The Financial: “NBG: EXTERNAL SHOCKS PERSIST AS SIGNIFICANT RISKS”
(Economic Press Monitor: April 17, 2014)
President of National Bank of Georgia (NBG) Giorgi Kadagidze declares that Georgian banking sector demonstrated strong skills of risk management and operational flexibility, while responding challenges of 2013.
Low economic growth during the first 3 quarters of 2013 caused reduction of demand on credits and pushed the banks to re-orient their business models on those segments, which distinguished by higher need for resources, although having relatively high potential of growth, Kadagidze told the newspaper.
GIORGI BARABADZE APPOINTED AS HEAD OF COMPETITION AGENCY
(Daily News: April 16, 2014)
Prime Minister Irakli Garibashvili appointed Giorgi Barabadze as head of Competition Agency.
As the government said, Barabadze is legal scholar.
Rezonansi: “CITIZENS WERE CHARGED TO PAY 650M LARI AS PENALTY”
(Economic Press Monitor: April 15, 2014)
According to data, brought in the article, 650.8 million lari have entered the budget during last 5 years as penalties and sanctions.
Expert Levan Alapishvili considers that mentioned sum should be categorized.
Kviris Palitra: “SMALL BUSINESSES ARE ESPECIALLY SMALL IN REGIONS”
(Economic Press Monitor: April 14, 2014)
The government works on formation of Small Businesses Development Agency, which will render technical and financial assistance to companies, and 150 million lari will be spent in this connection within 3 years, the newspaper reports.
Head of Small Businesses Development Agency Giorgi Tsikolia points that the Agency will not allot funds itself, as it will subject of competence of financial companies, banks or micro-financial companies, involved in the project.
IN THE END OF THE YEAR, GEORGIA TO SUBMIT APPLICATION FOR HOSTING UNWTO GENERAL ASSEMBLY
(Daily News: April 11, 2014)
Head of National Tourism Administration Giorgi Sigua declared that Georgia is interested in hosting General Assembly of UNWTO (the UN World Tourism Organization) in 2017. For that end, “we will submit application in the end of the year and will struggle for this right”, he said, noting that this event will gather several thousands of participants.
ABOUT 100 ORGANIZATIONS TAKE PART IN TBILISI INTERNATIONAL TOURISM EXHIBITIONS
(Daily News: April 11, 2014)
The 16th international tourist exhibition and the 3rd international conference of business tourism, meetings and conferences were launched today in Tbilisi exhibition center ExpoGeorgia. Both events will last until April 13.
ECONOMY AND SUSTAINABLE DEVELOPMENT MINISTER: ON BASIS OF PARTNERSHIP FUND, EITHER DEVELOPMENT BANK OR FUND WILL BE CREATED
(Daily News: April 11, 2014)
Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that discussion still continues, what entity has to be established – either development bank or fund. However, decision on establishment of this state financial institution on the base of Partnership Fund is already made, he pointed.
1M LARI TO BE INVESTED IN VINE PLANTING IN ASPINDZA DISTRICT
(Daily News: April 10, 2014)
Vine of Meskh variety will be cultivate on territory of LLC Terrace, located in village Khizabavra (Aspindza district of Meskhet-Javakheti region). By decision of the government, this LLC will be sold for 10,000 lari to Giorgi Natenadze, who has established Meskhet-Javakheti’s Association of Traditional Winery in February.
LOANS OF 317.5M LARI ISSUED DURING ONE YEAR OF PREFERENTIAL AGROLENDING PROGRAM
(Daily News: April 10, 2014)
Agriculture Ministry reported that total volume of loans, being issued during a year of operation of preferential agrolending program (between March 27, 2013 and April 4, 2014), has amounted to 317.5 million lari. These loans were issued to 14,100 beneficiaries.
AQUAPARK “GINO PARADISE TBILISI” IS OPENED
(Daily News: April 8, 2014)
Aquapark Gino Paradise Tbilisi was opened today on territory, nearby Tbilisi Sea (water reservoir in Tbilisi outskirts).
Ministry of Economy and Sustainable Development said that investments in the aquapark have amounted to 27 million EUR.
IRAKLI KASHIBADZE APPOINTED AS HEAD OF INNOVATIONS AND TECHNOLOGIES AGENCY
(Daily News: April 7, 2014)
Economy and Sustainable Development Ministry told Sarke that Irakli Kashibadze was appointed as head of Innovations and Technologies Agency.
