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Economic Press Monitor

July 14 - 20, 2024

Previous Issues:  Days: < 22 29 06 13 20

 

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economic & politics

    TABULA: “CONSTITUTIONAL COURT ACCEPTED PRESIDENT’S APPEAL AGAINST RUSSIAN LAW”

    July 19, 2024 - Georgian Constitutional Court accepted the lawsuit of the President Salome Zurabishvili against of so-called “Russian Law” (Georgia’s law “On Transparency of Foreign Influence”). The lawsuit was filed on July 15.


    NETGAZETI.GE: “WHAT GEORGIA’S INVESTMENT ENVIRONMENT IS ACCORDING TO US STATE DEPARTMENT”

    July 19, 2024 - Conditions for business and investment in Georgia are generally good, US State Department indicated in the recent investment climate statement. However, “there is a continued lack of confidence in the judicial sector’s ability to adjudicate commercial cases independently or in a timely, competent manner, with some business dispute cases languishing in the court system for years”, the document indicates.


    TABULA: “THAILAND ENACTED VISA-FREE REGIME FOR GEORGIAN CITIZENS”

    July 18, 2024 - Since July 15, Thailand has introduced a visa-free regime for Georgian citizens. Georgian citizens will be able to stay in Thailand without a visa for up to 60 days.


    REZONANSI: “THREE MAIN ELECTION MESSAGES AND EMPHASIS OF IVANISHVILI”

    July 18, 2024 - Analyst Vakhtang Dzabiradze identifies 3 main areas in address to voters, which Bidzina Ivanishvili, honorary chairman of the ruling Georgian Dream, made on July 16. In Ivanishvili’s rhetoric, only mentioning of China was a novelty, as regarding the “global war party” and foreign agents he spoke earlier too, Dzabiradze indicates.


    TABULA: “MILLER: WE SAW THAT THE GEORGIAN GOVERNMENT HAS MOVED TO THE OTHER SIDE AND CHOSE ANOTHER WAY”

    July 17, 2024 - We will continue to support the Euro-Atlantic aspirations of the Georgian people, assures US State Department spokesman Matthew Miller.

    However, we saw that the Georgian government switched sides and chose a different path, Miller said at a briefing.


    NETGAZETI.GE: “FOR AT LEAST 12 YEARS, WE ARE NOT GOING TO LOSE ANY ELECTIONS – KOBAKHIDZE”

    July 17, 2024 - “Georgian Dream will not lose any elections for at least 12 years”, Georgia’s Prime Minister Irakli Kobakhidze is sure. Today, the ruling party is supported by 60% of voters, he claims.


    TABULA: “ACCORDING TO IVANISHVILI, “GLOBAL WAR PARTY” WANTS TO RETURN AGENTS TO POWER”

    July 17, 2024 - “The desire of the global war party is clear”, says the honorary chairman of Georgian Dream, billionaire Bidzina Ivanishvili.

    “Since they became convinced that we will not get dragged into the war and will not sacrifice Georgia to share the fate of Ukraine, they are making a last attempt to return the agents to power”, Ivanishvili declared on July 16 at the ruling party’s election campaign starting event and opening of the new central office.


    NETGAZETI.GE: “TODAY, PRESIDENT WILL APPEAL AGAINST THE RUSSIAN LAW IN THE CONSTITUTIONAL COURT”

    July 16, 2024 - On July 15, Georgia’s President Salome Zurabishvili challenged the so-called “Russian law” (Georgia’s law “On Transparency of Foreign Influence”) in the Constitutional Court.

    Similar constitutional lawsuit are going to file opposition MPs, who will hold consultations on this issue until end of the month.


    NETGAZETI.GE: “WHAT MESSAGES UZRA ZEYA HAD – VISIT OF THE US UNDER SECRETARY OF STATE IS COMPLETED”

    July 15, 2024 - The article briefly lists 3 key messages of US Under Secretary of State Uzra Zeya following her visit to Georgia.

    “The US is very concerned about anti-democratic actions of the Georgian government and misinformation spread by representatives of the ruling party”, Zeya declared.


macroeconomics & budget

    REZONANSI: “LARI RESTORED LOST POSITION PRACTICALLY TO THE END – WILL STRENGTHENING CONTINUE?”

