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Economic Press Monitor

February 25 - March 3, 2018

Previous Issues:  Days: < 17 24 03 10 17 > 

 

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economic & politics

    TABULA: “ECONOMISTS’ 10 REMARKS ON PENSION REFORM”

    March 2, 2018 - The article brings remarks of the non-governmental organizations (GRASS, TI, EPRC, GMC and PMC), working on economic issues, regarding pension reform (introduction of obligatory accumulative pension system). The organizations indicate that the reform was prepared without preliminary study and assessment of its impact.


    FORBES GEORGIA: “HOW GEORGIA IS READY TO THE FUTURE”

    February 26, 2018 - Research of the World Economic Forum places Georgia in terms of technologies and innovations on the 32nd place among 100 countries.

    In terms of the spheres, which drive production, the country is in the 54th place.


    KVIRIS PALITRA: “MAFIA IN JUDICIAL CLOAK?! – “HEROIC AFFAIRS” OF TERMLESS APPOINTEES”

    February 26, 2018 - Supreme Council of Justice appropriated powers for unlimited term to judges, who participated in case of Sulkhan Molashvili, as well as in so-called “case of cables” and case of November 7.

    The newspaper notes that doubts in choice of the Council arose even to Prime Minister Giorgi Kvirikashvili, who said that ruling team has questions in this respect too.


macroeconomics & budget

    NETGAZETI.GE: “THE PUBLIC SECTOR’S EMPLOYEES NOT TO BE ALLOWED TO TAKE CORPORATE NUMBERS FOR FAMILY MEMBERS ANY MORE”

    March 2, 2018 - Persons, employed in public sector, will be allowed to use only one corporate telephone number, Netgazeti.Ge reports. Until now, public employees could take corporate numbers for family members too.


    TABULA: “ONLY 0.6% OF GEORGIAN POPULATION HAS MONTHLY INCOME OVER 5,000 LARI”

    March 1, 2018 - In 2016, Sakstat considered 1.76 million people as employed, including up to 1.02 million self-employed. Whereas, according to data, enquired from Revenue Service, only 1.18 million people in the country had the declared income in the same year, Tabula reports.


    FORBES GEORGIA: “HOW ECONOMIES OF GEORGIA AND COUNTRIES OF THE WORLD HAD GREW FOR THE LAST 10 YEARS”

    March 1, 2018 - Referring to Global Finance, which bases itself on data of the IMF, the magazine reports that economic growth in Georgia for the past 10 years made up 3.5% on average. This showing places the country on the 82nd position in the world.


    FORBES GEORGIA: “WORLD BANK: GEORGIA HAS TO PREPARE ITSELF FOR FUTURE LABOR MARKET”

    March 1, 2018 - The World Bank (WB) expects growth of Georgia’s economy by 4.3% in 2018 and by 4.6% – in 2019, the magazine reports.

    Hans Timmer, chief economist of the WB, attributes improved indicators largely to increased export, the article specifies.


    REZONANSI: “GLOBAL TRAVEL AT THE EXPENSE OF THE BUDGET”

    February 27, 2018 - Vladimir Lagvilava, head of non-governmental organization Anti-Corruption Institute, says that instead of optimization and “tightening of belts”, the authorities increased expenses.

    In his turn, lawyer Levan Alapishvili indicates that “the authorities delayed reform of public administration as much as possible, despite the principal demand of the EU”.


    TABULA: “AUDIT: “CHECK IN GEORGIA” WAS FINANCED IN 2016 WITH 28M LARI, INCOME MADE UP 3M LARI”

    February 27, 2018 - Referring to State Audit Service, Tabula reports that Georgian government financed in 2016 “Check In Georgia” project with 28 million lari, while income made up 3 million lari.

    According to report of the Service, majority of expenses of the project was paid by Investment Fund for Culture Development, which got for this purpose 22.85 million lari from reserve fund of the government.


energy, oil & gas

    EUGEORGIA.INFO: “SUMMARY OF WORKING PROCESS ON INTRODUCTION OF ENERGY COMMUNITY’S LEGISLATION (2017)”

    February 27, 2018 - In 2017, Georgia became the full member of European Energy Community. The article reviews implementation of the Community’s legislation by Georgia.


companies

    EUGEORGIA.INFO: “WITH ASSISTANCE OF THE EU AND GIZ, GEORGIAN SEWING ENTERPRISES APPROACH EUROPEAN STANDARDS”

    March 2, 2018 - The project “Development of Small and Medium Business and DCFTA in Georgia” (the budget – 5.03 million EUR, implementation period – 2015-2019) is implemented by German Society for International Cooperation (GIZ) through co-financing of the EU (EU4Business).

    Within the project, 4 sectors with potential of cluster development were identified: furniture manufacturing, film production, sewing production and information technologies, Eugeorgia.Info reports.


