GEORGIA’S ECONOMY MINISTER AND THE US AMBASSADOR DISCUSSED TRADE-ECONOMIC RELATIONS
(Daily News: December 7, 2016)
Economy and Sustainable Development Ministry announced that the Minister Giorgi Gakharia and the US ambassador to Georgia Yan Kelly discussed trade-economic relations of two countries. The Ministry noted that this was the first meeting of Gakharia as the Economy Minister with the US ambassador.
THE PREMIER: REVENUES PLAN OF BUDGET-2017 IS THE MOST IMPORTANT STEP MADE TOWARDS IMPLEMENTATION OF THE 4-POINT REFORM PLAN
(Daily News: December 7, 2016)
Prime Minister Giorgi Kvirikashvili declared that “the government’s plan of revenue mobilization, which is reflected in the draft state budget-2017, has been worked out by entire governmental team – this is the most important step made towards implementation of the 4-point reform agenda”.
“I assume full responsibility as the Prime Minister of Georgia for the implementation of this plan”, Kvirikashvili pointed.
DEPUTY FINANCE MINISTER: LARIZATION PLAN HELPS NOT ONLY BORROWERS, BUT ALSO THE BANKS
(Daily News: December 6, 2016)
Deputy Finance Minister Giorgi Kakauridze declared that larization plan, announced recently by the government, helps not only borrowers, but the banks also.
“The banks get opportunity to work in stable environment and be less dependent on currency fluctuations, as the rate change can deteriorate their borrowers’ state”, Kakauridze said.
FORMER PRESIDENT OF NBG: PROFIT TAX CANCELATION SHOULD NOT APPLY TO FINANCIAL AND PHARMACEUTICAL SECTORS AND NATURAL MONOPOLIES
(Daily News: December 5, 2016)
Giorgi Kadagidze, ex-president of National Bank of Georgia (NBG), declared that cancelation of profit tax should not apply to financial and pharmaceutical sectors and natural monopolies.
Kadagidze posted the mentioned statement on his Facebook page, explaining that financial (banks, insurers, microfinance organizations) and pharmaceutical companies “do not pay any taxes except profit one and their tax burden is already minimal”.
Tabula: “THE GOVERNMENT PLANS TO MOBILIZE 518M THROUGH TAX RISE”
(Economic Press Monitor: December 5, 2016)
The government plans to increase almost all taxes, which it can according to Georgia’s law, the magazine writes.
Amendments to be made to Tax Code show that the government plans to mobilize 518 million lari by means of all these taxes, the article says.
EU-GEORGIA COOPERATION ISSUES DISCUSSED IN BRUSSELS
(Daily News: December 1, 2016)
Georgia’s Prime Minister Giorgi Kvirikashvili, being with official visit in Brussels, met today with Commissioner for European Neighborhood Policy and Enlargement Johannes Hahn.
As administration of Georgian government said, it was noted at the meeting that Georgia maintains position of clear leader among the “Eastern Partnership” countries in terms of successful implementation of committed reforms.
Tabula: “ONLINE LENDER COMPANIES PLAN REARRANGE AS MICROFINANCES”
(Economic Press Monitor: December 1, 2016)
In near future, online loans will not exist as credit product in Georgia, Prime Minister Giorgi Kvirikashvili decaled.
The magazine reports that online lender companies plan in their turn to obtain status of microfinance organizations.
ADB PROJECTS DISCUSSED AT REGIONAL DEVELOPMENT AND INFRASTRUCTURE MINISTRY
(Daily News: November 30, 2016)
Ministry of Regional Development and Infrastructure reported about meeting of newly-appointed Minister Zurab Alavidze with the country director of Georgia Resident Mission of Asian Development Bank (ADB) Yesim-Elhan Kayalar and deputy director of the Mission Giorgi Kiziria. The meeting was of an introductory character, the Ministry said.
GOVERNMENT’S ADMINISTRATION: ISSUES OF GEORGIA’S EUROPEAN INTEGRATION DISCUSSED IN BRUSSELS
(Daily News: November 30, 2016)
Georgia’s European integration, the Association Agenda for 2017-2020 and EU visa liberalization will be discussed during visit of Georgia’s Prime Minister Giorgi Kvirikashvili to Brussels, administration of Georgian government declared.
Today, Kvirikashvili held his first meeting with Martin Schulz, President of the European Parliament.
Netgazeti.Ge: “ONLINE LOAN ISSUER COMPANIES ARE EXPECTING CLARIFICATIONS ON THE PREMIER’S STATEMENT”
(Economic Press Monitor: November 30, 2016)
Prime Minister Giorgi Kvirikashvili declared about planned prohibition of online loans.
Companies, issuing instant online loans, say that they learned about the Premier’s statement and possible prohibition from media and they do not have information about expected changes so far, the newspaper reports.
