Economic Press Monitor May 30 - June 5, 2021	Days:  15 22 05 12 19

economic & politics

TABULA: ““LELO – PARTNERSHIP FOR GEORGIA” LAUNCHES INITIATIVE ON CREATION OF ANTI-CORRUPTION COMMISSION”

June 3, 2021 - Mamuka Khazaradze, leader of the parliamentary faction Lelo – Partnership for Georgia, stated that “nepotism and corruption have taken strong root in the country under ruling of Georgian Dream”.

The faction puts forward an initiative on creation of anti-corruption investigative commission in the Parliament.




NETGAZETI.GE: “IN JUNE, PREMIER WILL PRESENT IN THE PARLIAMENT 10-YEAR PLAN OF THE COUNTRY’S DEVELOPMENT”

June 2, 2021 - Interagency Council for Development and Reforms has to develop and submit to the government a 10-year plan for Georgia’s development no later than May 31, Netgazeti.Ge reminds.

As the article notes, the government meeting was held on May 31, but the issue of approving the plan was not included in the agenda.




BANKEBI DA FINANSEBI: “DRAFT BUDGET OF THE US STATE DEPARTMENT FOR FISCAL YEAR 2022 ENVISAGES ALLOCATION OF $88M TO GEORGIA”

June 1, 2021 - In 2022, the US plans to allocate $88 million to Georgia, the newspaper reports. This is envisaged in the draft budget, published on the website of the US State Department.

macroeconomics & budget

REZONANSI: “STRENGTHENING OF LARI WILL CONTINUE THROUGHOUT ENTIRE SUMMER AND THE RATE WILL BE AROUND 3.0”

June 3, 2021 - After trading on June 2, lari strengthened by 3.19 tetri and exchange rate of Georgian national currency against the US dollar made up 3.2228 GEL/USD. This is the lowest mark of 2021, moreover, no such rate was recorded after October 28, 2020, the newspaper points.




BANKEBI DA FINANSEBI: “KOBA GVENETADZE – WHEN DEPRECIATION OF EXCHANGE RATE BEGINS TO AFFECT INFLATION, WE SHOULD PAY MORE ATTENTION TO IT, THAT’S WHAT WE DO”

June 3, 2021 - “When transfer begins from the exchange rate to inflation, in this case we should pay more attention, that’s what we do”, declared Koba Gvenetadze, president of National Bank of Georgia. “We have conducted interventions and will continue them this year too”, he said.




BANKEBI DA FINANSEBI: ““PRICE GROWTH, INFLATION, LARI RATE – WE SYSTEMATICALLY RAISE THESE ISSUES, TIMELY RESPONSE AND PREVENTION ARE NECESSARY””

June 3, 2021 - Irakli Kovzanadze, chairman of Georgian Parliament’s Fiscal Committee, declared that “price stability, price growth, inflation, lari exchange rate – we systematically raise these issues, timely response and prevention are necessary”.

Based on the mandate of National Bank of Georgia (NBG), NBG is responsible for inflation, maintenance of price stability, Kovzanadze noted.




TABULA: ““GALT&TAGGART”: THIS YEAR, ECONOMY WILL GROW BY 7%, TOURISM WILL REACH 36% OF 2019 LEVEL”

June 2, 2021 - Base-line scenario of the investment bank Galt&Taggart envisages growth of Georgian economy in 2021 by 7%. The previous forecast was 5%.

energy, oil & gas

NETGAZETI.GE: “GOVERNMENT IN SEARCH OF A NEW FIRM TO EVALUATE “NAMOKHVANI” CONTRACT”

June 4, 2021 - On behalf of the Georgian government, the Justice Ministry is looking for an international consulting company, which will assess legally the contract on NamokhvanHES project, reported Netgazeti.Ge.

To this end, bids invitation was announced on May 27, applications for which will be accepted until June 10.




REZONANSI: “HOW WERE TBILISI RESIDENTS DECEIVED – MACHINATION ON LIGHTNING-FAST GROWTH OF GAS TARIFF”

June 1, 2021 - Consumer gas tariff in Tbilisi, which was set for 3 years, changed after a year and a half, and the price increased by 8 lari per each consumed 100 cubic m, the newspaper says.

Tbilisi Energy, Tbilisi’s main gas distributor, attributes rise in price with increase of gas purchase price for the company because of the exchange rate difference.




BANKEBI DA FINANSEBI: “DAVID NARMANIA: GROWTH OF ELECTRICITY TARIFF IS NOT EXPECTED YET”

June 1, 2021 - David Narmania, chairman of Georgian National Energy and Water Supply Regulating Commission, declared: “In terms of electricity, no recalculation of any kind is expected at this stage”.

“Electricity tariff is relatively newly set”, Narmania explained.

conflict and court

REZONANSI: “3.5M LARI FOR 6 YEARS – BANKER ADDICTED TO GAMBLING STOLE MONEY FROM DEPOSITS”

June 1, 2021 - Liberty Bank is suing 9 employees, accusing them of theft of 3.5 million lari from deposits, the newspaper reports. The money disappeared from 37 deposits and personal accounts.

companies

FORBES GEORGIA: ““VISA” APPOINTED DIANA KIGURADZE AS REGIONAL DIRECTOR FOR THE CAUCASUS AND SENIOR DIRECTOR”

June 4, 2021 - Visa has appointed Diana Kiguradze as regional director for the Caucasus and senior director, the magazine reports. Her predecessor, Cristina Doros, will continue work as regional manager for Central Asia and Azerbaijan and vice president.




FORBES GEORGIA: ““SAKARTVELOS BANKI” CONTINUES SUPPORT TO BUSINESSES”

June 4, 2021 - In cooperation with Sakartvelos Banki (Bank of Georgia), Apex Development is building 4 residential complexes in Tbilisi – on Lisi Lake, Dadiani Street and in Avlabar area, the magazine reports. The bank allocated 13 million lari for the works.




FORBES GEORGIA: ““GREEN SCHOOL” TO BUILD 10 NEW CAMPUSES WITHIN 7 YEARS – INVESTMENT MAKES UP $50M”

June 2, 2021 - Bakur Sulakauri, founder of Green School, announced that 10 new campuses will be built within 7 years, including 6 ones in Tbilisi. Investment in construction will amount to about $50 million.

tourism

FORBES GEORGIA: “VALERY CHEKHERIA’S VISION – HOW TOURISM SECTOR SHOULD BE RESTORED”

June 1, 2021 - Valery Chekheria, chief consultant of the American company Zeze Hospitality and founder of the company Hospitality Projects, has been appointed consultant to Georgia’s Minister of Economy and Sustainable Development, the magazine reports. Chekheria’s duty in the Ministry will be strengthening of the tourism sector.