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Economic Press Monitor

December 6 - 12, 2020

Previous Issues:  Days: < 28 05 12 19 26 > 

 

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economic & politics

    REZONANSI: “RESTRICTIONS COULD BE NOT SOFTENED SINCE DECEMBER 24, AND TIGHT RESTRICTIONS WILL REMAIN IN THE COUNTRY”

    December 11, 2020 - Countrywide mitigation of restrictions between December 24 and January 2 is announced (operation of shopping centers, markets, transport will be allowed).

    However, as infectiologists say, mitigation of restrictions will bring bad epidemiological results, if all rules are not fully observed, the newspaper writes.


    REZONANSI: “NEW DEADLOCK IN NEGOTIATIONS AND SPLIT IN OPPOSITION – WHO WILL GO TO THE PARLIAMENT ON FRIDAY AND WHO WILL REFUSE MANDATES”

    December 11, 2020 - Most part of opposition parties, elected to Georgian Parliament, plans to refuse MP’s mandates in a pointed manner on December 11 and after that to continue negotiations with ruling Georgian Dream, the newspaper reports.

    However, Georgian Dream states that it will continue negotiations only with those, who will not refuse mandates.


    BANKEBI DA FINANSEBI: “PRIVILEGES OF “DREAM” REMAINED THE DREAM FOR BUSINESS”

    December 9, 2020 - Paata Bayrakhtari, vice president of Georgian Young Financiers and Businessmen Association, points: “Its truth that instead of “lockdown”, the authorities called the second restrictions pointed restrictions, but by its content, they actually fully repeat levers of the first one”. Overall, over 30% of entire economy stay idle, he notes.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “NATIONAL BANK WILL CONTINUE CURRENCY INTERVENTIONS IN THE REMAINED PERIOD OF 2020 AND IN 2021”

    December 10, 2020 - Koba Gvenetadze, president of National Bank of Georgia (NBG), reported that since the beginning of 2020, NBG provided $886 million to the market (by means of currency auctions). “In the remained period of the current year, we will continue provision of currency, taking into account what the situation will be”, he said, adding: “We think that this provision [of currency] will continue”.


    TABULA: “200M LARI ARE SPENT FOR PROCUREMENT OF SERVICE OF HOTELS AND CLINICS – IDFI”

    December 10, 2020 - Referring to conducted research, Institute for Development of Freedom of Information (IDFI) reports that between March 21 and November 15, the state spent 200 million lari for services procurement from hotels and clinics in connection with COVID-19.

    During the same period, National Tourism Administration spent over 78 million lari for procurement of products and services, necessary for provision of obligatory quarantine, IDFI says.


    TABULA: “EVERY SEVENTH IN THE HOPE OF LIVING ALLOWANCE – IN WHAT CONDITION NATIONAL ECONOMY IS”

    December 10, 2020 - As of this October, living allowance in Georgia was received by 510,343 persons. This is the highest rate in the history of statistics maintaining in the country and means that every seventh citizen is beyond poverty line, the article indicates.


    REZONANSI: “EXPECTATIONS WORSENED – ECONOMY WILL DECREASE THIS YEAR BY 6% AT LEAST”

    December 9, 2020 - Referring to research of Galt&Taggart, the newspaper reports that new expanded restrictions, introduced in Georgia, have worsened expectations, because of what economic decrease in 2020 will make up 5.5%.

    Eva Bochorishvili, head of research department at Galt&Taggart, forecasts that in case tourism begins recovery in 2021, economic growth will make up about 5% then.


    REZONANSI: “INEXPLICABLE REBUS: REMITTANCES GROW, ESPECIALLY FROM THOSE COUNTRIES, WHERE NOT SO MANY GEORGIANS LIVE”

    December 8, 2020 - The article indicates that starting from the beginning of COVID-19 pandemic and until July, considerable reduction of foreign remittances to Georgia was noticed, but in recent months, there is sharp growth.

    According to TBC Capital, the largest growth display influxes from Azerbaijan and Ukraine.


    FORBES GEORGIA: “STATE IN THE FACE OF DEFAULT”

    December 8, 2020 - Foreign debt, 79% of which is denominated in foreign currency, is the most real and serious danger to today’s Georgia, the article points.

    The article notes that every devaluation of lari by 5%, for example, from 3.2 GEL/USD to 3.36 GEL/USD, means growth of foreign state debt by 900 million lari.


