCRETE COMPANY – “RADIO LIBERTY””

    August 4, 2020 - Tender worth 30 million lari, announced for procurement of minibuses, Tbilisi City Hall has adapted to single company – GT Group, Tabula reports.

    As the article explains, that became known as a result of investigation, conducted by journalist Giorgi Mgeladze for Radio Liberty.


    FORBES GEORGIA: “FINANCIAL AGREEMENT OF 36M LARI SIGNED BETWEEN “CREDO BANK” AND EUROPEAN INVESTMENT BANK FOR ASSISTANCE TO MICRO, SMALL AND MEDIUM BUSINESS”

    August 4, 2020 - Georgian Credo Bank and European Investment Bank (EIB) signed a financial agreement worth 36 million lari, the magazine reports. The 5-year agreement aims assistance against the background of COVID-19 to micro, small and medium business, operating in agrarian sphere.


    FORBES GEORGIA: “CONSTRUCTION SECTOR AMONG THE LARGEST 100”

    August 3, 2020 - Based on financial statements for 2018, the magazine publishes rating of construction companies, operating in Georgia. Data are confirmed by Grant Thornton and Ebit Group.


international cooperation

    FORBES GEORGIA: ““JAPANESE COMPANIES NEED TO STUDY GEORGIA WELL” – INTERVIEW WITH AMBASSADOR”

    August 4, 2020 - In interview to the magazine, Japanese ambassador to Georgia Tadaharu Uehara marks out that Japanese companies are familiar with the South Asian countries therefore they think to relocate part of enterprises there. However, they welcome also new opportunities, such as, for example, Georgia, he says.


finances & banking

    BANKEBI DA FINANSEBI: “GVENETADZE – BECAUSE OF THE PANDEMIC, COMMERCIAL BANKS SUFFERED LOSS OF 1.2B LARI”

    August 6, 2020 - Koba Gvenetadze, president of National Bank of Georgia, indicates that “the fact that commercial banks continue operation does not mean at all that COVID-19 had no impact on them”. “Impact is quite big”, he points.


    FORBES GEORGIA: ““SAKARTVELOS BANKI” OFFERS NEW AGROPROJECT TO SMALL AND MEDIUM BUSINESS”

    August 5, 2020 - Sakartvelos Banki (Bank of Georgia) offers new agroproject to farmers, engaged in cultivation of almonds or olives, the magazine reports.

    As the article notes, crediting within the project envisages financing of fixed and current assets for cultivation/care of plantations.


construction

    BANKEBI DA FINANSEBI: “ISSUING OF MORTGAGE LOANS INCREASES, SALE OF APARTMENTS DECREASES – WHAT’S GOING ON ON REAL ESTATE MARKET”

    August 6, 2020 - Issuing of funds within Georgian government’s program on subsidizing of mortgage loans has started last month. Financing of interest on credits for new apartments will cost the state budget 70 million lari, and state co-financing of credit interest will continue during 5 years, the newspaper notes.


tourism

    BANKEBI DA FINANSEBI: “BECAUSE OF SITUATION, CREATED AS A RESULT OF THE PANDEMIC, UP TO 280,000 PEOPLE IN TOURISM INDUSTRY LOST JOBS”

    August 5, 2020 - Shalva Alaverdashvili, founder of Georgian Hotel, Restaurant and Cafe Federation, declares that in the situation, created because of COVID-19 pandemic, up to 280,000 people in the tourism industry lost their jobs.

    Alaverdashvili indicates that “In fact, all businesses have took a credit”.


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