Economic Press Monitor April 22 - 28, 2018	Days:  14 21 28 05 12

economic & politics

EUGEORGIA.INFO: “WITH ASSISTANCE OF THE EU, TETRITSKARO YOUTH FOUND JOBS IN VARIOUS LOCAL SPHERES”

April 27, 2018 - Within the 2^nd phase of the European Neighborhood Program for Agriculture and Rural Development (ENPARD II), 4-year project is launched in Tetritskaro municipality (Kvemo Kartli region), Eugeorgia.Info reports. The project is implemented by Association Rural Development for Future Georgia (RDFG).




NETGAZETI.GE: “UNDER THE DRAFT BILL, GEORGIAN BORDER GUARD WILL BE AUTHORIZED NOT TO LET YOU OUT TO THE SCHENGEN AREA”

April 26, 2018 - Those Georgian citizens, who will not have the document, confirming financial security of their travel, travel insurance, confirmation of accommodation abroad and valid biometric passport, could be refused departure in the direction of the EU / the Schengen area, Netgazeti.Ge reports.

The mentioned is envisaged by draft bill, which initiators are majority MPs Archil Talakvadze, Eka Beselia, Mamuka Mdinaradze, Giorgi Volsky, Kakhaber Kuchava, Otar Danelia, Giorgi Khatidze and Zviad Kvachantiradze.




TABULA: “NAMCHAVADZE: THEY DEMAND SOCIAL RESPONSIBILITY FROM BUSINESS, BUT CAN NOT REFUSE BONUSES THEMSELVES”

April 25, 2018 - They (state officials) demand social responsibility from business, while cannot refuse themselves official cars, bonuses, supplements, bloated staff and thousands of privileges, economist Beso Namchavadze posted on his Facebook page.

The banking sector created thousands of jobs, financed 60% of economy, is one of the most hi-tech, transparent, does not lag behind in terms of service even the developed countries, Namchavadze specifies.




BANKEBI DA FINANSEBI: “OUT OF 50,000 HA OF LAND IN OWNERSHIP OF FOREIGNERS, 12,000 ARE CULTIVATED”

April 25, 2018 - Foreigners own in Georgia 45,000-50,000 ha of farmland, of which 12,000 ha are cultivated, chairman of the Parliament’s Committee on Agrarian Issues Otar Danelia declares. The Parliament works on sanctions in this regard, he notes.




FORBES GEORGIA: “THE US STATE DEPARTMENT ESTIMATES GEORGIA’S MEDIA ENVIRONMENT”

April 23, 2018 - Country Report on Human Rights Practices for 2017 of the US State Department indicates the increased concern of non-governmental organizations, journalists and international community regarding media pluralism in Georgia.

In this context, the report points at amendments to law “On Public Broadcaster”, as well as at merger of three TV channels (Imedi, Maestro and GDS) in single holding, the magazine says.




TABULA: “SAAKASHVILI: “UNM” WILL BEGIN ACCOUNTING OF UNFAIR BANKING DEBTS FROM MAY”

April 23, 2018 - Ex-president of Georgia Mikheil Saakashvili considers that “first of all, entry of banks in non-core businesses has to be forbidden”. Also, interest rates for overdue credits have to be “sharply limited” and “upper limits have to be set for banking rates”, he writes on own Facebook page.




FORBES GEORGIA: “WE NEED GLOBAL VISION”

April 23, 2018 - Problems, which hamper our economy to develop more quickly, steady and that is the most important, inclusively, are of more deep, global, fundamental and institutional character than daily problems, considers Irakli Kovzanadze, chairman of the Parliament’s Fiscal Committee.

In his opinion, published in the magazine, Kovzanadze marks several problems.

macroeconomics & budget

FORBES GEORGIA: “IN TERMS OF WINE EXPORT GEORGIA IS ON THE 21^ST PLACE IN THE WORLD”

April 27, 2018 - Referring to data of World’s Top Exports, the magazine reports that Georgia occupies the 21^st place among wine exporting countries. In 2016, wine export of the country amounted to $113.5 million, making up 0.4% of global wine export.




