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Economic Press Monitor

May 3 - 9, 2020

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

 

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economic & politics

    TABULA: “GEORGIA WILL RECEIVE ASSISTANCE OF €150M FROM THE EU”

    May 7, 2020 - Ambassadors of EU countries supported the offer of European Commission on allocation of macrofinancial support of 3 billion EUR to the Eastern Neighborhood countries for mitigation of the crisis, caused by COVID-19 pandemic. As Tabula reports, Georgia will receive 150 million EUR out of this sum.


    FORBES GEORGIA: “GEORGIA’S CHANCES IN NEW GLOBAL REALITY AND THE MAIN CHALLENGE”

    May 6, 2020 - Archil Gachechiladze, director general of Sakartvelos Banki (Bank of Georgia), says that crisis, caused by COVID-19 pandemic, has accelerated and deepened export and import of services.

    “For today, in spite of the fact that employment in Europe and America is connected with various types of visa restrictions, it is not excluded any more that it is possible to sit in own house, even out of the city and in rural area, and be involved in labor market”, Gachechiladze declares.


    BANKEBI DA FINANSEBI: “PAATA GADZADZE: IN 3 PHASES INSTEAD OF 6 PHASES, LET’S OPEN AS SOON AS POSSIBLE!”

    May 6, 2020 - Paata Gadzadze, director general of TBC Insurance (earlier deputy director general of Georgia’s largest TBC Bank), urges authorities of the country to open economy quickly. We have to open now, “otherwise, no anti-crisis [plan] will help such blow”, he posted on social network.


    FORBES GEORGIA: “GEORGIA’S ECONOMIC DEPENDENCE ON RUSSIA: TENDENCIES AND DANGERS”

    May 5, 2020 - Georgian economy depends on Russia mainly in the sphere of tourism, foreign trade and remittances that is essential challenge for economic security of our country, the magazine points.

    Though, the article indicates that Georgia’s dependence on the Russian energy resources considerably decreased in recent years and the country’s dependence on the Russian investments is also low.


    TABULA: “BAKRADZE: ECONOMIC PLAN OF THE GOVERNMENT IS INADEQUATE AND IS EXECUTED AT VERY LOW RATE”

    May 5, 2020 - David Bakradze, one of the leaders of oppositional European Georgia, estimates that economic plan, presented by the Georgian government, is inadequate and is executed at very low rate. This plan will not be able to launch economy, as does not provide decrease of taxes, he considers.


    BANKEBI DA FINANSEBI: “ANNA BJERDE BECAME THE WORLD BANK VICE-PRESIDENT FOR EUROPE AND CENTRAL ASIA”

    May 5, 2020 - On May 1, Anna Bjerde became the World Bank (WB) vice-president for Europe and Central Asia, the newspaper reports. She replaced Cyril Muller, who occupied the post since July 2015.


    TABULA: “PARLIAMENTARY CONTROL OF SUMS, ALLOCATED FOR FIGHT AGAINST CRISIS, IS NECESSARY”

    May 4, 2020 - Sergi Kapanadze, MP from oppositional European Georgia, considers that it is necessary to restore parliamentary life as soon as possible in order to execute parliamentary control over sums, spent for fight against the COVID-19-caused crisis, Tabula reports.

    Activities, planned by Georgian government, require several hundred millions of lari and control of their spending is obligatory, Kapanadze specifies.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “THE GOVERNMENT WILL PROVIDE CO-GUARANTY OF 90% DURING ATTRACTION OF NEW CREDITS BY RESTAURANT BUSINESS”

    May 8, 2020 - Georgia’s Minister of Economy and Sustainable Development Natia Turnava says that “quite big segment of tourism business – restaurant business, probably, will be the quickest in recovery”. “Our culinary tradition is very strong and these objects will be load to some extent by domestic tourism and then by international tourism”, she notes.


    BANKEBI DA FINANSEBI: “IVA CHKONIA: AGAINST THE BACKGROUND OF LARI DEVALUATION, COMPANIES SUSTAIN LOSSES AND THIS AFFECTS PRICES”

    May 6, 2020 - Iva Chkonia, chairman of Georgian Distributors Association, speaks about problems, which arose because of depreciation of lari exchange rate.

    “Very many businesses have serious problems, as they had calculated to pay obligations within 2.9-3.0 [GEL/USD], but were forced to buy dollars at higher price”, Chkonia specifies.


