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Economic Press Monitor

November 26 - December 2, 2017

Previous Issues:  Days: < 18 25 02 09 16 > 

 

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economic & politics

    TABULA: “THE PREMIER: LET’S BUYOUT LAGIDZE WATERS AND KHACHAPURI CAFE, WHICH RUSTAVELI HAS LOST”

    December 1, 2017 - Georgia’s Prime Minister Giorgi Kvirikashvili expressed wish that “Lagidze waters and that khachapuri cafe, which was lost” by Rustaveli Avenue, were restored in Tbilisi.

    “Maybe, somehow we could manage, certainly, with full observance of the rights of business, to buyout this place and to renew also”, the Premier addressed to Tbilisi Mayor Kakha Kaladze.


    NETGAZETI.GE: “ACCORDING TO JANELIDZE, TODAY’S PRIORITIES OF TBILISI DO NOT INCLUDE CUSTOMS UNION OF THE EU”

    November 30, 2017 - Georgia’s Foreign Minister Mikheil Janelidze declared that priorities of the government do not include as today revitalizing of issue of the EU Customs Union.

    Membership in this Union is mentioned in the resolution, adopted by the European Parliament in November, the newspaper notes.


    NETGAZETI.GE: “KALADZE CANCELLED 19 COMMISSIONS, CREATED BY NARMANIA”

    November 29, 2017 - Tbilisi Mayor Kakha Kaladze declared about cancellation of 19 commissions, which were created during his predecessor David Narmania, Netgazeti.Ge reports.

    Respective services of the City Hall will fulfill better the functions, assigned to the commissions, Kaladze said.


macroeconomics & budget

    FORBES GEORGIA: “ACCORDING TO EXPORT VOLUME, GEORGIA IS ON THE 123RD PLACE IN THE WORLD”

    December 1, 2017 - Referring to CIA World Factbook, the magazine reports that Georgia occupies the 123rd place in the world according to export volume. Last year, Georgia’s export amounted to $2.83 billion.


    REZONANSI: “MANIPULATION WITH FIGURES: GEORGIA IS NOT LEADER IN THE REGION IN TERMS OF ECONOMIC GROWTH”

    December 1, 2017 - Georgia’s Prime Minister Giorgi Kvirikashvili sees economic situation in Georgia as the best in the region, “but this is not true”, the newspaper states.

    The article brings data, according to which for January-September, average GDP growth in Georgia made up 4.7%, while in Armenia – 5.3%.


    REZONANSI: “FOR THE LAST 3 YEARS, MIDDLE CLASS HAS HALVED”

    November 30, 2017 - Sociologists say that half of the middle class (i.e. those with monthly income below 1,000 lari), which accounted before devaluation of lari to 20% of Georgia’s population, already moved to the poor stratum. Now, the middle class makes up about 10% and will shrink further, if lari does not get stronger, they consider.


    REZONANSI: “BUREAUCRATIC EXPENSES GROW, INSTEAD OF REDUCTION”

    November 29, 2017 - There are permanent talks about reduction of administrative costs, but in fact, nobody has really felt last year’s “belts tightening” of 10%, the newspaper states.

    According to the draft state budget-2018, administrative expenses increase by 85 million lari in comparison with 2017, the article reports.


    TABULA: “DRAFT BILL ON REDUCTION OF THE MINISTRIES: EXPENDITURE OF THE BUDGET WILL NOT DECREASE”

    November 28, 2017 - Referring to explanatory note, enclosed to the draft bill on structural changes in the government, Tabula reports that these changes will not affect expenditure of the budget (of 2017).

    As the explanatory note indicates, “main functions of existing departments remain in new structure of the government and their due implementation requires the appropriate resource”.


energy, oil & gas

    BANKEBI DA FINANSEBI: “BJORN BRANDTZAEG – RESOURCES, WHICH EXIST IN GEORGIA, GIVE OPPORTUNITY TO THE COUNTRY TO ACHIEVE ENERGY INDEPENDENCE”

    November 29, 2017 - Bjorn Brandtzaeg, executive director of Clean Energy Group Georgia, declares that “energy resources, which exist in Georgia, give opportunity to the country to develop cheap, flexible renewable energy resources and to achieve energy independence”. “At the same time, establishment of transparent, hourly market for trade with electricity is very important for Georgia”, he points.


    EUGEORGIA.INFO: “ELECTRICITY MARKET LIBERALIZATION, PROSPECTS AND CHALLENGES”

    November 28, 2017 - Georgia has to fulfill obligations on liberalization of energy market, undertaken within European Energy Union membership, until 2020 in electricity component and until 2021 – in natural gas segment, Eugeorgia.Info reports. As the article notes, these are current terms, which are subject to revision.


