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Economic Press Monitor

June 4 - 10, 2017

Previous Issues:  Days: < 27 03 10 17 24 > 

 

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economic & politics

    FORBES GEORGIA: “LABOR INSPECTION – THE END OR THE MEANS?”

    June 8, 2017 - “Each occupational accident, which ended in recent years with death or injury of miners, became subject of sharp debates and reasonings”, the magazine says.

    “Each new wave of these debates, as a rule, comes in the end to demand on creation of labor inspection, which will allegedly settle and solve the mentioned problem”, the article specifies.


    EUGEORGIA.INFO: “REFORM OF OBLIGATORY AUDIT APPROACHES THE END”

    June 7, 2017 - Under Association Agreement, signed with the EU in 2014, Georgia undertook step-by-step harmonization of own accounting and audit with European standards. In 2016, new law on accounting, reporting and audit was adopted.


    TABULA: “BAKURTSIKHE RECREATION CENTER IS HANDED OVER TO THE PATRIARCHY, ITS COST EXCEEDS 3M”

    June 7, 2017 - Sakrebulo (local council) of Gurjaani (Kakheti region) decided to hand over building of Bakurtsikhe Recreation Center worth 3.05 million lari to Georgian Patriarchy.

    Rehabilitation of the Center was completed this January and cost more than 2 million lari.


    KVIRIS PALITRA: “WHO WILL DEFEAT “DRUG MONSTER”?”

    June 5, 2017 - The newspaper report that the Healthcare Ministry acquainted working expert group with draft bill “On Pharmaceutical Activity”.

    Healthcare policy expert Sergo Chikhladze confirms that work on the new bill is really underway.


    KVIRIS PALITRA: “KALADZE PREPARES FOR INDEPENDENT GAME?”

    June 5, 2017 - According to spread rumors, ruling Georgian Dream will name as the candidate for Tbilisi Mayor’s office Energy Minister Kakha Kaladze, who will allegedly leave his current post in next few days, the newspaper reports.

    Political scientist Gia Khukhashvili considers this is “illogical decision not only of Georgian Dream, but of Kaladze too”.


macroeconomics & budget

    REZONANSI: “ALL INTERNATIONAL ORGANIZATIONS TURNED AWAY FROM GROWTH OF 4%”

    June 7, 2017 - IMF was the first, which decreased forecast for Georgia’s economic growth, the newspaper says. Now, the Fund expects that Georgia’s GDP growth in 2017 will make up 3.5%, whereas the previous forecasts were 5.2% and 4%.


    TABULA: “THE GOVERNMENT OWNS 3,677 CARS, WHICH CONSUMED PETROL OF 53 MILLION IN 2016”

    June 7, 2017 - According to State Audit Service’s report for 2016, Georgian government owns 3,677 cars. The report points that budgetary funds, spent under article “acquisition of fuel and lubricants”, amounted in the reporting year to 53.4 million lari.


    REZONANSI: “THE BUDGET HAS GAP, THE PLAN OF 6 MONTHS WILL NOT BE EXECUTED”

    June 6, 2017 - By data of 5 months, receipts part of the budget is executed by 81%, while part of payments – by 76%, the newspaper reports.

    In 1 month, the government has to eliminate gap of up to 1.07 billion lari in receipts part, while 1.39 billion lari has to be spent in payments part.


    FORBES GEORGIA: “WHAT SPHERES ARE WINING?”

    June 5, 2017 - Growth rate of spheres (sectors) of economy is an indirect indicator of profitability of these spheres, the magazine states.

    Economic growth rates and banking data show that hotels and restaurants, financial activity and construction are the most rapidly growing sectors in Georgia, author of the article says.


energy, oil & gas

    FORBES GEORGIA: “BIDDING ON CONSTRUCTION OF UNDERGROUND GAS STORAGE WILL BE ANNOUNCED IN 1 MONTH”

    June 9, 2017 - In 1 month, bidding will be announced on construction of underground gas storage with capacity of 300 million cubic m (on Samgori field in Kvemo Kartli region), the magazine reports.

    The article points that instead of initially planned 3-stage tender, which first phase is already completed, Georgian Oil and Gas Corporation decided to announce a combined tender.


