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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 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...
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...
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...
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...
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 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...
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...
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...
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...
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...
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...
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