    KVIRIS PALITRA: “HOW CORRECTLY THE BUDGET IS “CALCULATED”?”

    December 7, 2020 - Estimating Georgia’s draft budget for 2021, expert Zviad Khorguashvili indicates that bureaucratic expenses are not cut down. “Infrastructure expenses in this budget are also inflated, compensation and expenses, envisaged for state procurements, grow in public services again”, he states.


    NETGAZETI.GE: “7M LARI ON RESTORATION OF RUSTAVELI-MTATSMINDA ROPEWAY – TENDER”

    December 7, 2020 - Tbilisi Transport Company announced tender on restoration of the ropeway between Rustaveli Avenue and the park on Mount Mtatsminda. Estimated cost of procurement makes up 7.37 million lari, Netgazeti.Ge reports.


energy, oil & gas

    FORBES GEORGIA: “СRYPTOENERGOCORRELATION”

    December 9, 2020 - David Narmania, chairman of Georgian National Energy and Water Supply Regulating Commission, points that share of electric power, consumed in Georgia for cryptocurrency mining, had constantly grew until 2018.

    The trend of growth has slowed down in 2019 and the share remained within 8.5%, while by data for 2020 – does not exceed 5%, Narmania reports.


companies

    FORBES GEORGIA: “OIL COMPANIES, OPERATING IN GEORGIA, THEIR OWNERS AND ASSETS”

    December 11, 2020 - Georgia annually buys oil-products of $750 million that is intended mainly for motor transport, the magazine says.

    At the same time, according to financial statements of large players of the local market of oil-products, part of these companies sustains losses, the article indicates.


    FORBES GEORGIA: “EBRD REDUCED OWN SHARE IN “TBC BANK” TO 5%”

    December 7, 2020 - EBRD reduced own share in Georgia’s largest TBC Bank to 5%, the magazine reports. On December 4, EBRD sold 1.65 million shares of TBC Bank on London Stock Exchange that corresponds to 3% of its share in the Georgian bank.


transport & communications

    BANKEBI DA FINANSEBI: “THROUGH BAKU-TBILISI-KARS RAILWAY, FIRST TURKISH CARGO TRAIN WILL ARRIVE TO CHINA”

    December 7, 2020 - Referring to Turkish media, the newspaper reports that first Turkish cargo train will arrive to China via Baku-Tbilisi-Kars railway. The train will depart from Turkey on December 4 and will arrive to China in 12 days.


international cooperation

    TABULA: “THE US WILL FUND ATTRACTION OF FOREIGN DIRECT INVESTMENTS TO GEORGIA”

    December 8, 2020 - The US embassy in Georgia reported that the US government will pay to consulting company OCO Global for assistance to Georgian private sector in recovery after COVID-19 pandemic. OCO Global will identify and promote opportunities of investments attraction to Georgian economy.


ecology & health

    NETGAZETI.GE: “THE MINISTRY WILL PROCURE CARDIOVERTER-DEFIBRILLATORS AND WILL GIVE THEM TO PATIENTS FOR FREE – THE MINISTER”

    December 11, 2020 - Ekaterina Tikaradze, Georgia’s Minister of IDPs from Occupied Territories, Labor, Healthcare and Social Protection, declared that the state will procure 224 cardioverter-defibrillators worth 2.57 million lari in total.

    The project will launch in January 2021.


    BANKEBI DA FINANSEBI: “SALARY OF NURSE – 250 LARI, OF HOSPITAL ATTENDANT – 200 LARI, THAT IS WHY WE HAVE NO NEW NURSES, NOBODY WANTS THIS ACTIVITY ANY MORE”

    December 9, 2020 - Giorgi Pkhakadze, adviser to the UN Secretary General and the Vaccine Alliance (Gavi), indicates that Georgia has 450 hospitals, 17,000 beds, and by this indicator, the country is on the 1st place in Europe. We have most of all doctors per 100,000 residents, however “nobody thought of strengthening of a middle link”, he said on air of TV Pirveli.


agriculture & food

    REZONANSI: “IN THE CONDITIONS OF THE PANDEMIC, AGRICULTURE PROFITED THE MOST”

    December 10, 2020 - Koba Kobaladze, head of Georgian non-governmental organization International Association of Agriculture Development, indicates that “According to official statistics, agricultural production in biggest volume is delivered to Russia, and direction of Armenia increased recently also”. Both directions “never were and are not now the reliable countries for Georgian production and emphasis should not be placed on them”, he says.


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