Economic Press Monitor March 24 - 30, 2019	Days:  16 23 30 06 13

economic & politics

FORBES GEORGIA: “IN TERMS OF FOREIGN TRADE FREEDOM, GEORGIA IS ON THE FIFTH PLACE IN THE WORLD”

March 28, 2019 - According to the Economic Freedom Index of Heritage Foundation, Georgia is on the 5^th place in the world in terms of foreign trade freedom with score of 88.6 points (the maximum points – 100), the magazine reports. Last year, Georgia was on the 6^th place.




TABULA: “IN CASE OF DEPORTED IN 2006, ECHR ASSIGNED RUSSIA TO PAY COMPENSATIONS TO 19 CITIZENS”

March 27, 2019 - The European Court of Human Rights (ECHR) in case of Georgians’ deportation of 2006 assigned Russia to pay compensation to 19 citizens of Georgia, reports Tabula. Russia has to pay to Georgians from 2,000 to 15,000 EUR.




REZONANSI: “MESSAGES AND WARNINGS OF STOLTENBERG: WHO AND HOW GOT STATEMENTS OF NATO SECRETARY”

March 26, 2019 - In anticipation of anniversary ministerial of NATO, secretary general of the Alliance Jens Stoltenberg arrived on March 24 to Georgia. He confirmed NATO’s stance that Georgia will surely become the Alliance member.




KVIRIS PALITRA: “IN WHAT CASE THE COUNTRY WILL LOSE THE ANAKLIA PROJECT – WHAT MAMUKA KHAZARADZE DECLARES?”

March 25, 2019 - If the new tender will be announced on construction of Anaklia port or $600 million will be invested by the state, the country will lose the project, declares Mamuka Khazaradze, one of founders of TBC Group and Anaklia Development Consortium.

Khazaradze indicates that the matter concerns the megaproject, compound of multiple factors.




FORBES GEORGIA: “OFFSHORE ZONES, FROM WHERE MOST OF ALL FDI ENTERS GEORGIA”

March 25, 2019 - Out of total foreign direct investments (FDI) of $1.23 billion, which were arrived to Georgia in 2018, offshore zones account for $550 million.

Already for several years, Georgia’s largest foreign investor is Panama-registered Franston International, which belongs to Bidzina Ivanishvili (billionaire leader of ruling Georgian Dream), the magazine reports.

macroeconomics & budget

FORBES GEORGIA: “154.8 MILLION LARI FROM SANCTIONS – FOR WHAT CITIZENS AND BUSINESS ARE FINED”

March 27, 2019 - The magazine reports that the budget of 2018 gained 154.8 million lari from sanctions, penalties and fines. As the article notes, the volume by 27.4%, or by 42.5 million lari, exceeds an indicator of 2017.




NETGAZETI.GE: “IN 2018, TOTAL COST OF PARCELS FROM THE US AND CHINA DOUBLED”

March 26, 2019 - In 2018, in Georgia arrived 2.67 million parcels from the USA and China with total cost of up to 500.99 million lari, Netgazeti.Ge reports. If compared with 2017, the cost has doubled.




TABULA: “ROMAN KAKULIA: SALARY OF MP HAS TO GROW”

March 26, 2019 - Chairman of Georgian Parliament’s Committee on Branch Economy and Economic Policy Roman Kakulia considers that salary of MPs has to grow. “When MP’s salary is that it is, in my opinion, it is not relevant”, he declares.




TABULA: “AUDIT CONCLUSION: IN GEORGIA, 100,000 INHABITANTS ARE SERVED BY 7 SOCIAL WORKERS”

March 25, 2019 - Referring to conclusion of State Audit Service, Tabula reports that in Georgia, 100,000 inhabitants are served by 7 social workers. That is considerably lags behind practice of other countries, the article notes.

conflict and court

TABULA: “WHAT IS OFFERED BY HEALTHCARE DEPARTMENT TO SOCIAL WORKERS IN RESPONSE TO THEIR DEMANDS”

March 28, 2019 - All caseworkers in scales of Georgia are on strike for the 3^rd day, Tabula reports.

