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Economic Press Monitor

October 4 - 10, 2020

Previous Issues:  Days: < 26 03 10 17 24 > 

 

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economic & politics

    NETGAZETI.GE: “EASTERN PARTNERSHIP NEEDS REFORM: VISION FROM 3 COUNTRIES”

    October 9, 2020 - Summit of Eastern Partnership (EaP), planned in March 2021, will mark start of new decade of this EU initiative. Concerning the summit, certain expectations exist in three member countries – Georgia, Ukraine and Moldova, Netgazeti.Ge says.


    TABULA: “GAKHARIA: IF WE ANNOUNCE LOCKDOWN, WE WILL STOP THE VIRUS IN 2 WEEKS WITHOUT PROBLEMS, WE DO NOT WANT IT”

    October 8, 2020 - Georgia’s Prime Minister Giorgi Gakharia said that stop of COVID-19 spread is possible, “if we announce state of emergency and lockdown again”. In this case, we will stop spread of the virus “in two weeks without problems”, he declared, adding that the authorities do not want to a lockdown.


    TABULA: “BECAUSE OF GROWTH OF CORONAVIRUS CASES, GERMANY PUT GEORGIA IN RISK GROUP”

    October 8, 2020 - Because of growth of COVID-19 cases, Germany moved Georgia from the list of safe countries to risk group, Tabula reports.

    Besides Georgia, risk group includes also Romania, Tunisia, Jordan and some regions of Croatia, Bulgaria, Lithuania, the Netherlands, Slovakia and Slovenia.


    TABULA: “JAPARIDZE: “GEORGIAN DREAM” TOOK CARE OF HIPPODROME EXACTLY IN THE SAME WAY AS OF THE COUNTRY IN THESE 8 YEARS”

    October 7, 2020 - Badri Japaridze, majoritarian MP candidate from oppositional association Lelo for Georgia in the capital district of Saburtalo, declared that “alleged donation by Cartu fund of a hippodrome to the capital is attempt to show off to people”.

    As Japaridze points, if Bidzina Ivanishvili (billionaire leader of ruling Georgian Dream), his fund and party “wanted to make anything, they had whole 8 years for that end and they made nothing”.


    REZONANSI: “EVEN IF THE GOVERNMENT DOES NOT LIMIT BUSINESS AT ALL, IT ALREADY CLOSES ITSELF”

    October 6, 2020 - There is tense situation in the country – damage from the first wave of COVID-19 is now added with depreciated lari, unprecedentedly high infection rate and war in the neighborhood, the newspaper says.

    However, businessman Irakli Iashvili considers that Georgian government will not be able to lock economy once again.


macroeconomics & budget

    REZONANSI: “IN 2-3 YEARS, MINIMAL PENSION WILL BECOME 300 LARI AND THEN GROWTH WILL CONTINUE”

    October 9, 2020 - Georgia’s draft state budget-2021 envisages that since January 1 of the next year, pension for retired pensioners below 70 years will increase by 20 lari and will make up 240 lari a month, while for pensioners above 70 years – by 25 lari, up to 275 lari.

    Georgia’s Deputy Finance Minister Giorgi Kakauridze points that if economic growth in Georgia is high, or inflation rate exceeds the planned level, pension will grow even in bigger volume (indexation is provided).


    REZONANSI: “ECONOMIC DROP WILL BE DEEPER THAN ASSUMED – SITUATION WORSENS INSTEAD OF IMPROVEMENT”

    October 8, 2020 - Economic decline of this year in Georgia was expected at 4.5-5%. However, according to new forecast of the World Bank (WB), Georgian economy in 2020 will be reduced by 6%.


    REZONANSI: “SECOND WAVE OF ECONOMIC CRISIS BEGINS?”

    October 7, 2020 - Levan Vepkhvadze, executive director of Georgian Business Association, indicates that number of infected with COVID-19 grows in the country and “that to recreate problems to certain sectors”. “Therefore, we probably not only did not pass an economic crisis, but, perhaps, it begins just now”, he says.


    REZONANSI: “DRAFT OF THE BUDGET FOR 2021 IS THE FOGGIEST AND MOST RISKY IN RECENT YEARS”

    October 6, 2020 - Estimating draft of the state budget-2021, business law expert Akaki Chargeishvili points that considerable sums were spent for subsidizing of certain spheres. On the other hand, the state became much more active borrower recently, he notes.


