“TI GEORGIA”: FINANCE MINISTRY CHANGES DATA ON BUDGET DEFICIT ON OWN WEB SITE
(Daily News: March 24, 2015)
TI Georgia declared that after its recent statements on budgetary funds, unmastered (unspent) in last year, Finance Ministry has changed data on the budget deficit on own web site several times.
In particular, “On March 19, showing of the deficit of 3.2% was decreased initially to 3%, then returned on March 20 again to 3.2%”, said TI Georgia and added that on March 23, “the Finance Ministry has published on its web site new, already the fourth data, according to which the budget deficit in 2014 made up 2.95%”.
Tabula: “VASHADZE: IVANISHVILI GET HOLD OF REAL ESTATE OF 2.5M FOR 1 LARI”
(Economic Press Monitor: March 24, 2015)
Member of United National Movement Giorgi Vashadze claims that ex-premier and billionaire Bidzina Ivanishvili “get hold of” real estate of 2.5 million (the currency is not specified) for 1 lari, using state program “Produce in Georgia”.
The matter concerns nonagricultural land site of 350,000 square m in Gardabani (Kvemo Kartli region), which was handed over to JSC Georgian Greenhouse Corporation, registered in April 2014.
Rezonansi: “51% LOST HOPE FOR ECONOMIC RECOVERY”
(Economic Press Monitor: March 24, 2015)
The newspaper conducted poll, which showed that 51.79% of respondents have no hope that the government will cope with current economic challenges. Optimistic regarding overcome of the problems were 39.56% and 8.63% could not answer a question.
GEORGIAN AND TURKISH SIDES DISCUSSED TRADE AND INVESTMENT POTENTIAL
(Daily News: March 23, 2015)
Today, Minister of Economy and Sustainable Development Giorgi Kvirikashvili met representatives of Association of Georgian and Turkish Businessmen.
According to the Ministry, the sides discussed issues of current and future trade and economic relations and investment potential.
Kviris Palitra: “GEORGIAN ECONOMY WILL BE “WIND UP” BY CHINESE INVESTMENTS?”
(Economic Press Monitor: March 23, 2015)
In an interview with the newspaper, Minister of Economy and Sustainable Development Giorgi Kvirikashvili says: “Until now, our economic activity was directed to neighboring countries, Central Asia, countries of Europe and the US, reasoning from our strategic relations”.
At that, relations with China “were developed in quite limited framework”, he declares and adds: “economic activization of China dramatically changes a picture in this region”.
THE GOVERNMENT PROMISES COMPENSATION FOR TENDER-WINNER COMPANIES, AFFECTED BY DEVALUATION OF LARI
(Daily News: March 20, 2015)
Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that the government will render compensation for those state tender-winner companies, which face problems because of devaluation of national currency.
As Kvirikashvili explained at the briefing today, “tender-winner companies appeared in danger that they will not be able to finish projects with previously announced prices, denominated in national currency”.
WB: FINANCE MINISTRY IS ACCOUNTING PUBLIC FINANCES TRANSPARENTLY AND ACCORDING TO LAW
(Daily News: March 20, 2015)
Today, First Deputy Finance Minister Giorgi Tabuashvili and program leader of the World Bank (WB) for the South Caucasus Rashmi Shankar held a special briefing, responding yesterday’s accusation of TI Georgia, Georgian branch of Transparency International, about unmastered sums in the state budget.
“WB confirms that Georgian government performs calculation of fiscal deficit according to budgetary and tax codes of Georgia, where procedures of financial transactions’ accounting and calculation are properly described”, Shankar declared.
ECONOMY MINISTRY: AMERICAN INVESTMENT FUND PLANS INVESTMENTS FOR SME DEVELOPMENT IN GEORGIA
(Daily News: March 18, 2015)
Minister of Economy and Sustainable Development Giorgi Kvirikashvili met today with director general of American investment fund Gazelle Finance Jeff Libert.
As the Ministry reported, Libert acquainted Kvirikashvili with decision of the fund to launch financing of small and medium business in Georgia.
Rezonansi: “KAZAKH TRAFFIC JAM IN BATUMI PORT”
(Economic Press Monitor: March 17, 2015)
Freight turnover in Batumi port has decreased in 2014 by 24%, if compared to 2013.
In the beginning of this year, forwarder companies filed lawsuit against management of Batumi Oil Terminal.
CHANGES IN TBILISI GOVERNMENT
(Daily News: March 12, 2015)
Tbilisi Mayor David Narmania presented new members of Tbilisi government today.