To remind, Sarke has reported about forthcoming appointment of Kashibadze as the head of the Agency on March 12, but the Ministry had rejected the information then.
Bankebi da Finansebi: “HANGING GARDENS OF BIDZINA, INSPIRED BY GARDENS OF SEMIRAMIDA”
(Economic Press Monitor: April 7, 2014)
Executive director of Co-Investment Fund Giorgi Bachiashvili points that Panorama-Tbilisi project’s “uniqueness is possibility to move quickly and conveniently even during the day’s busiest time, without cars, but through ropeways and inclined elevators between 4 new large tourists and business centers of Tbilisi”, which will make available to host large-scale international conferences.
However, some experts criticize this project.
YOUNG FINANCIERS AND BUSINESSMEN ASSOCIATION: FINANCIAL MONITORING SERVICE HAS NEVER BEEN INDEPENDENT
(Daily News: April 4, 2014)
Young Financiers and Businessmen Association considers that “Financial Monitoring Service has never been really independent and apolitical”.
At the briefing today, representatives of the Association stressed that level of independence and political neutrality of National Bank of Georgia (NBG) and the mentioned Service “unfortunately, is very low”.
Sakartvelos Ekonomika: “GEORGIA HOSTED MAJOR EVENT OF THE YEAR IN WINE TOURISM SECTOR”
(Economic Press Monitor: April 3, 2014)
Researcher of Georgian winemaking Giorgi Barisashvili points that wine export has increased dramatically after shift of Russian embargo, “but we have to remember that quantity always contradicts quality”.
“Georgian wine satisfies demand of Russian-speaking countries, but European customer is much more pretentious and subtle”, the researcher says.
MP BLAMES THE GOVERNMENT FOR NEGOTIATIONS’ SUSPENSION WITH IRISH “RYANAIR”, WHILE GEORGIAN AIRPORTS UNION REJECTS
(Daily News: March 31, 2014)
MP from oppositional National Movement Giorgi Kandelaki declared that negotiations with Irish low-cost air carrier Ryanair regarding launch of flights from Kutaisi were almost completed under previous government.
Since May 2013, Ryanair had to launch flights on 4 European directions, while new government does not hold almost completed negotiations on the subject, Kandelaki pointed.
DUTCH “VANDRIE GROUP” ACQUAINTS WITH GEORGIA’S INVESTMENT POTENTIAL
(Daily News: March 31, 2014)
Leadership of Dutch dairy and meat producer Vandrie Group pays 2-day visit to Georgia, which is organized by Georgia’s National Investment Agency.
The Agency reported that this first visit aims acquaintance with Georgia’s investment potential and discussion of meat production prospects.
EXECUTIVE DIRECTOR OF PARTNERSHIP FUND HAD THE HIGHEST INCOME AMONG HEADS OF STATE-OWNED JSCS IN 2013
(Daily News: March 31, 2014)
Institute for Development of Freedom of Information (IDFI) reported that according to published property declarations, executive director of Partnership Fund Irakli Kovzanadze had the highest income among heads of those JSCs, which single owner is the state. In 2013, income of Kovzanadze has amounted to 323,250 lari.
WORKING ON MOUNTAINOUS REGIONS’ DEVELOPMENT STRATEGY TO COMPLETE IN SEVERAL MONTHS
(Daily News: March 28, 2014)
Economy and Sustainable Development Ministry reported that state commission plans to complete working on mountainous regions’ development strategy in several months.
Drafting respective legislative amendments is underway, which are expected to be submitted to the Parliament for consideration at autumn session.
ECONOMIC MINISTER: GOVERNMENT PLANS SERIES OF EVENTS FOR PRIVATE SECTOR’S DEVELOPMENT
(Daily News: March 28, 2014)
Economy and Sustainable Development Minister Giorgi Kvirikashvili declared that the government has planned series of events in order to develop private sector.
Within these measures, the Minister named establishment of effective arbitration system for commercial dispute resolution, being compliant with international practice, as well as development of financial markets and mechanisms of alternative funding.
Sakartvelos Ekonomika: “WHAT IS CHANGING IN FINANCIAL SUPERVISION”
(Economic Press Monitor: March 28, 2014)
The article considers legislative amendments (the author – Fiscal Committee chairman of the Parliament David Onoprishvili), which envisage subordination of Financial Monitoring Service to the Finance Ministry.
Financial Monitoring Service was established in August 2003 by recommendation of Council of Europe and is subordinated to National Bank of Georgia (NBG) as independent body (legal entity of public law).
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