Economic Press Monitor May 8 - 14, 2022	Days:  30 07 14 21 28

economic & politics

FORBES GEORGIA: “GEORGIA IN THE PRESS FREEDOM INDEX”

May 13, 2022 - Referring to the international organization Reporters Without Borders, the magazine reports that Georgia with score of 59.3 points ranks 89^th among 180 countries in the Press Freedom Index. If compared with the previous rating (60^th place, 71.4 points), the country’s indicator has worsened by 29 positions, the magazine notes.




TABULA: “IVANISHVILI DISPUTES TRANSACTION DELAY BY ASSIGNEE OF “CREDIT SUISSE” AND FILES A LAWSUIT”

May 10, 2022 - Bidzina Ivanishvili, billionaire founder of the ruling Georgian Dream, has filed a lawsuit in Courts of Guernsey against Green Vals Trust, assignee of the Credit Suisse, Tabula reports.

As the article notes, the PR company Cision, which serves Ivanishvili, claims that Green Vals Trust violated obligations, related to management of beneficiaries’ assets.

macroeconomics & budget

REZONANSI: “IS THE GOVERNMENT GOING TO TAX THOSE EMPLOYED IN FAMILIES? – “THE STATE CANNOT RECEIVE REVENUES””

May 13, 2022 - The Parliamentary Council for Equality considers important to develop a strategy, vision and legislative framework for people, employed in families.

Report of the Council deals with the rights of women, employed in the informal economy, while noting that “the state cannot receive revenues” from this activity.




FORBES GEORGIA: ““MOODY’S” WORSENED GEORGIA’S CREDIT RATING OUTLOOK”

May 13, 2022 - Rating agency Moody’s has confirmed Georgia’s sovereign credit rating at “Ba2”. However, the agency worsened the outlook from “stable” to “negative”, the magazine reports.




TABULA: “FROM MAY 14, ADDITIONAL FEE WILL BE INTRODUCED FOR POSTAL MAILS”

May 10, 2022 - Georgian Revenue Service reported that from May 14, an additional fee will be introduced for postal parcels, valued 300 lari and above.

In particular, the fee for value 300-3,000 lari will make up 20 lari.

companies

REZONANSI: ““BORJOMI” WILL HAVE A GEORGIAN OWNER SOON – IT IS ALREADY DECIDED IN WHOSE HANDS THE MOST FAMOUS GEORGIAN COMPANY WILL APPEAR”

May 13, 2022 - Russian Alfa Group (whose founder appeared in the Western sanctions list because of Russia-Ukraine war) will probably sell 55.8% in IDS Borjomi Georgia (bottler of Borjomi mineral water) to Georgian businessman Gia Orjonikidze, the newspaper reports.

Information about this was spread by the Russian media, however the businessman’s family denies this.




BANKEBI DA FINANSEBI: ““TBC PAY” CANCELS 1-LARI COMMISSION FEE FOR EVERYONE”

May 11, 2022 - TBC Pay cancels the commission fee for depositing the sum through instant payment terminal to the TBC Bank account by business clients, the newspaper reports. The article notes that until now, business clients had to pay a fee of at least 1 lari.




FORBES GEORGIA: ““SAKARTVELOS BANKI” AND USAID TO SUPPORT SMALL AND MEDIUM-SIZED BUSINESSES”

May 11, 2022 - A memorandum of cooperation has been signed between Sakartvelos Banki (Bank of Georgia) and USAID’s programs on Economic Security and Agriculture. Within the project, both USAID programs will contribute 300,000 lari.




FORBES GEORGIA: “NEW CEO OF “GEORGIA CAPITAL” WILL BE NIKOLOZ GAMKRELIDZE”

May 10, 2022 - From 2023, post of executive director (CEO) at the investment holding Georgia Capital be occupied by Nikoloz Gamkrelidze. Currently, he holds the office of deputy director general of the company.




REZONANSI: “FATE OF “BORJOMI” WILL BE SHARED BY OTHER COMPANIES?!”

May 10, 2022 - On April 29, two Borjomi mineral water bottling plants were shut down in Georgia (60% in the plants’ owner IDS Borjomi Georgia belongs to Russian Alfa Group, which founder was sanctioned by the Western countries after Russia’s invasion of Ukraine).

Revaz Vashakidze, founder of company Chirina, considers that the reason for shut down was not sanctions, but reduced sales of Borjomi.

transport & communications

REZONANSI: “EVEN IN THE CONDITIONS OF WAR, GEORGIA CAN GET MORE BENEFITS THAN LOSSES”

May 11, 2022 - In fact, there are all conditions for outweigh by benefits of damages for Georgia from the war (the matter concerns Russia’s war in Ukraine) over time, the newspaper points.

Most of all the emphasis is made on the country’s transit capacity.

agriculture & food

REZONANSI: “A BETTER WHEAT HARVEST IS EXPECTED THIS YEAR, BUT BAD WEATHER HAS ALREADY CAUSED PROBLEMS”

May 11, 2022 - Levan Silagava, head of Georgian Wheat and Flour Producers Association, reports that import of flour from Russia to Georgia has increased 11 times compared with the same period of last year. At that, wheat supplies have decreased, he says, attributing this to the floating due, introduced by Russia at the time.