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Economic Press Monitor

December 3 - 9, 2017

Previous Issues:  Days: < 25 02 09 16 23 > 

 

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economic & politics

    REZONANSI: “IN 2 YEARS, GEORGIA HAS TO REQUEST THE EU MEMBERSHIP”

    December 8, 2017 - After next refusal of “European prospect”, received at Eastern Partnership summit in Brussels, part of experts started active discussion of this possible way, the newspaper says.

    In its turn, at the meeting with experts, Georgian Foreign Ministry declared that the government plans to begin work with the Parliament and civil society on road map of accession to the EU, the article notes.


    FORBES GEORGIA: “ABOUT PENSION AND PENSION REFORM”

    December 7, 2017 - The article lists three main reasons, caused need of pension reform. First of all, average life expectancy of the population grew, decreasing ratio between employed and pensioners, author of the article notes and specifies that in Georgia, this ratio is below 1 already for a long time.


    BANKEBI DA FINANSEBI: “IF WE WANT THAT LARI WAS STABLE, IT IS ESSENTIAL THAT JUDICIAL SYSTEM WAS REFORMED”

    December 6, 2017 - Giorgi Chirakadze, president of Georgian Business Association, states: “If we want that lari was stable, it is essential that judicial system was reformed”. He declared this at the meeting with members of the Supreme Council of Justice.


    TABULA: “THE CITY HALL HANDED OVER FOR 9 LARI 9 LAND PLOTS TO PATRIARCHY FOR CONSTRUCTION OF CHURCHES”

    December 5, 2017 - In 9 months of this year, Tbilisi City Hall has handed over to Georgian Orthodox Patriarchy 9 land plots with total area of 16,073 square m for symbolical price, Tabula reports, referring to Business Media Georgia.

    As the article specifies, the mentioned land plots, alienated for 1 lari, are located on Guramishvili Avenue, in Mukhiani and other districts of Tbilisi.


    EUGEORGIA.INFO: “CIRCUMSTANCE, HAMPERING FREE TRADE WITH THE EU, SEEN BY EBRD”

    December 4, 2017 - In strategy for Georgia, prepared last year, EBRD paid attention to those problems and challenges, which hamper effective use of Deep and Comprehensive Free Trade Agreement with the EU (DCFTA).

    As Eugeorgia.Info reports, the strategy names support to the private sector’s competitiveness a top priority.


macroeconomics & budget

    TABULA: “IMF: THE GOVERNMENT OF GEORGIA HAS TO RESTRICT GROWTH OF OFFICIALS’ SALARIES”

    December 7, 2017 - IMF considers that “economic situation in Georgia improved, but risks are still exist”.

    “Despite positive results, the authority has to keep caution and continue reforms, which are directed on eradication of growth-hampering structural problems”, IMF said in its statement.


    REZONANSI: “THE GOVERNMENT CUTS PEOPLE AND INCREASES SALARIES”

    December 7, 2017 - According to the draft budget, administrative costs in part of remuneration and commodity service increase in 2018 by 77 million lari, the newspaper reports.

    Just a few days ago, the ministers promised to conduct optimization of expenses, while make absolutely opposite steps, the article says.


    TABULA: “DESPITE REDUCTION OF THE MINISTRIES, EXPENSES OF THE GOVERNMENT INCREASE BY 56M”

    December 6, 2017 - Referring to updated draft of the state budget-2018, presented by the Finance Ministry, Tabula reports that in next year, maintenance of the government will cost to taxpayers by 56 million lari more.

    That includes growth of the budget of the Defense Ministry by about 100 million lari, taking into account procurement of the American anti-tank missile system Javelin.


    FORBES GEORGIA: “WHY LARI DEPRECIATED AGAIN?”

    December 6, 2017 - Expectations reinforce process of lari rate fluctuation and “depreciate or strengthen the rate more than it would occur only in case of economic factors’ change”, the magazine states. “When the population sees that lari exchange rate started depreciating even by 1-2 tetri, it recalls experience of last year and thinks that the same will repeat”, the article notes.