The Minister of Labor, Healthcare and Social Protection David Sergeenko declares that until now, there was wrong communication between caseworkers and the Ministry, because of what they faced challenges alone.




NETGAZETI.GE: “FROM NEXT MONTH, SALARY TO STRIKING CASEWORKERS COULD BE NOT PAID ANYMORE”

March 28, 2019 - Georgia’s Deputy Minister of Labor, Healthcare and Social Protection Tamar Barkalaia declares that salary to striking caseworkers will be paid for a month. “However, from the next month, payment of salary becomes questionable, as according to law, the employer is not obliged to pay a salary [obviously, during the strike]”, she warns.




TABULA: “THE SUBJECT OF “TBC” CANNOT COMPLETE IN SUCH WAY, I WILL USE ALL LEGAL FORMS”

March 25, 2019 - The problem of TBC Bank “is exhausted in that part that the bank never had a problem”, declares Mamuka Khazaradze, one of founders of this Georgia’s largest bank, who resigned resently from the post of supervisory council’s chairman. However, the problem “is not exhausted in relation of our founders”, he specifies.

companies

BANKEBI DA FINANSEBI: ““SWISS CAPITAL” SUCCESSFULLY ISSUED CORPORATE BONDS OF 10M LARI”

March 29, 2019 - Georgian microfinancial organization Swiss Capital accomplished first emission of not-subordinated unsecured corporate bonds of 10 million lari, the newspaper reports. Bonds are placed for 100% of the value.




FORBES GEORGIA: ““SILKNET” ISSUED EUROBONDS OF $200M”

March 29, 2019 - Georgian communication operator SilkNet (the parental company – Silk Road Group) issued unsecured 5-year bonds of $200 million, the magazine reports. The article specifies that coupon rate of the securities made up 11% and bonds were placed for 100% of value.




BANKEBI DA FINANSEBI: “MEMORANDUM IS SIGNED BETWEEN “AIGROUP” AND “CHANGAN” COMPANY”

March 27, 2019 - Based on memorandum, signed between Georgian Aigroup and Chinese Changan, electric vehicle will be created for the first time under Georgian brand, the newspaper reports. The first production is planned at the end of 2019.




BANKEBI DA FINANSEBI: “SHARE CAPITAL OF “GPIH” INCREASED BY 4.5M LARI”

March 26, 2019 - Shareholders meeting, held on March 13, decided to increase the capital of insurance company GPIH by 4.5 million lari, the newspaper reports.

As the article notes, shareholders increased the capital for last two years by 20 million lari in total, so that it amounts currently to 32.03 million lari.

transport & communications

FORBES GEORGIA: “PORTING TO THE TWENTIETH CENTURY”

March 28, 2019 - In 2018, all four ports and oil terminal of Georgia transshipped 15.1 million t of freights, which is by 8% lower than an indicator of 2017. In comparison with 2010, freight turnover decreased by 33%, while in comparison with 2000 – by 16%, the magazine reports.

finances & banking

BANKEBI DA FINANSEBI: “PROFIT OF MICROFINANCIAL ORGANIZATIONS DECREASED”

March 27, 2019 - At the end of the 4^th quarter of 2018, net profit of Georgian microfinancial organizations totaled to 31.1 million lari, the newspaper reports. The article notes that the volume has decreased by 13.43 million lari year-on-year.

construction

NETGAZETI.GE: ““BATUMI RIVIERA” – HISTORY, DETAILS AND PLANS OF “SILK ROAD GROUP””

March 29, 2019 - Silk Road Group with assistance of Georgian Co-Investment Fund plans to implement Batumi Riviera project (residential and hotel complex, yacht club, etc. in Batumi), Netgazeti.Ge reports.