Georgian English Russian Main Register Company Partners Feedback
Sarke Information Agency
Georgian/English/Russian Menu

Daily News
Economic Press Monitor
 
Georgian Business Ethics Web Conference


DAILY NEWS August 1, 2014

IMF ALLOTTED LOAN OF $154M TO GEORGIA

Executive board of IMF approved a 36-month Stand-By Arrangement (SBA) of $154 million for Georgia. Out of this loan, being provided “to support the authorities’ economic program”, $62 million will be disbursed immediately, while remaining part “will be phased over the duration of the program, subject to reviews”. More...


FINANCE MINISTER: EXPORT TO RUSSIA WILL NOT DECLINE SIGNIFICANTLY, WHILE TAXATION OF IMPORT WILL BRING ADDITIONAL 15-20M LARI TO THE BUDGET

Finance Minister Nodar Khaduri declared that “According to our calculations, taxation of our production during export to Russia should not cause significant growth in price of this production and significant decrease of export”.

“Import from Russia will be taxed with customs dues and as a result, Georgian budget will get additional 15-20 million lari”, the Minister pointed. More...


TRANSPORT COSTS LEAD IN EXPENDITURE FOR ECONOMIC ACTIVITY, BUT STILL ACCOUNT FOR 85.41% OF THE TARGET

According to the Finance Ministry’s Treasury Service, out of funds, spent in 6 months for economic activity (419.58 million lari, 83.38% of the target), 53.2%, i.e. 232.21 million lari, make up transportation costs. However, that sum makes up 85.41% of the semiannual target too. More...


“PRODUCE IN GEORGIA” PROGRAM IS AMENDED WITH AIM OF BENEFICIARIES’’ NUMBER INCREASE

Deputy Minister of Economy and Sustainable Development Ketevan Bochorishvili declared that “effectiveness and success of the state program “Produce in Georgia” caused initiation of amendments to the government’s regulation, with aim of beneficiaries’’ number increase”.

Namely, “upper limit of $2 million is voided for the loans”, Bochorishvili has declared at the news briefing today, pointing: “Besides, according to the amendments, assistance will be rendered not only to start-up business, but to existing ones, seeking expansion, as well”. More...


EDUCATION MINISTRY FUNDED 135 DOCTORAL CANDIDATES WITH 2.1M LARI

Ministry of Education and Science allotted grant of 2.1 million lari for 135 doctoral candidates. As the Ministry said, that funds will cover costs of education, research, probation and participation in conferences abroad for applicants, selected through contest. More...


MUNICIPAL DEVELOPMENT FUND TO BUILD DORMITORY FOR 300 STUDENTS IN TBILISI

Following initiative of the Prime Minister, Municipal Development Fund will build dormitory for 300 students in Tbilisi. Construction of that dormitory, intended for students from occupied territories and socially unprotected residents of regions, will be completed in 2015. More...


THE GOVERNMENT TO FUND PAYROLL FOR GENERAL CENSUS WITH 6.86M LARI

The government meeting, held today for the first time with new composition, has approved regulation on funding payroll, related to general census, with 6.86 million lari.

About 13,580 will be employed within the census, including students, pensioners and socially unprotected persons, press-service of the Prime Minister said. More...


ALMOST THREE-FOURTH OF LOANS ARE ALLOTTED IN TBILISI

According to National Bank of Georgia, 73.46% of total loans, allotted as of July 1, account for Tbilisi (8.07 billion lari). That volume has increased by 18.32% year-on-year and by 4.48% – quarter-on-quarter. More...


“SOCIETY AND BANKS”: PROBLEM LOANS AND SEIZED PROPERTY HAVE MAINLY PRIVATE MONEYLENDERS

Non-governmental organization Society and Public declared that almost 10% of loans, issued by Georgian banks, are problematic, placing the country on 52nd position among 124 countries, according to the World Bank.

The organization pointed that problematic loans account for such small share in total portfolio of the banks as their real volume was borrowed from private moneylenders. More...


PROFIT OF “VTB BANK GEORGIA” DECREASED BY 29.13% Y-O-Y IN Q2

VTB Bank Georgia reported profit of 3.86 million lari for the 2nd quarter. If compared with the same period of 2013, the volume has decreased by 29.13%. More...


“ALDAGI BCI” SPLIT INTO TWO PARTS

Bank of Georgia Holdings declared that Aldagi BCI, affiliate insurance company of Sakartvelos Banki (Bank of Georgia), was split into two companies. As a result, two companies will operate – Imedi-L and medical corporation Evex. More...


PILOT PROJECT STARTED IN ABASHA AND LAGODEKHI, AIMING ESTIMATION OF CORN PRODUCTIVITY

Agriculture Ministry reported that project started with assistance of the US Department of Agriculture (USDA) in Abasha (Samegrelo region) and Lagodekhi (Kakheti region), aiming pilot testing of corn productivity’s estimation methodology.

On the first stage, areas for corn crops were selected and basic information was collected for productivity estimation, the Ministry said. More...


ECONOMIC PRESS MONITOR August 1, 2014

Rezonansi: “GEORGIAN PRODUCTION IN RUSSIA TO INCREASE IN PRICE BY 10-20%”

Due to Russian plans on suspension of free trade regime with Georgia, deputy chairman of National Wine Agency Paata Chavchanidze does not exclude increase of exported production in price. “Russia’s decision became unexpected news for us”, he points. More...


Rezonansi: “NEED OF NEW REGULATION FOR AGRICULTURAL LAND”

Fund European Initiative – Liberal Academy has drafted bill regarding agricultural land. As head of the fund Lasha Tugushi (editor-in-chief of Rezonansi) says, the draft is prepared on the base of research “Impact of immigration on land alienation and agriculture development in Georgia”. More...


Iveria.Biz: “DILEMMA AND PROSPECTS OF GEORGIAN MEDICAL SECTOR”

The author says that healthcare reform, started in 2003, has brought concrete results: medical infrastructure was replaced with facilities, complaining with latest standards, a row of commercial projects was implemented under patronage of Healthcare Ministry, concrete work has started on creation of public and private insurance institutions. However, problems appear, witnessing lack of plan and system, he points. More...


Exchange Rates (NBG)
  08/01/14 + / -
  USD   1.7359   0.0029
  EUR   2.3252   0.0020
  RUR   4.8588   0.0470
Announcements
Due to Independence Day celebration, the site will not be updated on May 26.

Sarke Information Agency

Fujitsu Computer Systems Corporation

© 2014 Sarke Information Agency