    July 17, 2024 - Georgian national currency was able to regain its position as quickly, as quickly as it depreciated, which proves that the devaluation was caused by artificially created hype on the market, the newspaper says.

    Before adoption of the bill “On Transparency of Foreign Influence” by the Georgian Parliament, lari rate was within 2.67 GEL/USD, while the national currency has depreciated then by 19-20 points, the article indicates.


    BATUMELEBI: “FOR 100 NEW MINIBUSES, BATUMI WILL PAY 15.9M LARI”

    July 16, 2024 - State LLC Batumi Motor Transport will procure 100 minibuses and 25 buses. The corresponding contract was signed with LLC GT Motors.


    BATUMELEBI: “ADDITIONAL 1.2M FOR ICE ARENA IN BATUMI – THE PROJECT COSTS THE BUDGET 94M LARI”

    July 15, 2024 - Current estimates show that the project of a new ice arena and swimming pool in Batumi will cost the budget of Ajara 94.55 million lari.

    Out of total sum, 63.65 million lari costs the contract with the Georgian construction company Anagi (VAT inclusive).


    BANKEBI DA FINANSEBI: “TBILISI BUDGET INCREASED BY 48M LARI AND AMOUNTED TO 2.58B LARI”

    July 15, 2024 - Budget of Tbilisi increased by 48 million lari and amounted to 2.58 billion lari. Tbilisi Sakrebulo (city council) approved amendment to the city budget.


companies

    FORBES GEORGIA: ““TBC UZBEKISTAN” ALLOCATES $38.2M TO EXPANSION OF FINANCIAL PRODUCTS”

    July 19, 2024 - Referring to TechCrunch, the magazine reports that TBC Bank Uzbekistan, a mobile app-based bank, is allocating $38.2 million to expand its products in Uzbekistan.

    Of this amount, $23 million comes from the bank’s parent Georgian TBC Group, while remaining part is participation of EBRD and the International Finance Corporation (IFC) of the World Bank, making up per $7.6 million each.


transport & communications

    NETGAZETI.GE: “MOTORCYCLES AND MOPEDS WILL BE ABLE TO MOVE ON BUSLINE”

    July 16, 2024 - Ruling Georgian Dream initiated legislative amendments that allow motorcycles and mopeds to move on busline. The corresponding amendment will be made to Georgia’s law “On Road Traffic”.


finances & banking

    BANKEBI DA FINANSEBI: “AMENDMENTS MADE TO RULES OF MICROBANK LICENSING”

    July 16, 2024 - Order, issued by National Bank of Georgia of July 11, amended the rules of microbank licensing.

    In particular, it was clarified that the applicant for a microbank license should provide information not only about owner of a significant share, but also about intermediate and beneficiary owners.


agriculture & food

    BANKEBI DA FINANSEBI: “REGULATORY COMMISSION APPROVED PLAN FOR METERS’ INSTALLATION IN ACCOUNTING SYSTEM OF “GEORGIAN MELIORATION””

    July 19, 2024 - Georgian National Energy and Water Supply Regulating Commission approved the plan of meters’ installation in accounting system of LLC Georgian Melioration.

    According to the plan, installation of meters for nonspecialized users of irrigation water (ponds, technical water users) covers 2024-2025.


    FORBES GEORGIA: “IN TERMS OF WINE EXPORT, GEORGIA RANKS 19TH IN THE WORLD”

    July 18, 2024 - In 2023, Georgia took 19th place in the world in terms of cost of exported wine, the magazine reports with reference to The World Factbook. In 2022, Georgia was in 19th place too.


    NETGAZETI.GE: “NARMANIA SPOKE ABOUT NEW REGULATIONS IN MELIORATION SECTOR”

    July 18, 2024 - It has been 7 months passed since the introduction of irrigation water supply rules, and the results are palpable, declared David Narmania, chairman of the Georgian National Energy and Water Supply Regulating Commission.

    According to Narmania, the new regulation, “on the one hand, prohibits uncoordinated and unreasoned spending [of water], while on the other hand, promotes targeted consumption using various incentive mechanisms”.


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