Economic Press Monitor November 27 - December 3, 2022	Days:  19 26 03 10 17

economic & politics

BANKEBI DA FINANSEBI: “THE PARLIAMENT SUPPORTED AMENDMENTS TO THE LAW ON ACCOUNTING, REPORTING AND AUDIT”

December 2, 2022 - The Georgian Parliament adopted in third (final) hearing amendments to the law “On Accounting, Reporting and Audit” (by 75 votes “pro”). The draft was considered in accelerated mode.




NETGAZETI.GE: “EXPORT TO GEORGIA HAS ALMOST DOUBLED, I AM CONVINCED THAT PART GOES TO RUSSIA – CZECH AMBASSADOR”

December 1, 2022 - Petr Mikyska, Czech ambassador to Georgia, said that since the beginning of this year, export from the Czech Republic to Georgia has “almost doubled” compared to the previous year. “I am quite sure that part of this growth goes to Russia”, he declared.




BANKEBI DA FINANSEBI: “MATERNITY LEAVE PAYMENT IS DOUBLED FOR EMPLOYED IN PRIVATE SECTOR TOO AND FROM JANUARY 1, WILL MAKE UP 2,000 LARI INSTEAD OF 1,000 LARI”

November 30, 2022 - Starting from 2023, maternity leave payments will double for those employed in the private sector too and amount to 2,000 lari. Georgia’s Prime Minister Irakli Garibashvili announced this at the government meeting on November 28.




REZONANSI: “WHY THE “DREAM” CHANGED THE DECISION – “THE MAIN MOTIVE IS TO PROTRACT THE PROCESS””

November 30, 2022 - The majority in the Georgian Parliament decided to send the bill “On De-Oligarchization” to the Venice Commission instead of considering it in third hearing.

Until now, the ruling Georgian Dream refused to send the draft to the Commission, grounding the refusal with Georgian draft’s similarity with the Ukrainian bill, which is undergoing legal assessment by the Commission.




BANKEBI DA FINANSEBI: “GEORGIAN BUSINESS ASSOCIATION – POSSIBLE SUPERVISION OVER PHARMACEUTICAL PRODUCTION’S TURNOVER, BYPASSING JUDICIAL SYSTEM, CONTAINS SUBSTANTIAL RISKS”

November 30, 2022 - Georgian Business Association appeals to the Georgian Parliament with a recommendation not to consider amendments to the law “On Medicines and Pharmaceutical Activities” in accelerated mode.

The amendments envisage introduction of margin prices for certain medicines and new mechanisms of market regulation, including increased control powers and significant sanctions for offenders.

macroeconomics & budget

FORBES GEORGIA: “WHY DO WE HAVE SIMULTANEOUS UNEMPLOYMENT AND SHORTAGE OF STAFF?”

November 29, 2022 - The unemployment rate in Georgia makes up 20%, while there is a shortage of staff at the same time. The solution – let salaries grow and a shortage of staff will disappear – is simple and logical, but very superficial, the magazine says.




BATUMELEBI: “GOVERNMENT SELLS LAND NEAR BATUMI BEACH – INITIAL PRICE MAKES UP 15M LARI”

November 28, 2022 - Two non-agricultural land plots near the Batumi beach, having total area of 22,282 square m, were put up for electronic auction. The initial price makes up 15.1 million lari.

energy, oil & gas

REZONANSI: “PRICE DROP COULD NOT BE STOPPED ANYMORE, PETROL WILL BECOME CHEAPER IN GEORGIA TOO!”

November 28, 2022 - Vano Mtvralashvili, director general of the Global Trade Group, says that until now, oil has fairly high price on the international market – almost $100, but then a sudden drop began.

From December 1, embargo on Russian oil and petroleum products enters in force, while Saudi Arabia and OPEC+ plan to increase oil production, Mtvralashvili points.

companies

BANKEBI DA FINANSEBI: “WITH INVESTMENT OF “BASISBANK”, A MALL AND A RESIDENTIAL COMPLEX ARE BEING BUILT IN RUSTAVI”

December 2, 2022 - The Georgian development company New Mall is building a new shopping center in Rustavi and a residential apartment building located near it.

Basisbank has allocated 16 million lari for the project, which will be fully spent on construction of a complex.




