Economic Press Monitor March 17 - 23, 2019	Days:  09 16 23 30 06

economic & politics

NETGAZETI.GE: “STATEMENT OF THE MINISTER ON “SSA MARINE” IS ESTIMATED IN THE “CONSORTIUM” AS DISCREDIT OF PARTNERS”

March 22, 2019 - Georgia’s Minister of Regional Development and Infrastructure Maya Tskitishvili declared that Anaklia Development Consortium “tries “to sell” to the public that its partner is allegedly SSA Marine”.

However, instead of SSA Marine, we have “5 employees of the company, entering into the same group, who, along with other employees, are responsible only for technical operation of the port”, Tskitishvili specified.




NETGAZETI.GE: “FROM 226 OBJECTS, ONLY ONE MET STANDARD OF FIRE SAFETY – AUDIT”

March 22, 2019 - Georgian State Audit Service reported that out of 226 objects, checked in the first half of 2018, violations of requirements of fire safety were not revealed in only one. At that, 100% of recommendations, issued in previous years, were implemented only in 14% of objects.




NETGAZETI.GE: “I TRANSFERRED SALARY IN CHARITY FOUNDATION AND AM LIVING ON [FRENCH] PENSION – THE PRESIDENT”

March 20, 2019 - Georgia’s President Salome Zurabishvili declares that charity foundation, announced by her earlier, is already established and will start working soon. The first project of the Fund will be, supposedly, children’s oncological center, she notes.




NETGAZETI.GE: “FRANCE AND OTHER COUNTRIES WILL NOT GRANT ASYLUM TO GEORGIAN CITIZENS – THE AMBASSADOR”

March 19, 2019 - French ambassador in Georgia Pascal Meunier notes that Georgia “is recognized as the reliable country”. It means that France, as well as other European countries – Germany and Sweden, will not grant political asylum to Georgian citizens, the ambassador explains.

macroeconomics & budget

FORBES GEORGIA: “14 CREDITOR-FUNDED PROJECTS, ON WHICH RECEIVED SUM WAS NOT SPENT IN 2018 AT ALL”

March 21, 2019 - International organizations account for 70% of Georgia’s external public debt.

In 2018, spending of funds, allocated by international organizations to Georgia, in most cases was very low, the magazine notes.




NETGAZETI.GE: “ACCORDING TO OUR PLAN, TEACHER’S SALARY MUST BE FROM 1,500 TO 1,800 LARI – THE PREMIER”

March 20, 2019 - “According to our plan, salary, which a teacher has to receive, must be from 1,500 to 1,800 lari”, Georgia’s Prime Minister Mamuka Bakhtadze declares. That means that “we raise compensation actually three times”, he pointed on air of Imedi broadcasting company.




BANKEBI DA FINANSEBI: “FOR 3 YEARS, PENALTY OF $1.4B WAS IMPOSED ON COMPANIES BECAUSE OF NON-FULFILLMENT OF INVESTMENT OBLIGATIONS”

March 20, 2019 - Georgian National Agency of State Property reported that obligations, which arose in the course of privatization in 2016-2018, totaled to 276.77 million lari and $28.8 million.

In turn, penalties, imposed on 121 companies because of obligations’ non-fulfillment during the mentioned period, totaled to $1.4 billion and 45.68 million lari, the Agency said.

energy, oil & gas

REZONANSI: “SINCE APRIL, REGULATION ON GAS CONSUMPTION BECOME TOUGHER”

March 19, 2019 - Regulation, toughened because of leaks and explosions of gas, will be enacted in the first half of April, the newspaper reports.

According to the National Energy and Water Supply Regulating Commission, respective legislative package envisages preparation of documentation, where all existing gas-supply projects will be reflected.

conflict and court

FORBES GEORGIA: “BRITISH COURT OF APPEAL REJECTED RUKHADZE’S CLAIM AGAINST “SALFORD””

March 18, 2019 - On March 12, the Court of Appeal of England and Wales refused to accept for consideration a claim of Irakli Rukhadze and Hunnewell Partners, the magazine reports.