    BANKEBI DA FINANSEBI: “INFLATION ALREADY TWICE EXCEEDS THE TARGET – INACTION OF NATIONAL BANK IS DANGEROUSLY EXPLOSIVE”

    May 4, 2020 - “In case there is a need of foreign currency supply to the market, it is always better that the supply was carried out by direct interventions, than indirectly, by encouragement of credits in foreign currency”, president of the National Bank of Georgia (NBG) Koba Gvenetadze considers. He posted about it on social network.


conflict and court

    TABULA: ““FREEDOM HOUSE”: AUTHORITIES’ INTERVENTION IN JUDICIAL ACTIVITY REMAINS A SUBSTANTIAL PROBLEM”

    May 7, 2020 - “Despite ongoing judicial reforms, executive and legislative interference in the courts remains a substantial problem” in Georgia, Freedom House says in the report for 2020. Tabula points that report indicates also “lack of transparency and professionalism surrounding judicial proceedings”.


    BANKEBI DA FINANSEBI: “SCANDAL ON ARMENIAN TELECOM MARKET IS CONNECTED WITH GEORGIA TOO”

    May 4, 2020 - Referring to source, the newspaper reports that most part of employees of the Armenian ISP Ucom leaves the company in protest.

    The reason is named the fact that owners of controlling stake appointed head of Beeline Armenia Andrey Pyatakhin to position of the company’s director general so that they did not inform the acting director general of Ucom, the article says.


companies

    BANKEBI DA FINANSEBI: “TRANSACTION FAILED – “CRYSTAL” DOES NOT BUY “FINCA BANK””

    May 8, 2020 - Georgian microfinancial organization Crystal is not going to acquire local FINCA Bank any more, the newspaper reports with reference to Commersant.Ge. As the article notes, in the context of crisis, caused by COVID-19, final agreement between the parties was not reached.


    FORBES GEORGIA: ““NOT A BEST DAY FOR ECONOMY” – ARCHIL GACHECHILADZE ON CREATED SITUATION AND EXPECTED STEPS”

    May 6, 2020 - Archil Gachechiladze, director general of Sakartvelos Banki (Bank of Georgia), points that there is not a best day for entire Georgia and economy because of COVID-19 pandemic and this affects all. “So far, it is early to speak about who and how much exactly will face difficulties”, he said in an interview to the magazine.


transport & communications

    TABULA: ““TURKISH AIRLINES” PLANS STAGE-BY-STAGE RESTORATION OF FLIGHTS SINCE JUNE”

    May 7, 2020 - Turkish Airlines plans to start restoration of flights since June, Tabula reports. In particular, flights have to be resumed to 19 countries, including to Georgia.


ecology & health

    TABULA: “CHIABERASHVILI: NUMBER OF INFECTED MEDICS IN GEORGIA IS DISTURBING”

    May 4, 2020 - Amiran Gamkrelidze, head of Georgian National Center for Disease Control, said that 72 representatives of medical staff in the country are infected with COVID-19, making up 13% of total confirmed cases.

    MP from oppositional European Georgia Zurab Chiaberashvili considers that number of infected medical staff in Georgia is disturbing.


finances & banking

    BANKEBI DA FINANSEBI: “FOR SUPPORT OF MICRO-ENTREPRENEURS AND FARMERS WITH FINANCIAL PRODUCTS, “CRYSTAL” ATTRACTED $5M FROM “BLUEORCHARD FINANCE””

    May 8, 2020 - Georgian microfinancial organization Crystal attracted investment of $5 million from international financial institution BlueOrchard Finance, the newspaper reports. The funds are intended for countrywide support of micro-entrepreneurs and farmers with innovative financial products.


    FORBES GEORGIA: ““SAKARTVELOS BANKI” INTENDS ATTRACTION OF ADDITIONAL $700M FROM INTERNATIONAL INSTITUTIONS”

    May 7, 2020 - Archil Gachechiladze, director general of Sakartvelos Banki (Bank of Georgia), declares about intention to attract additional $500-700 million from international financial institutions this year. That sum will be “in addition to what we had always attracted”, he told the magazine.


tourism

    NETGAZETI.GE: ““THIS WILL BE YEAR OF SURVIVAL FOR TOURISM, WE WILL REACH INDICATOR OF 2019 IN 2022” – ALAVERDASHVILI”

    May 8, 2020 - Shalva Alaverdashvili, founder of Georgian Hotels and Restaurants Federation, estimates that against the background of crisis, caused by COVID-19, current year for the sector of tourism will be “year of survival”. “In our opinion, September should be a best month, when the sector will be loaded for 45% at most”, he declares.


    BANKEBI DA FINANSEBI: “TORNIKE RIZHVADZE – THIS YEAR, PRIORITY IN THE TOURISM SECTOR WILL BE DOMESTIC TOURISM”

    May 5, 2020 - Tornike Rizhvadze, chair of the Ajara government, says that because of COVID-19 pandemic, “domestic tourism will be unambiguously a priority” this year.

    At that, it is important that all “were readjusted to that new challenge, which arose because of the pandemic both within the country and beyond its borders”, Rizhvadze points.


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