FORBES GEORGIA: “WITH SUPPORT OF “SAKARTVELOS BANKI”, A 5-STAR “GORI INN” HOTEL WAS OPENED IN GORI”

December 2, 2022 - Within the framework of the joint project of Sakartvelos Banki (Bank of Georgia) and Vaka Estate, the Gori Inn hotel has been opened in Gori, the magazine reports.

The 5-star hotel has 119 rooms.




BANKEBI DA FINANSEBI: ““GEORGIAN RAILWAY” RAISES SALARIES TO EMPLOYEES OF FREIGHT, PASSENGER AND INFRASTRUCTURE BRANCHES”

December 1, 2022 - David Peradze, director general of Georgian Railway, declared that starting from 2023, it is planned to increase salaries of employees of freight, passenger and infrastructure branches. As a result, the payroll will be increased by 38 million lari, he pointed.




FORBES GEORGIA: ““FINBUREAU” – A GUIDE TO GET RID OF ACCUMULATED LOANS”

November 29, 2022 - Sofo Varamashvili, director of Finbureau, says that the company acquires loans from financial organizations and assists borrowers in their final coverage through individual benefits and schedule.

Over the past 2 years, we have increased our liabilities by almost 350% and are cooperating already with more than 17 financial organizations, Varamashvili declares in an interview with the magazine.




BANKEBI DA FINANSEBI: “JOINT STATEMENT BY “PETROCAS ENERGY GROUP” AND “SUN PETROLEUM GEORGIA””

November 28, 2022 - The newspaper publishes a joint statement by Petrocas Energy Group and Sun Petroleum Georgia (Gulf), which points that activities of these companies are in full compliance with the regime of international sanctions.

“Starting from 2014, absolutely all international transactions carried out by our Group, for which the port infrastructure of Georgia is used, are also in full compliance with the sanctions legislation”, the statement reads.

transport & communications

NETGAZETI.GE: “PARKING IN PLACES OF HIGH MOBILITY COULD BE PROHIBITED – TSILOSANI”

December 1, 2022 - Viktor Tsilosani, head of the transport and urban development agency at Tbilisi City Hall, said that “parking spaces could be canceled at all in areas, where mobility is high”.

At that, “in some cases, movement of cars may be restricted and the road will left only for public transport or pedestrians”, Tsilosani declared to journalists.




NETGAZETI.GE: “AT THE THIRD STAGE OF THE REFORM, THE CITY HALL PLANS TO STOP ISSUING TAXI LICENSES”

November 30, 2022 - Tbilisi Mayor Kakha Kaladze declared that at the 3^rd stage of the reform, a permit for taxi services of A category (so-called white taxi) will become a security. In future, taxi license holders will be able to sell or lease them, the Mayor said at the transport policy presentation on November 29.

international cooperation

FORBES GEORGIA: “POST-PANDEMIC DAYS OF ARBITRATION”

December 2, 2022 - The Arbitration Institute of the Stockholm Chamber of Commerce and Georgian International Arbitration Center (GIAC) have agreed on cooperation.

Within the framework of cooperation, the parties plan to promote development of arbitration, hold joint events and secure access to the platform of the Arbitration Institute.




NETGAZETI.GE: “EXPORT TO PERU INCREASED BY 914% – WHAT GEORGIA SELLS THERE”

November 28, 2022 - Sakstat reported that in 10 months of this year, Georgia’s export to Peru totaled to $118 million, increasing by 913.9% year-on-year. In Georgia’s total export, this country accounts for 3.8%.

finances & banking

BANKEBI DA FINANSEBI: “NATIONAL BANK, ALONG WITH THE FINANCIAL SECTOR, HAS INTRODUCED A UNIFIED STATISTICAL DATABASE”

November 29, 2022 - A unified database of legal entities, registered in Georgia, has been developed for needs of Georgian financial sector’s reporting to National Bank of Georgia (NBG).

In the system that existed until now, the banks themselves assigned the appropriate status to the legal entity.

construction

REZONANSI: “PRICE OF APARTMENT RENT HAS REACHED THE PEAK, AND IMPERCEPTIBLY STARTED DECLINE”

December 1, 2022 - After the sharply increased demand and prices, there is now relative stability on the Georgian real estate market, the newspaper notes.

Two waves of migrants, reaching Georgia after the outbreak of the Russia-Ukraine war, caused an increase of apartments cost, the article says.