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Economic Press Monitor

May 20 - 26, 2018

Previous Issues:  Days: < 12 19 26 02 09 > 

 

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economic & politics

    TABULA: “TBILISI SAKREBULO RENAMED ROSE REVOLUTION SQUARE”

    May 25, 2018 - Tbilisi Sakrebulo (city council) renamed Rose Revolution Square into First Democratic Republic Square, Tabula reports. The decision was made at the meeting of Sakrebulo on May 25 and was supported by 30 deputies.


    FORBES GEORGIA: “IN THE RATING OF INVESTMENT APPEAL, GEORGIA IS IN THE 47TH PLACE”

    May 24, 2018 - In its research “International Business Compass 2018”, audit and business consulting company BDO International places Georgia on the 47th place among 174 countries, the magazine reports.

    The article notes that position of the country did not change in comparison with previous year and is still below the indicator of 2015 (the 43rd position).


    BANKEBI DA FINANSEBI: “BIDZINA IVANISHVILI IS SUPPORTER OF DRUGS LEGALIZATION”

    May 23, 2018 - At the central office of ruling Georgian Dream, the meeting was held on issues of drug policy, which was led by the party chairman Bidzina Ivanishvili.

    The newspaper reports that summarizing decision was not made yet, as adjustment and specification of positions is underway.


macroeconomics & budget

    TABULA: “IN THE PERIOD OF “DREAM”, GEORGIA’S PUBLIC DEBT ALMOST DOUBLED”

    May 24, 2018 - Tabula reports that according to the state budget-2018, the government plans in the current year to borrow from foreign sources 1.6 billion lari, and 400 million lari – from domestic ones.

    As a result, public debt of the country will reach 18.1 billion lari that by 94% exceeds indicator of 2013, the article indicates.


    TABULA: “THE BUDGET WILL FINANCE CONCERTS OF LU BEGA, STEPHANE, TSURTSUMIA AND OTHERS WITH 360 THOUSANDS”

    May 22, 2018 - Budget of “Check in Georgia” state program for 2018 amounts to 20 million lari, from which a considerable part will be spent for actions, in which Georgian performers will participate, Tabula says. In total, 15 concerts are planned.


energy, oil & gas

    TABULA: “FLOODED “ENGURHES””

    May 25, 2018 - Accident happened at EngurHES this night, the first floor of the machine hall is flooded at 20 cm, Tabula reports.

    According to technical director of EngurHES Gia Khubua, the possible reason is damage of turbine water supply system, because of what the main units of hydroelectric station are completely stopped.


    REZONANSI: “IN GEORGIA, CONSTRUCTION OF NEW CRYPTOCURRENCY CENTER IS PLANNED”

    May 22, 2018 - Energy specialist Gia Arabidze considers that on the background of acting electricity tariff, granting preferential conditions to objects of cryptocurrency mining is very bad for the country.

    It is necessary to consider that the country has very big deficiency of electric power – this year we will buy 2 billion kWh, then this indicator will grow further, Arabidze specifies.


    NETGAZETI.GE: “PROTEST TO “KHUDONHES” – THE ACTION IN KHAISHI DEMANDED TO SUSPEND FINALLY THE PROJECT”

    May 21, 2018 - In Khaishi village of Mestia municipality (mountainous Svaneti region), protest action was held against construction of KhudonHES hydroelectric station, Netgazeti.Ge reports.

    Zurab Nizharadze, participant of the action, indicates that construction of the station is suspended, but local residents suspect that the project is planned to resume.


conflict and court

    NETGAZETI.GE: “DESPITE COURT JUDGMENT, OPERATORS OF THE SUBWAY WILL GO ON STRIKE ALL THE SAME”

    May 22, 2018 - On May 21, Tbilisi city court restricted for indefinite term the right of strike for labor union of Tbilisi subway employees Ertoba-2013 (Unity-2013), Netgazeti.Ge reports.