    BANKEBI DA FINANSEBI: “TURNOVER OF 25.8B LARI IN A YEAR – GAMBLING BUSINESS 2019”

    October 5, 2020 - In 2019, turnover of gambling business in Georgia amounted to 25.86 billion lari, exceeding by 87.3% an indicator of 2018, the newspaper reports, referring to BPN new agency.

    As the article notes, if gambling accounted in 2018 for up to 16% in total turnover of Georgian enterprises, its share in 2019 made up already 23.7%.


energy, oil & gas

    REZONANSI: “BECAUSE OF CORONAVIRUS PANDEMIC, PASS TO NEW STANDARD OF DIESEL FUEL COULD NOT BE MANAGED”

    October 8, 2020 - In 2019, Georgian authorities postponed transition to Euro-5 standard of diesel fuel until January 2021, the newspaper reminds.

    However, it became known recently that because of COVID-19 pandemic, modernization of oil refinery in Azerbaijan failed to be completed this year, the article reports.


companies

    FORBES GEORGIA: ““GEORGIAN POST” FINISHED 2019 WITH PROFIT OF 3M”

    October 9, 2020 - Georgian Post finished 2019 with the highest in recent years profit – 3 million lari, the magazine reports.

    Last year, revenues of the company made up 90 million lari, decreasing by 13 million.


    BANKEBI DA FINANSEBI: “FOR THE FIRST TIME IN GEORGIA, “TBC” CREATED DIGITAL CHANNEL FOR PAYMENT BY INSTALLMENTS”

    October 7, 2020 - By means of tbcganvadeba.ge service, customers can apply now to payment by installments from Georgia’s largest TBC Bank, without leaving the house, the newspaper reports.

    As the article explains, the program automatically reviews an application and customer receives the answer concerning improvement of payment by installments within several seconds.


    FORBES GEORGIA: “RATING OF GEORGIAN STARTUPS ACCORDING TO ATTRACTED INVESTMENTS”

    October 6, 2020 - The magazine publishes rating of Georgian startups – winners of grant program of Georgian Innovations and Technologies Agency (GITA), which besides the Agency’s grant, attracted biggest investments in 2019-2020. GITA offers startups co-financing with grants of 15,000 lari, 100,000 lari and 650,000 lari.


    FORBES GEORGIA: “WITH ASSISTANCE OF “SAKARTVELOS BANKS”, SUNFLOWER OIL ENTERPRISE HAS BEEN BUILT IN POTI”

    October 5, 2020 - With support of Sakartvelos Banki (Bank of Georgia), enterprise for sunflower oil production has been built in Poti, the magazine reports. Cost of the project makes up $4 million, while the bank allocated 5 million lari.


    BANKEBI DA FINANSEBI: “LAUNCH OF ELECTRIC VEHICLES’ MANUFACTURING IN GEORGIA IS POSTPONED INDEFINITELY”

    October 5, 2020 - Kakha Guledani, chairman of board at IGroup, declared that because of COVID-19 pandemic, manufacturing of first Georgian electric vehicle in Kutaisi is postponed indefinitely. He said this in interview with BPN news agency.


finances & banking

    REZONANSI: “BORROWERS FOUND THEMSELVES IN TROUBLE SINCE SEPTEMBER – DEVALUATION OF LARI CREATED BIG PROBLEM FOR THEM”

    October 5, 2020 - Giorgi Kepuladze, founder of non-governmental organization Society and Banks, indicates that Georgian borrowers suffered loss because of national currency devaluation. He sees the way out in dialogue with banks and individual settlement of problems.


agriculture & food

    REZONANSI: “HAZELNUT PRICE IS AT RECENT YEARS’ PEAK”

    October 9, 2020 - Hazelnut price in Georgia’s regions reached 8-9 lari, peasants are happy and expect much more price growth in winter, the newspaper reports. The article notes that current harvest of hazelnut is of mediocre quality.


construction

    BANKEBI DA FINANSEBI: “CONSTRUCTION OF “MILITARY CITY” IS STARTED ON MAKHATA MOUNTAIN”

    October 7, 2020 - Construction of “military city”, comprising of 39 7-floor buildings, is started on Makhata Mount in Tbilisi, the newspaper reports. Completion of the project is planned at the end of 2022.


    FORBES GEORGIA: ““SAKARTVELOS BANKI” CONTINUES SUPPORT OF HOTEL SECTOR”

    October 6, 2020 - Sakartvelos Banki (Bank of Georgia) allocated 9 million lari for construction of Clocks Hotel Tbilisi, the magazine reports. This 65-room hotel will be built in Tbilisi historic district Avlabar.


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