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DAILY NEWS March 2, 2015

PRIME MINISTER AND ECONOMIC TEAM DISCUSSED CURRENT ECONOMIC PROCESS AND PLANNED ACTIONS WITH IMF

Today, the Prime Minister Irakli Garibashvili, together with Ministers of Finance and Economy and Sustainable Development, met representatives of analytical mission of IMF.

As the Premier’s press service reported, the meeting scoped consideration of current economic processes and concrete measures, planned by the government. More...


THE GOVERNMENT ALLOCATES GRANTS OF 340,000 LARI TO NON-GOVERNMENTAL ORGANIZATIONS FOR RETURNED MIGRANTS’ REINTEGRATION

The Ministry of Internally Displaced Persons from Occupied Territories, Refugees and Resettlement announced grant competition for non-governmental organizations for the purpose of reintegration of migrants, who returned home.

Total amount makes 340,000 lari, which will be distributed through 12 grants. More...


SHORE PROTECTION WORKS IN ADLIA COMPLETED

Ministry of Regional Development and Infrastructure reported that State Construction Company has finished shore protection works in Black Sea resort Adlia.

The project with cost of 5.3 million lari was carried out by request of Ajara bureau of environmental protection and natural resources. More...


REHABILITATION OF POTI MUNICIPAL LANDFILL COMPLETED

Ministry of Regional Development and Infrastructure reported that rehabilitation of municipal landfill in Poti is finished.

Cost of the project, financed from the budget, makes up 539,700 lari. More...


THE GOVERNMENT TO BUY SET TOP BOX FOR SOCIALLY UNPROTECTED CITIZENS FROM “KONKA”

Ministry of Economy and Sustainable Development reported that the government already signed a contract with Chinese company Konka on procurement of 210,858 set top boxes for socially unprotected citizens. These devices for receiving of forthcoming digital broadcasting on old-fashioned analogue TV sets will be distributed among the mentioned category of citizens free of charge. More...


TBILISI CITY HALL: IN 2013-2014, THE CITY HALL SPENT FOR HOTEL SERVICE ONLY 178,000 LARI

Tbilisi City Hall released a special statement today, denying information of TI Georgia (Georgian branch of Transparency International), which said that the City Hall spent 1.1 million lari for hotel service in 2013-2014.

“Unfortunately, the research, conducted by the mentioned organization, is not qualified, as information, published by it, concerns medical rehabilitation program for teenagers with disabilities, but not expenses of the City Hall on guests of the capital”, the statement reads. More...


ARRANGEMENT OF PARKING ON 160 CARS IN TBILISI TO COST $1.5M

Tbilisi City Hall announced that 2-level parking on 160 cars should be arranged until September near subway station Akhmeteli Theatre. The parking is built by company Gldani Mall, who invests $1.5 million for that end. More...


COMPETITION ON CREATION OF OUTLINE PROJECT FOR TBILISI MIRZA SHAFI STREET DEVELOPMENT IS ANNOUNCED

The Tbilisi architectural service and the investor company – LLC Apollo G.S. announced competition on creation of the outline project for development of Tbilisi Mirza Shafi Street. More...


APPEAL COURT: DECISION ON REMOVAL OF HISTORICAL MONUMENT’S STATUS FROM SAKDRISI-KACHAGIANI MUST BE REVISED

Tbilisi appellate court did not satisfy claim of the Ministry of Culture and Monuments Protection and upheld decision of the city court, which charged the Ministry to revise decision on removal of historical monument’s status from Sakdrisi-Kachagiani deposit.

The claimants can object the decision of appellate court within 21 days. More...


“YOUNG BARRISTERS”: “KAZTRANSGAS-TBILISI” REALIZED RISKS AND CHALLENGES OF ATTEMPT TO INCREASE GAS COST

Non-governmental organization Young Barristers declared that the organization welcomes the decision of KazTransGas-Tbilisi, according to which gas tariff for legal entities will not be raised since March 1.

As the organization notes, “the company realized risks and challenges of own attempt”. More...


SHAREHOLDERS OF “WISSOL PETROLEUM GEORGIA” TO DISCUSS MERGER WITH “GLOBUS” AND “WISSOL PETROLEUM GEORGIA – SABURTALO-2”

Wissol Petroleum Georgia declared that meeting of shareholders will consider merger with LLC Globus and LLC Wissol Petroleum Georgia – Saburtalo-2 on March 23.

Extraordinary general meeting is called by supervisory council of Wissol Petroleum Georgia and its agenda includes only the mentioned question. More...


FOR THE PURPOSE OF CONSTRUCTION OF “INTERCONTINENTAL TBILISI”, “ADJARA GROUP HOSPITALITY”, “SAKARTVELOS BANKI” AND EBRD SIGNED CREDIT AGREEMENT OF $24M

Adjara Group Hospitality, Sakartvelos Banki (Bank of Georgia) and EBRD signed a credit agreement of $24 million for financing of construction of 5-star hotel Intercontinental Tbilisi.

As Sakartvelos Banki said, total cost of the project makes up $53 million, which will be jointly provided by all three partners. More...


NET INTEREST INCOME OF “TBC BANK” INCREASED IN 2014 BY 19.8% Y-O-Y

TBC Bank reported that its net interest income for 2014 amounted to 338.65 million lari. If compared with 2013, the volume has increased by 19.8%. More...


NET INCOME OF “TBC BANK” FROM COMMISSION CHARGES AND SERVICE FEE GREW BY 17.2%

TBC Bank reported that its net income from commission charges and service fee amounted in 2014 to 58.68 million lari. If compared with 2013, the volume has increased by 17.2%. More...


ECONOMIC PRESS MONITOR March 2, 2015

Kviris Palitra: ““KADAGIDZE LIED…” – WHO “PLAYS” WITH LARI”

Drop of lari exchange rate is commented by expert Mikhail Dundua, former vice-president of National Bank of Georgia (NBG) Merab Kakulia and Deputy Minister of Regional Development and Infrastructure, ex-president of NBG Nodar Javakhishvili.

According to Dundua, president of NBG Giorgi “Kadagidze lied when said that he provided enough dollars to economy”. More...


Sakartvelos Ekonomika: “THE WAY FROM 1.7 TO 2.16 – IN SEARCH OF THE WAY OUT”

The magazine reviews chronology of lari rate drop (from 1.7 GEL/USD to 2.16 GEL/USD) and considers its reasons and results. Devaluation already caused damage to economy of Georgia and to social and economic opportunities of population, the author of article notes. More...


Sakartvelos Ekonomika: “EMZAR JGERENAIA: IT WILL NOT BE THE NEW POINT OF BALANCE, BUT VOLATILITY WILL NOT BE SUCH PAINFUL, AS UNTIL NOW”

Professor of Tbilisi State University Emzar Jgerenaia comments to the magazine on an anti-crisis plan of the government and its approximate results.

Jgerenaia considers that the governmental anti-crisis plan “is adequate”. More...


Exchange Rates (NBG)
  03/02/15 + / -
  USD   2.1403   0.0251
  EUR   2.4008   0.0307
  RUR   3.4484   0.0881
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