Daily News

IN THIS ISSUE:

Treasury Service of the Finance Ministry reported that proceeds of the state budget for the 1^st quarter amounted to 2.3 billion lari, making up 104.8% of the quarterly plan.

Among them, revenues of the state budget amounted to 1.95 billion lari (104.3% of the plan), revenues from reduction of non-financial assets – to 63.21 million lari (602% of the plan).

Treasury Service of the Finance Ministry reported that total balance of the state budget in the 1^st quarter amounted to 143.72 million lari. At that, quarterly plan envisaged a negative showing of 56.88 million lari, the Service pointed.

Ministry of Economy and Sustainable Development reported about visit to Georgia of Mircea Ciopraga, secretary general of permanent secretariat of the intergovernmental commission TRACECA (Transport Corridor of Europe-Caucasus-Asia). The visit, started on May 3, will last until May 8.

Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that development of Code of Spatial Arrangement and Construction is already completed, while work on scheme of spatial arrangement is being conducted.

The interagency group is created, which works on plan of spatial development of the country, and the first phase of bidding in this direction is completed, Kvirikashvili noted.

Roads Department declared that development of national strategy on road safety and action plan for 2015-2020 is planned to complete in June.

Work on the documents, being financed by the World Bank, was launched in March.

PR manager of Revenue Service Khatia Moistsrapishvili assures that introduction of ad valorem tax (a tax proportional to the price of the object being taxed) on tobacco production will not increase risk of black market expansion, explaining this by protected customs structure.

To note, the government plans to introduce ad valorem tax of 5% for a pack of cigarettes since July 1.

National Bank of Georgia (NBG) reported that banking system’s return on equity (ROE) in 2014 made up 14.8%. In 2013, this indicator was 14.6%.

According to annual report of National Bank of Georgia (NBG), its profit for 2014 amounted to 114.65 million lari. If compared with 2013, the volume has decreased by 5.56%.

Ministry of Finance and Economy of Ajara reported that foreign direct investments (FDI) to the autonomous republic amounted in 2014 to $182 million, while local private investments – to $94 million.

Respectively, in total investments ($276 million), FDI accounted for 65.94% (against of 21.03% in 2013), while local investments – for 34.06% (against of 78.97%).

Ministry of Finance and Economy of Ajara reported that in total volume of private foreign direct investments ($182 million), made in Ajara in 2014, Turkey accounted for the largest share (36%).

The second position was occupied by Great Britain (29%), while the third – by Norway (20%).

Ministry of Finance and Economy of Ajara reported that portfolio of the government’s infrastructural activities in the autonomy (state investment projects) amounted in 2014 to 234.92 million lari.

The largest share was spent on road infrastructure – 55%.

Ministry of Finance and Economy of Ajara announced that privatization of land plots, located on the territory of Heroes Avenue in Batumi, would begin soon. These 4 sites, subjected to privatization, will be sold through electronic auction.