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Economic Press Monitor

July 19 - 25, 2020

Previous Issues:  Days: < 27 18 25 01 08 > 

 

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economic & politics

    FORBES GEORGIA: “SUPERVISING STRATEGY OF NATIONAL BANK”

    July 24, 2020 - Since this year, National Bank of Georgia (NBG) starts annual publication of supervising strategy. In June, the supervising strategy document for 2020-2022 was published.


    BANKEBI DA FINANSEBI: “WE CAN REPLACE SEASONAL EMPLOYMENT IN NEIGHBORING COUNTRIES WITH JOBS OFFERED IN GEORGIA”

    July 23, 2020 - Levan Davitashvili, Georgia’s Minister of Environmental Protection and Agriculture, declares that need for labor force in agriculture appears in various regions of the country that creates new opportunities for employment.

    In this term, Kakheti region is especially topical, where opportunities of seasonal employment exist, the Minister specifies.


    BANKEBI DA FINANSEBI: “IVANE MACHAVARIANI: IF YOU CAN MANAGE COVID-19 WITH CORRECT MANAGEMENT, YOU WILL BE ABLE TO RESTORE ECONOMY”

    July 22, 2020 - Georgia’s Finance Minister Ivane Machavariani declared that there, where fight against COVID-19 “was less effective, where are high mortality and high infection, eventually the economy will suffer even more there”.

    Respectively, the goal is fight against COVID-19, “its maximal containment in order that we were able to restore economy better”, the Minister pointed on air of POSTV.


    BATUMELEBI: “43,278 CITIZENS ARRIVED FROM RUSSIA DURING PANDEMIC – STATISTICS”

    July 21, 2020 - In Georgia, number of visitors from Russia dropped since April by 98%, Batumelebi reports.

    According to Georgian Interior Ministry, 32,788 Russian citizens arrived through Kazbegi customs checkpoint in March, 3,496 – in April, 3,561 – in May, 3,433 – in June.


    BANKEBI DA FINANSEBI: “GEORGIA HAS 488 MILLIONAIRES”

    July 21, 2020 - In 2019, income over 1 million lari was gained in Georgia by 488 persons, the newspaper reports with reference to Georgian Public Broadcaster. If compared with 2018, number of these persons has increased by 165.


    BANKEBI DA FINANSEBI: “THE COUNTRY COPES WITH ILLICIT TOBACCO NO MORE, EXCISE TOBACCO IS NOT ON SALE IN SAMEGRELO ANY MORE”

    July 20, 2020 - As price of tobacco products in Georgia is almost 3 times higher than in neighboring countries, there is quite high demand in Georgia for illicit production, the newspaper says.

    As the article indicates, Western Georgia is distinguished in this term, in particular, Samegrelo region, where illicit production already long time exceeds legal one in volume.


    NETGAZETI.GE: “US AMBASSADOR ON THE BILL OF APPROPRIATIONS COMMITTEE”

    July 20, 2020 - The bill, supported by US House Committee on Appropriations envisages suspension of 15% of the US assistance to Georgia in 2021, if the Secretary of State does not confirm that the government of Georgia takes certain steps toward democracy strengthening in the country. Volume of the US assistance to Georgia for 2021 totals to $135 million.


macroeconomics & budget

    FORBES GEORGIA: “GEORGIA’S PUBLIC DEBT APPROACHES DANGEROUS LINE”

    July 24, 2020 - In 2020, Georgian government will borrow more than 8 billion lari, but 1 billion lari will be directed to repayment of earlier taken debt, the article reports. In the current year, domestic debt of the country will increase by 1.8 billion lari, external – by 5.2 billion lari, and total debt volume will reach 27.6 billion lari.


    BANKEBI DA FINANSEBI: “ASIAN INFRASTRUCTURE INVESTMENT BANK ALLOCATED CREDIT OF 45M EUR TO GEORGIA”

    July 22, 2020 - Asian Infrastructure Investment Bank (AIIB) allocated credit of 45 million EUR to Georgia, the newspaper reports. Corresponding statement is published on the web site of AIIB.


energy, oil & gas

    NETGAZETI.GE: ““LET’S SAVE RIONI GORGE” – GATHERING AGAINST “NAMAKHVANHES” HELD AGAIN IN KUTAISI”

    July 23, 2020 - In Kutaisi, another protest action was held on July 22 in connection with construction of NamakhvanHES series of hydroelectric stations on Rioni River, Netgazeti.Ge reports.