Dmitri Kumsishvili and Irakli Lekvinadze are presented on the posts of vice-mayors, Paata Jachvliani to head the City Hall’s administration, Giorgi Gurgenidze named as chief of city transport service, while Lasha Abashidze – as head of Vake district administration.
ECONOMY MINISTER: FORMER AUTHORITIES DID NOT ENVISAGE FACTORS OF CHINA AND FREE ECONOMIC ZONE UPON CONSTRUCTION OF ANAKLIA PORT
(Daily News: March 12, 2015)
Minister of Economy and Sustainable Development Giorgi Kvirikashvili declared that former authorities did not envisage 2 factors, while developed project of port construction in Anaklia.
As the first factor, the Minister named China, which may become “important generator of economic development” in the region.
HEAD OF NBG: SPENDING OF RESERVES IS NOT A WAY OUT
(Daily News: March 12, 2015)
At the Parliament’s committee hearing today, president of National Bank of Georgia (NBG) Giorgi Kadagidze emphasized again that spending of reserves of NBG is not a way out. “Substitution of fundamental economic factors with currency reserves is not only wrong, but counterproductive also”, he stressed.
THE GOVERNMENT RESPONSES ECONOMIC CHALLENGES WITH 3-PART PLAN
(Daily News: March 12, 2015)
Today, Vice Premier and Minister of Economy and Sustainable Development Giorgi Kvirikashvili presented the government’s plan of 3 parts (short-, medium- and long-term) at the committee hearing in the Parliament.
Kvirikashvili specified, the short-term part of the plan covers March-June, medium-term – is calculated until end of the year, while long-term one – until 2017.
MUNICIPAL DEVELOPMENT FUND TO BE HEADED BY ILIA DARCHIASHVILI
(Daily News: March 11, 2015)
The Prime Minister has appointed Ilia Darchiashvili as head of Municipal Development Fund of the Ministry of Regional Development and Infrastructure.
Darchiashvili, who works in Fund since 2014, was the first deputy to executive director until now.
GEORGIA AND CHINA AGREED ON CREATION OF SPECIAL PACKAGES FOR COOPERATION IN TOURISM SPHERE
(Daily News: March 10, 2015)
Georgian Minister of Economy and Sustainable Development Giorgi Kvirikashvili, being on official visit to China, discussed today with head of China National Tourism Administration Li Jinzao prospects of cooperation in sphere of tourism.
According to Kvirikashvili, “agreement was reached with Chinese side that Georgia will prepare special packages to develop of incoming tourism from China”.
THE PARLIAMENT TO HEAR REPORT OF ECONOMIC BLOK’S MINISTERS ON MARCH 12-13
(Daily News: March 10, 2015)
The President Giorgi Margvelashvili ordered to call extraordinary sitting of the Parliament on March 13. According to the President’s order, the sitting will consider “measures on stabilization of national currency exchange rate”.
Rezonansi: “SMALL ENTERPRISES ARE ON THE VERGE OF CLOSING”
(Economic Press Monitor: March 10, 2015)
Because of devaluation of lari, growth of leasing fee created problems for trade sector already few months ago, the newspaper says. The wholesale markets also appeared in difficult situation, and tens of their shops were closed for the last 2 months.
Rezonansi: “SECRET OF LARI RUIN”
(Economic Press Monitor: March 10, 2015)
The article reports that National Bank of Georgia (NBG) issued on March 5 the refinancing credits of 900 million lari, including standing loans of 200 million lari. “As a result, hardly strengthened lari depreciated again”, the newspaper says.
GEORGIA SIGNED NEW ECONOMIC AGREEMENTS WITH CHINA
(Daily News: March 9, 2015)
Georgian Ministry of Economy and Sustainable Development reported that agreement on cooperation for development of economic belt of a new Silk Road was signed today in Beijing.
The document was signed by Chinese Commerce Minister Gao Hucheng and Georgian Economy and Sustainable Development Minister Giorgi Kvirikashvili, who is with official visit in China.
DUE TO ECONOMIC SITUATION IN THE COUNTRY, THE PRESIDENT TO CALL EMERGENCY SITTING OF THE PARLIAMENT
(Daily News: March 9, 2015)
In connection with economic situation, created in the country, the President Giorgi Margvelashvili will call an emergency sitting of the Parliament. The government’s economic team and president of National Bank of Georgia (NBG) will be invited to the sitting
Margvelashvili made this decision after meeting with parliamentary fraction Free Democrats today.
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