    BANKEBI DA FINANSEBI: “GROWTH OF MONEY SUPPLY HAS NO IMPACT NEITHER ON INFLATION NOR ON EXCHANGE RATE”

    December 5, 2017 - President of National Bank of Georgia (NBG) Koba Gvenetadze states: “When economy develops, when various tools are appearing, money supply does not provide precise information”. “Correlation between inflation and money supply is broken”, he specifies.


energy, oil & gas

    TABULA: “INTERIOR MINISTRY: FIRE ON “GUMATHES-2”, CAUSED BY EXPLOSION, IS LOCALIZED”

    December 7, 2017 - Interior Ministry declares that fire, caused by explosion on territory of GumatHES-2 on December 6, is liquidated.

    According to preliminary information, about 18 t of fuel is spilled as a result of explosion, while oil transformer was hit by fire.


    REZONANSI: “QUALITY OF GAS WORSENS, CONSUMERS WILL HAVE TO PAY “EXTRA” IN THIS YEAR TOO”

    December 5, 2017 - Representative of company Airbaloni (Gas-Cylinder) Nodar Ramishvili says: “There are rumors spread among population that gas-distributing companies sometimes allegedly mix natural gas with air or other gas to increase volume of consumed gas and to reduce caloric content”. “It is excluded that air was added to gas, as it very risky and can cause explosion”, he declares.


conflict and court

    REZONANSI: “PLEA BARGAIN ON CASE OF “CENTER POINT” IS POSTPONED UNTIL NEW YEAR”

    December 4, 2017 - Plea bargain between founders of Center Point construction company and Prosecutor’s Office, which had to be reached in October, is not accomplished until now, the newspaper reports.

    Marina Tsutskiridze, lawyer of Center Point, explains that negotiations with developer company m2 “are not finished yet”.


companies

    TABULA: “VALERY VAVILOV: WE PLAN TO BUILD NEW DATA-CENTER IN GEORGIA”

    December 8, 2017 - Valery Vavilov, founder of BitFury Group, declares that “tariffs on electricity, operating in Georgia, are very competitive” and “one of the lowest”.

    “Exactly for this reason we think to increase our investments in Georgia and, with high probability, in 2018, we will built our next data-center in Georgia “, Vavilov told to Tabula.


    TABULA: ““PUBLIC BROADCASTER” TO MOVE TO POLITKOVSKAYA STREET, ITS OLD BUILDING WILL BE SOLD”

    December 4, 2017 - New building of Public Broadcaster in Tbilisi will be built on Politkovskaya Street, Tabula reports. At that, the old building on Kostava Street will be sold and the gained sum will be used for arrangement of the new office.


finances & banking

    BANKEBI DA FINANSEBI: “LARIZATION DOES NOT MEAN STABILITY OF LARI, IT IS REDUCTION OF DEPENDENCE ON LARI EXCHANGE RATE”

    December 5, 2017 - President of National Bank of Georgia (NBG) Koba Gvenetadze stated that larization is “the long-term program and does not mean in any way stability of lari exchange rate”. “It is reduction of dependence on lari exchange rate”, he specified.


agriculture & food

    NETGAZETI.GE: “IN WHAT CASE LABEL OF FRUIT JUICE HAS TO INDICATE “PURE” – THE GOVERNMENT APPROVED REGULATION”

    December 8, 2017 - On December 7, Georgian government approved technical regulation “On Fruit Juice and Other Similar Products, Intended for Human Use”, Netgazeti.Ge reports. The regulation will enter in force on July 1, 2018.


construction

    KVIRIS PALITRA: “IF YOU PUT SIGN “FIVE-STAR HOTEL” ON THE HOUSE, NOBODY WILL CHALLENGE”

    December 4, 2017 - More than a week has passed since tragedy in Batumi hotel LeoGrand (fire on November 24, which killed 11 people), but its reasons are not known until now, the newspaper states. By preliminary version, the fire appeared in electrical wiring, but this is only suggestion, the article points.


tourism

    EUGEORGIA.INFO: “THE STATE PRACTICALLY DOES NOT SPEND FUNDS IN ORDER TO RAISE GLOBAL RECOGNIZABILITY OF GEORGIAN MEDICAL RESORTS”

    December 4, 2017 - Currently, guests of Georgian treatment-and-prophylactic resorts are arriving mainly from neighboring and post-Soviet countries, Eugeorgia.Info states. The article notes that there are guests from the European countries too, however their inflow is rather low.


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