Economic Press Monitor November 22 - 28, 2020	Days:  14 21 28 05 12

economic & politics

BANKEBI DA FINANSEBI: ““GEORGIAN DREAM” WILL RECEIVE 5,140,020 LARI FROM THE STATE, BLOCK OF “NATIONAL MOVEMENT” – 3,115,635 LARI, WHILE “EUROPEAN GEORGIA” – 1,124,409 LARI”

November 27, 2020 - Considering number of votes, won in parliamentary elections of October 31, 14 parties have to receive financing from the state budget.

As the newspaper reports, applications with consent to receive financing were submitted to Central Election Commission by 9 parties.




TABULA: “TIKARADZE ON PENSION SAVINGS: AS THE POPULATION REQUESTS, I WILL RAISE THIS QUESTION ONCE AGAIN”

November 27, 2020 - Opposition party European Georgia urged Georgian government as far back as March to return to citizens their pension savings, in order to mitigate economic damage because of COVID-19, Tabula reminds.

Ekaterina Tikaradze, Georgia’s Minister of IDPs from Occupied Territories, Labor, Healthcare andSocial Protection, said: “We held discussion in this regard, but we consider that this is reform, calculated for a long-term outlook” (pension reform, launched in 2019).




TABULA: “GAKHARIA: ECONOMIC PRICE OF THESE RESTRICTIONS WILL BE 0.7-0.8% OF GDP, NO MORE”

November 27, 2020 - Georgia’s Prime Minister Giorgi Gakharia estimates that price of toughening of restrictions, imposed because of COVID-19 outbreak, will be “0.7-0.8% of GDP, no more”. “This is in addition to those economic indicators, which we saw today”, he notes.




REZONANSI: “LARI WILL DEPRECIATE, ECONOMY WILL STOP, PRODUCTS WILL RISE IN PRICE – PEOPLE TO FACE THE HARDEST WINTER”

November 27, 2020 - Because of new restrictions in connection with COVID-19 spread, basic essentials could rise in price even more, the newspaper says. In such conditions, even stabilization of national currency will be difficult, not to speak about its strengthening, the article points.




TABULA: “KALADZE: SUBWAY WILL NOT STOP, WILL SERVE POPULATION OF THE CAPITAL”

November 26, 2020 - Tbilisi Mayor Kakha Kaladze said that the fact that COVID-19 is confirmed to 25 engine drivers of Tbilisi subway will not hamper operation of the subway. The subway will not stop and will uninterruptedly serve passengers, he assured.




NETGAZETI.GE: “RESTRICTIONS WILL NOT CONCERN CONSTRUCTION, PRODUCTION AND PROJECTS, FINANCED FROM THE BUDGET – TSKITISHVILI”

November 26, 2020 - Maya Tskitishvili, Georgia’s Deputy Premier and Minister of Regional Development and Infrastructure, stated that system lockdown is excluded.

We speak only about certain geographical areas, mostly large cities, where restrictions to be enacted, Tskitishvili said.




BANKEBI DA FINANSEBI: “INDEPENDENT LABOR UNIONS – BIG PART OF SUBWAY ENGINE DRIVERS IS INFECTED, TIGHT RESTRICTIONS ARE REQUIRED, PERHAPS, STOP OF THE SUBWAY FOR SOME TIME”

November 25, 2020 - Big part of engine drivers and other employees of the subway is infected with COVID-19, independent labor union of Tbilisi subway engine drivers Ertoba 2013 (Unity 2013) asserts. The labor union demands immediate imposition of tight restrictions.

macroeconomics & budget

BANKEBI DA FINANSEBI: “SHORTAGE OF $300M IN THE BUDGET – RETAIL-SECTOR AND TOBACCO INDUSTRY ASK TO DELAY ENACTMENT OF NEW REGULATION”

November 24, 2020 - In order to prevent tobacco consumption, placing tobacco products on counters and in storefronts of trade outlets has to be forbidden in Georgia since January 1, 2021.

Representatives of the sphere have no claims in connection with new regulation, but ask to delay its enactment, the newspaper reports.




REZONANSI: “BY INTRODUCTION OF NEW TIGHT RESTRICTIONS, THE COUNTRY WILL GROW POORER BY 400M”

November 24, 2020 - The newspaper reports that according to preliminary information, restrictions because of COVID-19 will be enhanced by stop of intercity transport communications and closing of shopping facilities. Actually, 80% of the country’s economy will appear subjected to lockdown, the article points.




KVIRIS PALITRA: “STOP OF ECONOMY OR CLOSING?”

November 24, 2020 - Because of large-scale COVID-19 spread, introduction of so-called pointed restrictions is expected in Georgia from current week, the newspaper says. The article brings comments of several experts on the subject of lockdown.

energy, oil & gas

FORBES GEORGIA: “PRICE OF CHANGES IN POWER INDUSTRY”

November 26, 2020 - By 2021, process of separation of operators’ activity in Georgian energy distribution system will be completed. Besides, consumers will choose electricity provider themselves for the first time, the magazine points.




REZONANSI: ““ENGURHES” WILL STOP AFTER NEW YEAR – WE WILL HAVE TO GET EXPENSIVE ELECTRIC POWER FROM NEIGHBORS”

November 25, 2020 - Levan Mebonia, director of EngurHES, says that rehabilitation of this hydroelectric station will begin in the middle of next January and will last for about 95-100 days. Operation of the power station has to be restored no later than May 10, this is the ultimate term, he notes.

companies

FORBES GEORGIA: ““CREDO BANK” ATTRACTED RESOURCE OF $5M FROM LEADING EUROPEAN DEVELOPMENT INSTITUTE “PROPARCO””

November 25, 2020 - Credo Bank attracted loan of $5 million from PROPARCO (subsidiary of French Development Agency (AFD), focused on private sector development), the magazine reports.

Attracted funds are intended for the ensuring short-term needs of Georgian bank’s clients and micro-, small and medium business’ financial needs, caused by COVID-19 pandemic.

ecology & health

TABULA: “FOR THE LAST WEEK, GEORGIA WENT ON THE 1^ST PLACE BY INFECTION RATE PER 100,000 RESIDENTS – “NYT””

November 24, 2020 - Referring to New York Times, Tabula reports that for the last week, Georgia is on the 1^st place in the world by indicator of COVID-19 cases per 100,000 residents. Next are Luxembourg, Montenegro and Serbia.

finances & banking

FORBES GEORGIA: “THERE IS A CHANCE THAT INTEREST RATE ON CREDITS TO DECREASE IN 2021”

November 25, 2020 - Alexander Dzneladze, president of Georgia Banks Association, said that the project of mortgage loans’ subsidizing exceeded expectations in terms of issued credits’ quantity.

According to Dzneladze, “5,700 credits are subsidized that totals to 550 million lari”.