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Economic Press Monitor

May 21 - 27, 2017

Previous Issues:  Days: < 13 20 27 03 10 > 

 

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economic & politics

    NETGAZETI.GE: “KALADZE: GEORGIAN MUST NOT SELL LAND, IF NOT AN EXCEPTIONAL CASE”

    May 25, 2017 - Georgia’s Deputy Premier Kakha Kaladze considers that land in Georgia must not be sold, “if not an exceptional case: land can be sold to large international companies”. “It is not only my and Premier’s position, it is position of our team”, he points.


    FORBES GEORGIA: ““HERITAGE FOUNDATION” NAMES JUDICIAL SYSTEM THE MAIN CHALLENGE FOR GEORGIA’S ECONOMY”

    May 25, 2017 - Coauthor of Economic Freedom Index of Heritage Foundation Anthony Kim declares that “Georgia has conducted a lot of work for reforming and modernizing of own economy, but now, I think that it is necessary to do more, especially, in respect of judicial system”. “Without independent judicial system, it is very difficult to reach a sustainable development”, he points.


    TABULA: “THE PRESIDENT SUPPORTS WITHDRAWAL OF “ECONOMIC FREEDOM ACT” FROM THE CONSTITUTION”

    May 22, 2017 - Anna Dolidze, the parliamentary secretary of the President Giorgi Margvelashvili, declared that the President supports withdrawal of Economic Freedom Act from the Constitution.

    The President “considers that decision on increase, decrease of taxes, toughening of tax policy should be prerogative of the government and ruling team, its members”, Dolidze said.


macroeconomics & budget

    REZONANSI: “PENSION WILL NOT GROW IN THE COMING YEARS”

    May 24, 2017 - The government will be forced to refuse growth of pensions in next year also, besides, launch of pension reform process is postponed for 1 year at least, the newspaper says.

    Expert Paata Aroshidze indicates that “upon adoption of the budget-2017, it was said that growth of pensions will not be possible”.


    REZONANSI: “BILLIONS OF DOLLARS INFLOW, BUT THE COUNTRY REMAINS IN CRISIS”

    May 23, 2017 - Academician Avtandil Silagadze declares that revival is noticed in several sectors of economy, “but it does not improve wellbeing of the population, as disproportionate distribution of income is conducted in the country”. “Capital investments did not cause creation of new jobs”, he points.


    TABULA: “DAVITASHVILI: THE STATE CAN NOT AND WILL NOT ASSIST PEASANTS, SUFFERING LOSS BECAUSE OF DISASTER”

    May 22, 2017 - Agriculture Minister Levan Davitashvili declared to journalists that the state “can not and will not assist” to peasants, damaged because of recent heavy rains. “When there is instrument of agroinsurance operating, such one-time interventions are unfair”, he noted.


conflict and court

    TABULA: “MP FROM “ALLIANCE OF PATRIOTS” SENTENCED FOR 15-YEAR IMPRISONMENT IN UNITED EMIRATES”

    May 24, 2017 - Referring to Gulf Business, the article reports that criminal court in the United Arab Emirates sentenced in absentia former head of Ras Al Khaimah Investment Authority (RAKIA) Khater Massaad and former executives of this company, Gela Mikadze (member of Georgian Parliament from Alliance of Patriots) and Giorgi Janashia, for 15-year imprisonment each.

    Besides, court imposed on Mikadze liability to reimburse $12.8 million, while on Janashia – $4.4 million.


    NETGAZETI.GE: “LAWYER: LITIGATION WITH GELA MIKADZE HAD THE SHEIKH, WHO IS CHAIR OF THE COURT”

    May 24, 2017 - Keti Kvartskhava, lawyer of MP Gela Mikadze, stated, while commenting on decision of UAE court, that investigation and court consideration in the United Arab Emirates were held in such a way that the accused party was not notified.

    She indicated that “claimant is the sheikh, who is the judge and member of the prosecutor’s family, absolutely everything is built on clan system” and added: “this court has absolutely no degree of trust”.


companies

    FORBES GEORGIA: ““GEORGIAN RAILWAY” DOES NOT PLAN EMISSION OF EUROBONDS UNTIL 2020-2021”

    May 25, 2017 - Director of Georgian Railway Mamuka Bakhtadze declares that the company does not plan emission of Eurobonds and growth of credit until 2020-2021.

    “Eurobonds, issued by Georgian Railway [in 2010], have now the best period”, Bakradze specifies.


transport & communications

    REZONANSI: “AFTERWRECK AND AMORTIZED CARS WILL NOT BE ABLE TO PASS CHECKUP”

    May 23, 2017 - Problem of the imported cars is their malfunction, the newspaper states and notes that two thirds of the imported cars are amortized.

    Vaso Urushadze, director of Ecotransport Center, says that problematic cars generally arrive from America, while Japan is the most well-ordered market in this term.


international cooperation

    KVIRIS PALITRA: “1.4-BILLION MARKET FOR GEORGIA – WHAT WE HAVE TO DELIVER TO CHINA?”

    May 22, 2017 - In 2016, China was the 4th largest trade partner of Georgia, while in terms of Georgian export – the 3rd one, after Russia and Turkey.

    For the last 4 years, export of Georgian production to China has increased almost 7 times – from $25 million to $169 million.


finances & banking

    BANKEBI DA FINANSEBI: “IN TERMS OF SIZE OF POPULATION, HAVING BANKING DEBT, GEORGIA IS ON THE SECOND PLACE IN THE WORLD”

    May 25, 2017 - Expert Mikhail Dundua estimates that “recent growth of commercial banks’ profit is mainly connected with excessive debt of the population”.

    The expert points at the report of IMF, which indicates that in terms of size of population, having banking debt, Georgia is on the 2nd place in the world.


    KVIRIS PALITRA: “IN TERMS OF PROFITABILITY, GEORGIAN BANKS ARE IN WORLD’S TOP TEN”

    May 22, 2017 - According to data of the 1st quarter, Georgian banking sector has returned 27% on equity, the newspaper reports.

    Expert Mikhail Dundua points that in terms of profitability, Georgia banking sector is “on the 9th position [in the world], near to backward countries of Africa, Asia and Latin America”.


agriculture & food

    FORBES GEORGIA: “WINE MAKERS ESTIMATE DECISION OF THE MINISTRY”

    May 23, 2017 - Agriculture Minister Levan Davitashvili declared that there will be no subsidizing of grapes of Saperavi variety within rtveli-2017 (vintage). Perhaps, subsidizing will not be conducted in respect of Rkatsiteli too, he noted.


construction

    NETGAZETI.GE: “IN “MZIURI”, IN DISASTER ZONE, THE INVESTOR ASKS FOR PERMISSION FOR HOTEL CONSTRUCTION”

    May 24, 2017 - The company Piazza Mziuri applied to Architectural Service of Tbilisi City Hall for permission for construction of hotel and multipurpose building on territory of Mziuri park, in zone of disaster, the newspaper reports. The matter concerns territory of 15,761 square m.


tourism

    FORBES GEORGIA: “THE MOST EXPENSIVE HOTEL ROOMS IN GEORGIA”

    May 23, 2017 - Most part of international branded hotels in Georgia is located in Tbilisi and Batumi, the magazine says. At that, the article notes that until end of 2017, number of hotel rooms in Tbilisi is planned to raise to 1,203 (by 69.6%), while in Batumi – to 224 (by 24.1%).


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