Tabula: “THE GOVERNMENT ALLOCATES SUBSIDY OF 65M LARI FOR DOLLAR LOANS’ CONVERSION INTO NATIONAL CURRENCY”
(Economic Press Monitor: November 30, 2016)
Prime Minister Giorgi Kvirikashvili declared that as a one-off social measure, mortgage loans, issued to private individuals in foreign currency before 2015, will be converted into lari credits (according to current rate minus 20 basis points).
Finance Minister Dimitri Kumsishvili said that the state will repay part of the conversion costs and that subsidy of 65 million will be envisaged in the state budget-2017 for that end.
“BADAGONI” TO EXPORT 5M BOTTLES OF WINE TO CHINA
(Daily News: November 29, 2016)
Georgian wine company Badagoni will sell 5 million bottles of wine in China, the government said. Respective memorandum between the company and Chinese Wenzhou Bydoway Import&Export Co was signed yesterday at Badagoni winery in Khodasheni village (Kakheti region).
DIRECTOR OF TRANSPORT CORRIDOR RESEARCH CENTER: RAILWAY INFRASTRUCTURE SHOULD REMAIN IN STATE OWNERSHIP FOREVER
(Daily News: November 29, 2016)
Paata Tsagareishvili, director of Transport Corridor Research Center and member of HUB Georgia platform, working on transport issues, declared that “because of Georgia’s strategic location, railway infrastructure should remain in state ownership forever”.
“Total privatization of Georgian Railway (infrastructure and transportation) is equal to neglecting of the state liabilities”, Tsagareishvili pointed.
EXCISE ON TOBACCO, VEHICLES AND OIL-PRODUCTS TO RISE SINCE 2017
(Daily News: November 29, 2016)
Premier Minister Giorgi Kvirikashvili declared that from January 1, 2017, excise will increase on tobacco, vehicles and oil-products. Duty on gambling business is to increase as well.
THE PREMIER: ANNULMENT OF PROFIT TAX SAVES MORE THAN HALF BILLION OF LARI IN A YEAR FOR REINVESTMENT IN BUSINESS
(Daily News: November 29, 2016)
Prime Minister Giorgi Kvirikashvili declared that annulment of profit tax (from January 1, 2017) “saves more than half billion of lari in a year for reinvestment in business”.
“If we judge according to level of 2017 only, at least 40,000 new jobs will be created in 4 years by additional reinvestments in amount of 2 billion lari at least”, the Premier declared at the first meeting of new composition of the Cabinet today.
THE PREMIER: THE GOVERNMENT JOINTLY WITH NBG WORKED OUT LARIZATION PLAN
(Daily News: November 29, 2016)
Prime Minister Giorgi Kvirikashvili declared that the government “jointly with National Bank of Georgia (NBG), has worked out so-called larization plan, which describes long-term and mid-term actions in details”. “Accessibility of long-term lari resource is a cornerstone of the reform”, he specified.
ECONOMY MINISTER: THE GOVERNMENT WORKS ON OVERCOMING OF IMBALANCE BETWEEN REGIONS’ DEVELOPMENT
(Daily News: November 28, 2016)
Economy and Sustainable Development Minister Giorgi Gakharia announced that following order of the Prime Minister, special group will be set up, focusing on issues of overcoming of imbalance between regions’ development.
As a result, “some bank of commercial projects will be created, which will ensure overcoming of imbalance between regions’ development”.
ECONOMY MINISTER: AIR TRANSIT HAS BIGGEST POTENTIAL FOR DEVELOPMENT OF GEORGIA’S ECONOMY
(Daily News: November 28, 2016)
Economy and Sustainable Development Minister Giorgi Gakharia declared that “Air transit has biggest potential for development of Georgian economy”.
Gakharia declared the mentioned at the Parliament session on November 26, where MPs had considered vote of confidence in the government.
THE PARLIAMENT APPROVED NEW GOVERNMENT
(Daily News: November 28, 2016)
The Parliament approved with 110 votes against of 19 new composition of the government and its program “Freedom, Rapid Development, Welfare”.
As speaker of the Parliament Irakli Kobakhidze noted, these three messages of the government program “contain our common goal, requiring close cooperation between the parliament and the government”.
Netgazeti.Ge: “THIS TIME, ALREADY KVIRIKASHVILI’S GOVERNMENT PLANS SELLING 25% OF “GEORGIAN RAILWAY””
(Economic Press Monitor: November 28, 2016)
Prime Minister Giorgi Kvirikashvili declared that “negotiations with number of investment banks” were held concerning placement of stakes of 25% of Georgian Railway and Georgian Oil and Gas Corporation on stock exchange.
“If we have respective market conjecture, we will make this decision and we want to wait for the best moment”, the Premier said at the Parliament on November 26, where MPs were considering vote of confidence in new composition of Cabinet.
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