    TABULA: “GAS TARIFF INCREASES FOR PART OF TBILISI RESIDENTS”

    November 27, 2017 - Since January 17, gas tariff for part of Tbilisi residents will increase by 5 tetri and will make up 50.5 tetri per cubic m, Tabula reports. The tariff change affects 14,500 subscribers of company VarketilAiri (Varketili Gas).


conflict and court

    KVIRIS PALITRA: “10,000,000,000 LARI ARE BLOCKED!”

    November 27, 2017 - Lawyer Akaki Chargeishvili, founder of Georgian Center of Institutional Reforms, declares that “Any lawsuit, which is part of the economic relations – inheritance issues, family disputes or property lawsuits between business partners, are stopped in courts for years “. “It means that people, involved in these “stuck” cases, cannot participate in economic turnover”, he specifies.


companies

    FORBES GEORGIA: “GIORGI RAMISHVILI: THE FACTS ARE IN OUR FAVOR”

    December 1, 2017 - Founder of Silk Road Group Giorgi Ramishvili notes that the Group employed over 6,000 citizens of Georgia that “is not such small figure for the nation of 3.7 million”.

    According to Ramishvili, “for years, like many Western companies, we borrowed over $300 million from the Kazakh bank, which was most quickly growing at that time”.


    FORBES GEORGIA: “SHEIKH NAHAYAN TO DOUBLE INVESTMENTS IN GEORGIA”

    December 1, 2017 - The UAE Sheikh Nahayan bin Mubarak al Nahayan in Georgia “has invested several hundreds of millions” and owns such assets as hotel Biltmore and Terabank, the magazine points.

    Regarding plans, Sheikh says that investments in Georgia, first of all, are planned in real estate market.


    BANKEBI DA FINANSEBI: “WHAT HAPPENED IN “LEOGRAND” – MUTUALLY EXCLUSIVE COMMENTS OF THE HOTEL MANAGEMENT”

    November 28, 2017 - On November 24, fire in Batumi hotel LeoGrand killed 11 people, including 10 Georgians and 1 Iranian, 21 persons were taken to the hospital.

    In connection with the accident, investigation is launched on article, envisaging violation of the fire safety rules.


transport & communications

    BANKEBI DA FINANSEBI: “CUSTOMS CLEARANCE OF MOTORCYCLES AND MOPEDS RISES IN PRICE”

    November 30, 2017 - Amendments were made to Tax Code, according to which customs clearance of motorcycles and mopeds will be conducted depending on engine capacity and age, the newspaper reports. Until now, these transport means were subjected to customs clearance at 18% of their cost.


    FORBES GEORGIA: “IN TERMS OF INFRASTRUCTURE QUALITY, GEORGIA IS ON THE 76TH PLACE IN THE WORLD”

    November 28, 2017 - The World Economic Forum places Georgia on the 69th place in terms of infrastructure competitiveness, the magazine reports.

    In particular, by sub-criterion of infrastructure quality, Georgia is on the 76th place, roads quality – on the 82nd, port and air infrastructure quality – on the 69th.


    REZONANSI: “RISE OF TRAVEL FARE STARTED, PRICE MAINTENANCE IS NOT POSSIBLE ANY MORE”

    November 28, 2017 - “Increase of fuel prices is always followed by rise of intercity travel fare”, head of Transport and Roads Association David Meskhishvili says.

    “I do not have official information, but proceeding from existing reality, I do not exclude that companies will change tariff policy.


finances & banking

    FORBES GEORGIA: “TRUST TO BANKS IN GEORGIA AND GLOBALLY”

    November 30, 2017 - Referring to research of the World Economic Forum, the magazine reports that in respect of trust to banks Georgia is on the 64th place in the world.

    Respective ratings of neighboring countries are as follow: Turkey is on the 58th place, Armenia – on the 75th, Azerbaijan – on the 85th, Russia – on the 121st.


    BANKEBI DA FINANSEBI: ““TBC BANK” – FOR THE FIRST TIME IN GEORGIA, FINANCING OF HOTEL STARTUPS BEGINS”

    November 29, 2017 - Within “Startuper” program, TBC Bank launches “Startup Credit for Hotels” project, the newspaper reports. The hotel owner will start payment of principal sum of the credit after start of income receiving.


tourism

    EUGEORGIA.INFO: “PLASTIC SURGERY, STOMATOLOGY AND REPRODUCTOLOGY – IN VANGUARD OF MEDICAL TOURISM”

    November 27, 2017 - Head of Medical Tourism Association Nino Gerzmava declares that in Georgia, “in the sphere of incoming medical tourism, such directions as stomatology, plastic surgery and reproductology became distinguished”. Also, cardiology and oncology patients arrive from Azerbaijan and Armenia, she notes.


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