FORBES GEORGIA: “HOW MUCH “SHADOWY” GEORGIA’S ECONOMY IS – ANSWER OF THE IMF”

April 24, 2018 - Head of the IMF mission Mercedes Vera-Martin estimates that by data of 2015, share of “shadow economy” in Georgian GDP makes up about 10%. However, this does not include share of informal economy, she notes.

conflict and court

LIBERALI: “MINERS DEMAND INCLUSION OF MEDIATOR IN DISPUTE WITH “GEORGIAN MANGANESE””

April 25, 2018 - Chiatura miners demand from the Minister of Labor, Healthcare and Social Protection to appoint a mediator in their class labor lawsuit against Georgian Manganese, the magazine reports. The article notes that corresponding application was submitted to the Ministry on April 18, while mediator is not appointed yet.

companies

BANKEBI DA FINANSEBI: ““ELIAVA REGIONAL MALL” OFFERS THE CITY HALL OF TBILISI ANNOUNCEMENT OF JOINT CONTEST”

April 27, 2018 - LLC Embankment Investment Group (Eliava – Regional Mall) addresses Tbilisi Mayor Kakha Kaladze with open letter and suggests announcement of joint contest on development of the territory of so-called “Eliava Market” (wholesale construction market), the newspaper reports.

Currently, facilities of “Eliava Market” occupy 11.3 ha out of total area of 15.5 ha.




REZONANSI: “FRENCH COMPANY “ORANGE GROUP” MIGHT ACQUIRE “SILKNET””

April 24, 2018 - Ucha Seturidze, executive director of Association of Small and Medium Telecom Operators, declares that there is assumption that French Orange Group plans acquisition of SilkNet.

Seturi points in confirmation to plans of cooperation between SilkNet and Sofrecom (subsidiary of Orange Group).




FORBES GEORGIA: “DIFFERENT VIEW”

April 24, 2018 - While commenting on future plans in an interview to the magazine, founder and executive director of Alliance Group Holding Ayet Kukava declares: “We want to hold the largest financial and leasing conference “Leaseurope” in Georgia”. “Such [conference] was not held not only in Georgia, but even in Eastern Europe”, he notes.

international cooperation

NETGAZETI.GE: “TURKEY ALLOCATED TO GEORGIA 5,500,000 LIRAS”

April 25, 2018 - Turkey allocates to the government of Georgia 5.5 million liras (about $1.35 million) for the military purposes, Netgazeti.Ge reports.

The respective agreement was signed at the end of 2017, while bureau of Georgian Parliament considered it at the meeting on April 18.

finances & banking

BANKEBI DA FINANSEBI: “INSURANCE MARKET DEVELOPS WITH LOW PACE”

April 27, 2018 - Tina Stambolishvili, head of marketing communication of GPIH, says that local insurance market increased in 2017 by 13%, “which is low dynamics, though it is still growth”.

“The leading direction is health insurance, while the second place is occupied by insurance of cars and property”, Stambolishvili specifies.




FORBES GEORGIA: “HOW MUCH MINING OF ONE BITCOIN COSTS IN GEORGIA AND IN THE WORLD”

April 26, 2018 - Referring to research of Elite Fixtures, the magazine reports that in terms of cost of bitcoin mining, Georgia occupies the 19^th place among 115 countries of the world. Development of one bitcoin costs in the country $3,316.




NETGAZETI.GE: “CONDITIONS OF CREDITING BECOME TOUGHER – WHAT NEW REGULATION MEANS”

April 26, 2018 - National Bank of Georgia establishes regulation for commercial banks, which restricts issuance of credit without thorough analysis of customer’s solvency, Netgazeti.Ge reports.

By new regulation, which will enter in force on May 7, banks will not be allowed to credit more than 50% of estimated value of to-be purchased apartment without the mentioned analysis.




REZONANSI: “THE TIME OF USURERS CAME TOO – NATIONAL BANK WORKS ON THEIR REGULATION”

April 24, 2018 - National Bank of Georgia (NBG) prepares for steps on introduction of regulation for private usurers, the newspaper writes. However, NBG itself declares that they do not know yet, how could be turned this market in framework of regulations.




KVIRIS PALITRA: “WHAT RESTRICTIONS WILL BE SET TO PAWNSHOPS”

April 23, 2018 - In 2017, balance profit of pawnshops made up 47.6 million lari, of which 73.1% was share of Tbilisi, the newspaper reports. As the article says, the authorities work on introduction of restrictions for pawnshops.