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DAILY NEWS March 27, 2015

ADB: GEORGIA’S ECONOMIC GROWTH IN 2015 TO BE 2%, IN 2016 – 2.5%

Asian Development Bank (ADB) estimates that Georgia’s economic growth in 2015 will be 2%, which “is in tandem with slowdowns in the European Union and neighboring Azerbaijan and a projected recession in the Russian Federation”.

“Some recovery in growth, to 2.5%, is forecast in 2016 as manufacturing strengthens and services pick up”, ADB declares in the report, published these days. More...


ADB: IN 2015 AND 2016, INFLATION IN GEORGIA TO BE 5%

Asian Development Bank (ADB) estimates that in 2015 and 2016, inflation in Georgia will be 5%, “in part because of further lari depreciation”.

“Despite projected reductions in international prices, domestic food price inflation could worsen if demand increases for Georgian food exports, especially from the Russian Federation”, ADB specified in the report, published these days. More...


OPPOSITIONAL MP: VISA REGULATIONS HAMPER INVESTMENTS AND NEED CANCELLATION

MP David Darchiashvili (United National Movement) declared that visa regulations, established by Justice Ministry, hamper inflow of investments in the country’s economy.

At the news briefing today, Darchiashvili has introduced businessman Tengiz Iakobashvili, citizen of Ukraine, pointing that he cannot make additional investments into own enterprise because of the mentioned regulations. More...


GEORGIA LEADS IN REGION AND IS THE 29TH IN THE WORLD ACCORDING TO OPEN GOVERNMENT INDEX

Recent report of World Justice Project places Georgia on the 1st place in region of Eastern Europe and Central Asia according to Open Government Index. Globally, Georgia occupies the 29th position among 102 countries. More...


“SOCIETY AND BANKS”: REMITTANCES ARE STRATEGICALLY IMPORTANT FACTOR FOR GEORGIA’S ECONOMIC DEVELOPMENT

“We can consider money transfers as strategically important factor for the country’s economic development”, non-governmental organization Society and Banks declared. Remittances to Georgia exceed foreign grants and foreign direct investments, the organization pointed. More...


GNERC APPROVED NEW RULE FOR NORMATIVE LOSS’ CALCULATION IN GAS DISTRIBUTION

Georgian National Energy and Water Supply Regulating Commission (GNERC) approved new rule for normative loss’ calculation in a gas-distributing network.

GNERC explains adoption of new rule with necessity to stimulate licensees to cut losses in gas-distributing network, which are quite high, through establishment of target for normative loss (2%). More...


ENVIRONMENTAL RESEARCH TO BE CONDUCTED IN 400 SMALL AND MEDIUM-SIZED ENTERPRISES

Ministry of Environment and Natural Resources Protection reported that in order to support small and medium business development, environmental research will be conducted in 400 enterprises and relevant recommendations will be worked out.

The project “Assistance to Environmental Activities of Small and Medium-Sized Enterprises” was presented within conference on Green Economy, held in Tbilisi today, the Ministry specified. More...


GRANTS OF 340,000 LARI WERE ISSUED TO ENSURE REINTEGRATION OF RETURNED MIGRANTS AND NEW COMPETITION WAS ANNOUNCED

Ministry of Internally Displaced Persons from Occupied Territories, Resettlement and Refugees announced new grant competition for non-governmental organizations, operating in Georgia, aiming assistance to reintegration of returned migrants. The deadline for applications’ submission is April 7. More...


2.75M LARI ALLOCATED FOR CULTURAL HERITAGE PROTECTION

The government reported that this year’s allocation for cultural heritage protection amounts to 2.75 million lari.

Among them 1.2 million will be spent on research and rehabilitation of historical-architectural cave complex in Vardzia. More...


PRIME MINISTER: TOTAL COST OF INVESTMENT PROJECTS, ONGOING IN SAMEGRELO – ZEMO SVANETI, EXCEEDS 224M LARI

“Total cost of investment projects, ongoing in Samegrelo – Zemo Svaneti, exceeds 224 million lari”, Prime Minister Irakli Garibashvili declared, while visiting this region today.

At that, the Premier named, obviously, largest of them: “Projects of over $25 million are implemented in Poti alone; 6 million lari is invested in Khobi; investments in Tsalenjikha exceed $2 million, while $1 million is invested in Mestia”. More...


ENERGY MINISTRY: DRILLING WORKS ARE CARRIED OUT IN MANAVI, AIMING DETERMINATION OF OIL PROSPECTS

Energy Ministry reported that LLC Ninotsminda Oil Company conducts oil exploration at 4,500 m depth on territory of village Manavi in Sagarejo municipality (Kakheti region). Estimated cost of well exceeds $21 million, the Ministry said. More...


WASTE TO BE IMPORTED FROM TURKEY FOR CONSTRUCTION OF SERIES OF HYDROELECTRIC STATIONS ON RIVER CHOROKHI

By decree of the Prime Minister, LLC Chorokhi-2009 was allowed to import waste (volatile ash from coal-fired thermal power plants) from Turkey. According to the document, import will be implemented for LLC Ajar Energy 2007 in order to produce high-quality concrete for construction of series of hydroelectric stations on river Chorokhi (in Ajara). More...


1.65M LARI TO BE SPENT ON REHABILITATION OF ZESTAPONI-BAGHDATI ROAD SECTION

Roads Department reported that ongoing maintenance works are underway on 5-km section of Zestaponi-Baghdati road of 46.7 km in Imereti region.

The projects with total cost of 1.65 million lari is financed from the state budget. More...


3 NEW ENTERPRISES TO BE OPENED WITHIN STATE PROGRAM “PRODUCE IN GEORGIA”

By decree of the Prime Minister, more 3 enterprises will be established within state program “Produce in Georgia”. The enterprises, which total investments amount to 387,380 lari, will be constructed in Gori, Tskaltubo and Kaspi. More...


ECONOMIC PRESS MONITOR March 27, 2015

Rezonansi: “NODAR KHADURI: I DECLARE IT STRAIGHT, THERE WILL BE NO SEQUESTER!”

In his interview with the newspaper, Finance Minister Nodar Khaduri says that economic growth in January was 0.5%, while it should be at least 4% in February.

“I want to tell straight that there will be no sequester”, the Minister declares, but notes that decision on cut of administrative expenses is already made, while “as for more profound and comprehensive budgetary amendments, it depends on a set of factors”. More...


Bankebi da Finansebi: “KADAGIDZE RECOGNIZED IN FACT THAT LARI WAS DEVALUATED FOR ACHIEVEMENT OF TARGET INFLATION”

President of National Bank of Georgia Giorgi Kadagidze said at the meeting with Georgian Business Association that lari devaluation already reached a margin, which fixes new mark of payments’ balance. In line with these processes and seasonal factors, fluctuations declined and rather more stable situation is observed, he specified. More...


Bankebi da Finansebi: “GEORGIA MAY “LOSE” 35 THOUSANDS UKRAINIAN TOURISTS”

Hungarian low-cost airline Wizz Air will abolish since April 20 its Ukrainian subsidiary Wizz Air Ukraine.

Former head of Georgian Tourism Administration and current vice-chairman of Protected Territories Agency Giorgi Sigua says that “for us, it means, first of all, cancellation of Kutaisi-Kiev flight that in numbers is loss of 30,000-35,000 Ukrainian tourists”. More...


Exchange Rates (NBG)
  03/27/15 + / -
  USD   2.2242   0.0013
  EUR   2.4077   0.0395
  RUR   3.8640   0.0517
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