    The action was organized by popular movement Let’s Save Rioni Gorge, which unites inhabitants of the gorge, who oppose the project of NamakhvanHES.


conflict and court

    TABULA: ““FRONTERA” URGES GEORGIAN GOVERNMENT TO STOP MISINFORMATION CAMPAIGN”

    July 24, 2020 - American oil-extracting company Frontera urges Georgian government to stop misinformation campaign, Tabula reports.

    On July 23, Georgia’s Minister of Economy and Sustainable Development Natia Turnava declared that the government will not terminate agreement with the company and offers it to continue activity on 1% of the license territory.


companies

    BANKEBI DA FINANSEBI: “FROM NOW ON, POTI FREE INDUSTRIAL ZONE IS OFFICIAL REPRESENTATIVE OF WORLD FREE ZONES ORGANIZATION IN GEORGIA”

    July 24, 2020 - Poti free industrial zone became the official representative of the World Free Zones Organization in Georgia, the newspaper reports. Agreement between the parties was signed on July 23.


    TABULA: ““AIR FRANCE” WILL PERFORM TBILISI-PARIS FLIGHTS SINCE AUGUST 8 EVERY THURSDAY AND SUNDAY”

    July 22, 2020 - Air France will resume regular flights between Paris and Tbilisi since August 8, Tabula reports. The French airline will fly from the Charles de Gaulle airport 2 times a week.


    FORBES GEORGIA: “GEORGIA’S 100 LARGEST COMPANIES”

    July 21, 2020 - Revenues of 100 largest companies of Georgia, except the financial sector, totaled in 2018 to 19.6 billion lari, the magazine reports. Their assets totaled to 20.7 billion lari, while the companies finished 2018 with net profit of 892 million lari.


    FORBES GEORGIA: “ANSWER TO CRISIS”

    July 20, 2020 - The magazine reports that after essentially reduced sales of concrete, Heidelberg Georgia has resumed work with full load.

    As the company points, reduction, which started in March, continued in April with drop of sales to historical minimum, when sales were halved in comparison with the same period of previous year.


transport & communications

    TABULA: “THE GOVERNMENT DECIDED FOR THE SECOND TIME NOT TO RESUME FLIGHTS, WHAT WILL HAPPEN IN CASE OF NOT RECOVERY OF TOURISM”

    July 22, 2020 - On July 21, it became known that restoration of regular flights is postponed for one more month – now, until September 1, Tabula reports.

    The article notes that as far as May, Georgian government said that borders of the country will be opened on July 1 and regular flights will be restored (that was postponed then until August 1).


international cooperation

    BANKEBI DA FINANSEBI: “JAPAN ALLOCATES ABOUT $2.8M TO GEORGIA FOR ACQUISITION OF MEDICAL EQUIPMENT”

    July 23, 2020 - For acquisition of hi-tech medical equipment, Japan allocates 300 million JPY (about $2.8 million) to Georgia, the newspaper reports. Respective agreement between the governments of Georgia and Japan was signed on July 22.


finances & banking

    BANKEBI DA FINANSEBI: “IRAKLI KOVZANADZE – UNTIL END OF THE YEAR, WE HAVE TO WATCH CAREFULLY RESULTS OF INSURANCE SECTOR”

    July 23, 2020 - Irakli Kovzanadze, chairman of Georgian Parliament’s Fiscal Committee, said that “6-month indicators of insurance sector are positive”. “However, we have to watch carefully the results until end of the year”, he pointed.


    BANKEBI DA FINANSEBI: “ALEXANDER DZNELADZE – WE EXPECT THAT IN 2-3 MONTHS CONSUMER LOANS WILL DECREASE IN PRICE”

    July 20, 2020 - Alexander Dzneladze, president of Georgian Banks Association, declares that within the government program of mortgage loans’ subsidizing, “submission of applications” on these credits is sharply increased. “We have yet no full information in respect of issuing, as processing of applications needs some period”, he notes.


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