Thus, the court confirmed the ruling, announced on November 1, 2018, on conspiracy between Rukhadze, Benjamin Marson and Igor Alekseev.

companies

BANKEBI DA FINANSEBI: “OUR PLANS EXCEED LIMITS OF THE PORT CONSTRUCTION ONLY AND PARTNERSHIP WITH THE SOUTH KOREAN COMPANY AIMS SHIP BUILDING”

March 22, 2019 - Our future partnership with Hyundai Samho Heavy Industries will be directed to ship building, one of founders of Georgia’s largest TBC Bank Mamuka Khazaradze declared to journalists. Georgia has to have own fleet, he pointed.




NETGAZETI.GE: ““AGARA SUGAR” IS STOPPED, EMPLOYEES WERE PROMISED TO BE PAID – LABOR UNIONS”

March 21, 2019 - Agara Sugar (the only sugar producer in Georgia) stopped operation, Netgazeti.Ge reports. However, the employer promises employees to pay salary for 7 months, the article points with reference to United Labor Unions.




BANKEBI DA FINANSEBI: ““ANAKLIA DEVELOPMENT CONSORTIUM” WORKS ON EMISSION OF SHARES OF ANAKLIA PORT”

March 19, 2019 - Anaklia Development Consortium works on emission of shares of Anaklia port, the newspaper reports.

The article indicates that Levan Akhvlediani, director general of the Consortium, confirmed to InterpressNews agency that they think over the issue of shares emission, but refrained from commenting of details at this stage.




BANKEBI DA FINANSEBI: ““GEBRUDER WEISS” EXPANDS IN THE CAUCASUS REGION”

March 18, 2019 - After 6-month construction works, Gebruder Weiss opened new logistic terminal in Tbilisi, the newspaper reports.

As the article notes, the company expanded the existing terminal by the space for processing of freights, having area of 2,300 square m, the open-air space of 7,800 square m and the office space of 300 square m.




FORBES GEORGIA: ““GALT&TAGGART” PLACED 2-YEAR BONDS OF “CRYSTAL” WORTH 15M LARI”

March 18, 2019 - Galt&Taggart placed 2-year bonds of Georgian microfinancial organization Crystal, totaling to 15 million lari, the magazine reports. Fitch has assigned to Crystal a rating of “B”, with “stable” outlook.

finances & banking

TABULA: “IF CREDITING SYSTEM NEEDS CORRECTION, WE WILL MAKE LOGICAL DECISION”

March 21, 2019 - Georgia’s Prime Minister Mamuka Bakhtadze considers that “system of crediting in Georgia was absolutely irresponsible”.

“Let’s give a little time to system of responsible crediting”, the Premier declares and adds: “If analysis shows that figures demand a correction, responsible persons will make the logical decision”.




REZONANSI: “SMALL BANKS HAVE BIG PROBLEMS – WHETHER THERE IS DANGER OF BANKRUPTCY?”

March 19, 2019 - After full enactment in Georgia of responsible crediting system, small banks, which are engaged mainly in consumer crediting, will have to merge or shutdown, the newspaper says.

The article reports that 3 banks out of 15 ones, operating on the local market, have finished January of this year with losses (Cartu, Silk Road Bank, Halyk Bank Georgia), while 4 ones reported losses for February.

construction

BANKEBI DA FINANSEBI: “ON CAMPUS TERRITORY, CONSTRUCTION OF NEW PROJECT IS PLANNED”

March 22, 2019 - On the territory of old campus in Tbilisi area Vake, construction of multipurpose complex is planned, the newspaper reports.

The article points that the developer, LLC Development on Chavchavadze, has submitted for the moment a request for approval of planning specification of development plan.




BANKEBI DA FINANSEBI: “3 SKYSCRAPERS INSTEAD OF “LUZHKOV’S HOUSE” – THE CITY HALL WILL HOLD PUBLIC CONSIDERATION OF THE PROJECT OF “ALLIANCE CITY””

March 20, 2019 - On March 20, public consideration of the construction project of Alliance City company will take place in the city hall of Batumi.

The company plans to build in Batumi 3 skyscrapers instead of so-called “Luzhkov’s house” (an unfinished complex, which was connected with name of the former Mayor of Moscow).