    FORBES GEORGIA: “IMF ALLOWS EXCEPTION ON GUARANTEED PURCHASES ONLY REGARDING “NAMAKHVANI” AND “KOROMKHETI” HYDROELECTRIC STATIONS”

    June 8, 2017 - IMF named power purchase agreements (PPA) among fiscal risks of the state, the magazine reports. The Fund recommends the government to refrain from initiation of such agreements until bringing corresponding legislative framework in order.


    REZONANSI: “INCREASE OF GAS TARIFF TO BE FOLLOWED BY NEW WAVE OF PRICE GROWTH”

    June 6, 2017 - Chairman of National Energy and Water Supply Regulating Commission Irina Milorava says that office of the Commission has practically finished work on natural gas tariffs.

    Requests on tariff change were submitted by 4 companies – KazTransGas-Tbilisi (Tbilisi gas distributor), Sakorgas and SOCAR Georgia Gas (regional distributors) and Gas Transportation Company.


conflict and court

    FORBES GEORGIA: ““PHILIP MORRIS” AND “BRITISH AMERICAN TOBACCO” WON THE LAWSUIT IN APPEAL COURT”

    June 9, 2017 - Today, Philip Morris and British American Tobacco won a lawsuit in Tbilisi appeal court, the magazine reports. Claimants in the case were Georgian companies Tbilisi Tobacco and OGT.


companies

    EUGEORGIA.INFO: “CONSTRUCTION OF TBILISI FREE ECONOMIC ZONE WILL BE COMPLETED IN JULY”

    June 7, 2017 - Giorgi Tabidze, director general of Tbilisi free economic zone, says that construction of the zone will come to the end in July. “We have already invested over 2.5 million lari in this project”, he points.


transport & communications

    KVIRIS PALITRA: “THE STATE FUNDS DOMESTIC FLIGHTS BY 10M LARI”

    June 5, 2017 - Organization HUB Georgia warns that “Georgia may remain without domestic flights during a tourist season”, grounding the claim with incorrectly announced tender, which contains risks of corruption.

    The tender, which was announced by Georgian Airports Association on April 25, envisages subsidizing of domestic flights with 10 million lari.


international cooperation

    FORBES GEORGIA: “GEORGIA, TURKEY AND AZERBAIJAN WILL SELL PRODUCTION ON UNIFIED ONLINE PLATFORM”

    June 6, 2017 - Georgia, Turkey and Azerbaijan signed last week an agreement regarding development of electronic trading platform (sme.market), the magazine reports. The pilot project is implemented within the World SME Forum.


finances & banking

    REZONANSI: “PEOPLE “BUILDS” DEBT PYRAMID”

    June 9, 2017 - Banking expert Irakli Berdzenadze points that “big part of Georgian population lives by banking debts”. “The debt to one credit organization is paid with the debt, taken in other company, and so this pyramid proceeds infinitely”, he specifies.


    BANKEBI DA FINANSEBI: “LICENSING PROCEDURES COULD BE SIMPLIFIED FOR RELIABLE FOREIGN BANKS”

    June 8, 2017 - According to draft bill, submitted by the government to the Parliament, licensing procedures for reliable foreign banks could be simplified. Goal of the draft is declared facilitation to appearance of such banks on Georgian market.


agriculture & food

    TABULA: “BY INITIATIVE OF THE GOVERNMENT, MIXING OF FOREIGN SHEEP WITH GEORGIAN ONES WILL BE STRICTLY PUNISHED”

    June 9, 2017 - Agriculture Minister Levan Davitashvili declared that mixing of foreign sheep with Georgian ones and then exporting them as Georgian ones will be strictly punished. The government discussed the subject at the meeting of June 8.


construction

    LIBERALI: “HOTEL PROJECT OF “M2” ON PLACE OF HISTORY INSTITUTE AND CIVIL PROTEST”

    June 8, 2017 - Company m2 plans to build multipurpose complex (3-star hotel Ramada with 130 rooms and residential space with 18 apartments) on Melikishvili Ave. 10 in Tbilisi, on place of Institute of History and Ethnology, the magazine reports.

    Construction works are already underway, being object of protest of experts, non-governmental sector and civil activists, the article says.


tourism

    FORBES GEORGIA: “WHAT TRAVEL TO GEORGIA COSTS”

    June 6, 2017 - Leading Georgian tour operators say that Georgia is visited mainly by tourists from Europe and Asia and their majority belongs to low-budget category, the magazine says.

    According to Association of Entry Tour Operators, 1-week travel to Georgia costs from 600 to 1,800 EUR on average.


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