    However, vice-chairman of the labor union Vasil Varsimashvili declared to Netgazeti.Ge that operators will nevertheless stage a strike on June 3.


companies

    FORBES GEORGIA: “NEW TRADING PLATFORM WILL BE INTRODUCED ON THE STOCK EXCHANGE UNTIL END OF THE YEAR”

    May 25, 2018 - On Georgian Stock Exchange, system of securities’ settlement will be renewed until end of the year, the magazine reports. Introduction of the main part of system is planned until end of 2018.


    FORBES GEORGIA: “GERMAN TASTE WITH GEORGIAN ACCENT”

    May 23, 2018 - Kakha Kotrikadze, director general of Georgian brewery Zedazeni, reports that the company produces about 30-32 million l of beer, “whereas Georgian market demands and consumes 90 million l in total”. Our lemonade production makes up 20 million l, juice – 3 million l and volume of sales is the same, he notes.


    BANKEBI DA FINANSEBI: “SINCE 2011 UNTIL PRESENT, “RMG” MINING COMPANY PAID 500M LARI IN THE BUDGET”

    May 21, 2018 - Joni Shubitidze, executive director of RMG gold mining company, states that “in total, from 2011 until present, the company paid 500 million lari in the budget”.

    The company paid over 200 million lari only for licenses, local budget only on the license territory received from 2012 to 2017 dues of 74 million lari, property tax amounted to 4 million lari, profit tax – 47 million lari, income tax – 62 million lari, regulation fee – 49 million lari, Shubitidze reports.


transport & communications

    BANKEBI DA FINANSEBI: “LONG ROUTES IN TBILISI COULD BE CANCELLED, AND PLACES OF PASSENGERS’ TRANSFER ESTABLISHED”

    May 23, 2018 - Long routes, existing currently in Tbilisi, could be cancelled and places of passengers’ transfer established, the newspaper says. The article reports that the subject was considered at the meeting of transport commission in Tbilisi Sakrebulo (city council).


finances & banking

    KVIRIS PALITRA: “FOR BORROWER NOT TO “TURN OVER”…”

    May 21, 2018 - National Bank of Georgia drafted resolution on issuance of credits to private individuals, which changes rule of credit payment, criteria of its issuing, maximum terms and introduces concept of so-called “last residence”, the newspaper reports.

    Giorgi Tsutskiridze, executive director of Georgian Banks Association, points: “Until now, there was liberal banking environment in Georgia and similar restrictions, which are introduced now, did not exist”.


    BANKEBI DA FINANSEBI: “ACCESS TO FINANCE IN THE COUNTRY IS COMPLICATED, AS WE HAVE NEW ECONOMY AND TRUST IS VERY SMALL”

    May 21, 2018 - Archil Bakuradze, founder of microfinancial organization Crystal, estimates that “the country might have problem of excessive debts, but it is not acute”. “For example, number of parallel credits decreases that means that people do not take credits from so many organizations, any they did earlier”, he specifies.


agriculture & food

    EUGEORGIA.INFO: “WITH ASSISTANCE OF EBRD AND FAO, ANALYSIS OF VALUE CHAIN OF GEORGIAN HERBS CONDUCTED”

    May 23, 2018 - With assistance of EBRD and the UN Food and Agriculture Organization (FAO), analysis of value chain of Georgian herbs’ production was conducted.

    The research showed that demand for major articles of Georgian herbs production (fennel, parsley) is low and mastering of international markets requires cultivation of new niche products, Eugeorgia.Info reports.


construction

    REZONANSI: “THERE ARE 500 PLACES IN TBILISI, WHERE LANDSLIDE MAY OCCUR”

    May 24, 2018 - Anzor Sakandelidze, founder of Builders League, indicates that study of geological characteristics of soil prior to construction is not conducted that will create serious danger to Tbilisi and residents of the capital in future.

    In his turn, head of department at the Ministry of Environmental Protection and Agriculture Merab Gaprindashvili declares that map of geological danger zones will be prepared approximately in a year.


    REZONANSI: “IN KUTAISI, WHERE IN A YEAR THE UNIVERSITY SHOULD BE OPENED, THERE IS STILL SWAMP”

    May 22, 2018 - In Kutaisi, on construction site of Technology University, which has to enroll students in 2019, practically nothing changes from year to year, the newspaper states.

    The article points that fund Cartu, which finances works, still has not developed final version of the architectural project.


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