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Economic Press Monitor

February 19 - 25, 2017

Previous Issues:  Days: < 11 18 25 04 11 > 

 

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economic & politics

    NETGAZETI.GE: ““GEOCELL”: CONSIDERATION OF DRAFT BILL ON WIRETAPPING WITHOUT AUTHORIZED ENTITIES IS INADMISSIBLE”

    February 23, 2017 - Mobile operator Geocell considers that consideration of draft bill on covert investigative activities without proper involvement of authorized entities and sharing of their position is inadmissible.

    “The legal pack has essential influence on activity and liabilities of entities, authorized in electronic communication sphere, as well as on future plans of business development”, the operator points.


    TABULA: “BISHOP ZENON: THERE IS NECESSITY OF FINANCIAL AUDIT IN THE PATRIARCHATE”

    February 21, 2017 - Zenon, Archbishop of Dmanisi and Agarak-Tashiri, Great Britain and Ireland considers that there is necessity of financial audit in the Patriarchate of Georgia. “Entry of auditor is quite normal form”, he points.


    KVIRIS PALITRA: “37 DECLARED MILLIONAIRES IN THE MAJORITY”

    February 20, 2017 - The newspaper reports about start of monitoring of property declaration, filed by Georgia officials. More than 2,800 officials in the country are subjected to property declaration.


macroeconomics & budget

    BANKEBI DA FINANSEBI: “LAUNCH OF THE FIRST STAGE OF PENSION REFORM IS SCHEDULED FOR SEPTEMBER 2017”

    February 22, 2017 - Labor, Healthcare and Social Protection Minister David Sergeenko declared that the first stage of pension reform will be launched in September 2017.

    “I think, there is enough time until September in order to review all details and I believe that this reform will start in the set time”, Sergeenko told journalists after the government meeting.


energy, oil & gas

    TABULA: ““UNM” DEMANDS ESTABLISHMENT OF INVESTIGATIVE COMMISSION ON CONTRACT, SIGNED WITH “GAZPROM””

    February 24, 2017 - United National Movement (UNM) demands establishment of the Parliament’s investigative commission on the contract, signed by Georgia with Russian Gazprom. The contract envisages receiving of gas transit fee payment in cash from 2018 instead of receiving 10% of transited volume.


    REZONANSI: ““KHUDONHES” PROJECT STOPPED FOR 2 YEARS AT LEAST”

    February 24, 2017 - According to the latest statement of Energy Minister Kakha Kaladze, construction of KhudonHES has to be started this year.

    However, the newspaper doubts that the government will annoy Svans before the local elections.


    REZONANSI: “DECISION IS MADE: GAS PRICE WILL RAISE IN SUMMER!”

    February 21, 2017 - Consumer gas tariff will be increased in about 5 months, but it is unknown yet how much the tariff will grow, the newspaper reports.

    Member of Georgian National Energy and Water Supply Regulatory Commission (GNERC) Gocha Shonia says that people will pay their gas bills in 2017 already in line with new tariff, in which GNERC will foresee lari devaluation and investments, made in distribution network.


    TABULA: ““ENGURHES” STANDS STILL, THE PLANT WILL RESUME OPERATION IN 2 WEEKS”

    February 21, 2017 - For now, Georgia’s largest hydroelectric station EngurHES has been fully stopped because of examination of derivational channel. The plant will resume operation in about 2 weeks.


conflict and court

    TABULA: “THE COURT DECLARED NOT GUILTY MEN, CONVICTED OF “TELASI” MANAGER’S KILLING”

    February 20, 2017 - Giorgi Gvichiani and Nika Chemia, convicted of TELASI financial manager’s killing, were declared not guilty by the Court of Appeal and freed from the hall, Tabula reports.

    Gvichiani and Chemia were sentenced life imprisonment, but this sentence was changed with 15-year imprisonment in July 2014, while in the end of 2016, Prosecutor’s Office decided to re-investigate the case.


companies

    FORBES GEORGIA: “NEW STAGE”

    February 23, 2017 - The magazine publishes interview with Nina Kobakhidze, who is currently founder and director general of newly established insurance company Global Benefits Georgia.

    This company was established with participation of American Global Benefits Group, while its Georgian partner is Georgian Industrial Group (GIG) of David Bezhuashvili.


    BANKEBI DA FINANSEBI: “NEW OPPORTUNITIES IN THE STATE PROCUREMENTS”

    February 22, 2017 - The newspaper reports that state procurements account for about 10% of Georgia’s GDP.

    According to the State Procurement Agency, only 18% of operating companies is registered in procurement system, while 37% of registered companies never took part in the state procurements.


transport & communications

    LIBERALI: “URBAN TRANSPORT POLICY: HOW TO MAKE OUT CITIES VIABLE”

    February 20, 2017 - By order of Tbilisi City Hall and in cooperation with local partners, French company Systra conducted in April-June 2016 study of Tbilisi households, which was funded by Asian Development Bank (ADB).

    Main target of the study was creation of sample database of current mobility (traffic), which should serve in future as the base for Tbilisi transport model, the magazine says.


international cooperation

    TABULA: “GEORGIA IS A BAD TRADER”

    February 22, 2017 - Georgia’s foreign trade turnover for 2016 amounted to $9.3 billion, making up about 67% of GDP.

    To compare, ratio of foreign trade turnover to the country’s GDP in Hong Kong makes up 346%, in Singapore – 221%, Slovakia – 171%, Belgium – 170%, Czech Republic – 161%.


finances & banking

    BANKEBI DA FINANSEBI: “OUT OF TOTAL 27,000 LOANS, 1,525 ONES ARE CONVERTED TO LARI”

    February 24, 2017 - Out of 27,000 mortgage loans, taken by private individuals before 2015, 1,525 ones have been converted to lari by now.

    Total portfolio of loans, eligible for larization, amounts to $18.5 million, of which 5.6% are converted within the governmental program, subsidized with 65 million lari, the newspaper reports.


    BANKEBI DA FINANSEBI: “VAKHTANG BUTSKHRIKIDZE: IN TERMS OF LOANS’ LARIZATION, YESTERDAY IN “TBC BANK” WAS A RECORD-BREAKING DAY”

    February 23, 2017 - Vakhtang Butskhrikidze, director general of TBC Bank declares that he is not satisfied still with pace of loan conversion program, but there is relatively better situation now. In particular, “Yesterday was a record-breaking day”, he points.


    BANKEBI DA FINANSEBI: ““VTB BANK” CONVERTED TO LARI 19% OF LOANS ELIGIBLE FOR STATE PROGRAM”

    February 23, 2017 - VTB Bank Georgia announces that out of its total portfolio, eligible for the state program on loans’ conversion, by the moment 19% is already converted to lari.

    Loan conversion program, which started on January 17, will last through March 17.


agriculture & food

    EUGEORGIA.INFO: “DESPITE PROBLEMS, CLASS OF PROFESSIONAL BEEKEEPERS IS STILL DEVELOPING IN GEORGIA”

    February 22, 2017 - The article reports that each beehive in Georgia produces 15 kg of honey yearly. In 2015, like in 2014, 4,100 t of honey was produced in the country.


    FORBES GEORGIA: “NEITHER EGG NOR CHICKEN”

    February 21, 2017 - Current VAT taxation rule for chicken and egg supply is beneath criticism and needs urgent amendment, author of the article believes. As a result, discrimination in the Tax Code will be eliminated and, most likely, prices on egg and chicken meat will reduce, the author says.


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