    BANKEBI DA FINANSEBI: “DEAL BETWEEN OIL COMPANIES – “FREGO” ACQUIRED FILLING STATIONS OF “GD OIL””

    March 2, 2018 - Company Frego will continue operation of filling stations, belonging to GD Oil, the newspaper reports. As the article notes, the contract between oil companies is already signed.


    NETGAZETI.GE: ““MAGTI” TO TAKE PART IN RE-ANNOUNCED TENDER ON TELEPHONE SERVICE”

    February 28, 2018 - Agency of State Procurements announced afresh the consolidated tender on telecom service of the state departments, Netgazeti.Ge reports. The winner company will provide service to about 260,000 subscribers.


    TABULA: “SIGUA: IF THE GOVERNMENT DOES NOT LEASE LAND TO US, WE WILL HOLD “GEMFEST” IN ABKHAZIA”

    February 27, 2018 - Giorgi Sigua, founder of Georgian electronic music festival GEMFest and former head of National Tourism Administration, has posted on Facebook that if the government does not lease land site to them, they will hold in 2018 the festival in Abkhazia.

    Sigua declares that on August 9-12, GEMFest “will surely take place” in the resort area Anaklia-Ganmukhuri and notes that tickets are already on sale.


finances & banking

    BANKEBI DA FINANSEBI: ““PROCREDIT BANK” MAINTAINED “BB” RATING IN 2017 TOO”

    March 1, 2018 - Alex Matua, director of ProCredit Bank, points that the bank had maintained “BB” rating, assigned by Fitch Ratings, in 2017 too.

    The article indicates that “BB” is the highest possible rating in Georgia, being one step above the sovereign rating of the country.


    FORBES GEORGIA: ““MOODY’S” ESTIMATES THE BANKING SYSTEM”

    February 28, 2018 - International rating agency Moody’s forecasts growth of Georgian economy by 4.2% in the current year, and by 4.5% – in the next year, the magazine reports.

    “Georgian economy is of small size, wealth indicator in the country is small too that makes it sensitive to external shocks, as well as to geopolitical risks and high dollarization”, Moody’s specifies.


    BANKEBI DA FINANSEBI: “NATIONAL BANK STARTS BRINGING MICROFINANCIAL ORGANIZATIONS IN ORDER”

    February 26, 2018 - Referring to National Bank of Georgia (NBG), the newspaper reports that in the 3rd quarter of 2017, there were 79 microfinancial organizations with total assets of 1.47 billion lari operating in Georgia. These organizations had 428 branches and 4,571 employees.


agriculture & food

    THE FINANCIAL: “ORGANIC IS THE NEW BLACK!”

    February 26, 2018 - Interest in organic products grows in Georgia, the newspaper says.

    “Not using chemical fertilizers or pesticides for a long time in traditional, in Georgia, as well as rapidly increasing demand for organic products throughout the world, are among the frequently used arguments for expanding organic production in the country”, the article specifies.


construction

    TABULA: ““STATE ELECTROSYSTEM” ABOUT DEATH OF THE CHILD: OUR FACADE WAS REPLACED THE LAST TIME IN 2008”

    March 1, 2018 - On February 28, part of a glass design dropped from outer facade of the building of Georgian State Electrosystem (Tbilisi, Baratashvili Street), severely injuring a group of teenagers and killing one of them.

    In its statement, State Electrosystem pointed that facing of the building was carried out last time in 2008, and “no repair work have been conducted now either on the façade or in the building”.


    REZONANSI: “OPEN MARKETS ARE BURNT DOWN PURPOSEFULLY!”

    February 28, 2018 - At night on February 27, there was a fire in Tbilisi in shopping center on Priest Tevdore Street and at least 3,000 square m was burned down, the newspaper reports. The article indicates that there are tens of cases of the fire in shopping facilities, recorded for the past 5 years.


    LIBERALI: “FOR SAVING SLOPE OF MTATSMINDA – WHETHER CONSTRUCTION ONGOING ON ZHVANIA STREET IS DANGEROUS”

    February 28, 2018 - On February 25, another protest action took place at slope of Mtatsminda Mountain in Tbilisi, where construction of multiapartment housing estate is planned, the magazine reports.

    According to participants of the action, the mentioned area is landslide-risky and slides of soil and movement of layers is constantly fixed on the slope.


    TABULA: “ONE MORE “MARRIOTT” TO BE BUILT IN BATUMI”

    February 28, 2018 - Construction company Alliance Group plans construction of 54-storey building in Batumi, which first 12 floors will host Marriott hotel, Tabula reports with reference to Property Georgia.

    The article indicates that it will be the 8th object of Marriott in Georgia and the 2nd one – in Batumi.


    REZONANSI: “IF THE CITY HALL DOES NOT RECEDE, 80% OF DEVELOPERS WILL SUFFER”

    February 27, 2018 - The City Hall of Tbilisi tightens supervision of construction process (respective amendments in Code of Production Safety and Free Circulation, being suggested by the City Hall, have already entered in force), the newspaper says.

    The first company, which construction works were suspended because of violation of rules and lack of the corresponding documentation, became Sveti, the article reports.


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