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Economic Press Monitor

August 13 - 19, 2017

Previous Issues:  Days: < 22 29 05 12 19

 

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economic & politics

    BANKEBI DA FINANSEBI: “ECONOMY MINISTRY ENTRUSTED PART OF OWN FUNCTIONS TO NON-GOVERNMENTALS”

    August 17, 2017 - Legal entities of public law, subordinated to the Ministry of Economy and Sustainable Development (Produce in Georgia Agency and Innovations and Technologies Agency) signed memorandum on cooperation with the Economic Policy Research Center.

    The Ministry declares that “within the mentioned memorandum of cooperation, funds from the budget of Georgia are not allocated, as the project, which is implemented by the Economic Policy Research Center, is financed by the EU and is calculated on 2 years”.


    TABULA: “KALADZE: WE HAVE TO CREATE IN DENDROLOGY PARK COMFORTABLE SPACE FOR TBILISI RESIDENTS”

    August 17, 2017 - Ruling Georgian Dream’s candidate for Tbilisi Mayor Kakha Kaladze announces initiative on reconstruction of dendrology park nearby to Tbilisi Sea, Tabula reports. First of all, project of park has to be prepared, he notes.


    TABULA: “CHIEF OF TOURISM ADMINISTRATION GIORGI CHOGOVADZE, PRESUMABLY, RESIGNED”

    August 16, 2017 - Giorgi Chogovadze, chief of National Tourism Administration, presumably, left his post, Tabula reports.

    The article connects possible resignation of Chogovadze with problems, existing around electronic music festival GEMFest.


    FORBES GEORGIA: “MP WITH INFLUENTIAL BUSINESS EXPERIENCE”

    August 14, 2017 - The magazine publishes interview with Shota Shalelashvili, member of Georgian Parliament since 2016.

    Despite international success in business, he did not even try to begin activity in Georgia, as considered that there was no appropriate business environment until 2013, the article says.


macroeconomics & budget

    TABULA: “WHAT LIVING WAGE ACTUALLY IS”

    August 17, 2017 - By calculations of Sakstat, official level of living wage for 5-member family makes up 333.1 lari as of July.

    “Empirically, probably, everyone can tell that monthly 66.6 lari (one-fifth of 333) is not enough for full-fledge living”, Tabula writes.


    REZONANSI: “OUT OF 6 PEOPLES IN REGIONS 5 ARE UNEMPLOYED”

    August 15, 2017 - In 2015, 1.78 million people were considered in Georgia as employed, from where hired employees made up 753,000.

    In 2016, number of the employed decreased to 1.63 million, including 745,000 hired employees, the newspaper reports and notes that except Ajara, number of hired employees decreased in all regions.


    REZONANSI: “PAYMENT OF LARGE DEBTS WILL SHAKE LARI SINCE AUTUMN”

    August 15, 2017 - According to National Bank of Georgia (NBG), the country has to pay external debt of $933 million in the 3rd quarter, while total debt, subjected to payment until end of the year, makes up $1.82 billion.

    From here, the most part is debt of private sector, while the government sector has to pay $75 million in the 3rd quarter, the newspaper specifies.


    LIBERALI: “JEJELAVA: COST OF “APPLES’ DISTRIBUTION” CAMPAIGN WILL MAKE UP ABOUT FROM 300 TO 400 THOUSAND LARI”

    August 14, 2017 - Minister of Education and Science Aleksandre Jejelava declares that since autumn, apples will be distributed once a week at those schools of Tbilisi, where number of pupils exceeds 1,000. For the pilot season, cost of apples’ campaign will make up about 300,000-400,000 lari, he says.


conflict and court

    REZONANSI: “STATEMENT OF “PR” OF “RAILWAY” ROUSED INDIGNATION OF LABOR UNIONS”

    August 17, 2017 - Head of public relations department at Georgian Railway Dachi Tsaguria estimates that railroad workers, who are on hunger strike, are misled by group of Irakli Petriashvili (head of United Labor Unions), which members “constantly spread lies”.

    According to Tsaguria, these railroaders “are transferred to new workplace with the same salaries.


companies

    BANKEBI DA FINANSEBI: ““WISSOL GROUP” RETURNS BRAND OF “ECO” BACK TO GEORGIA”

    August 15, 2017 - President of Wissol Group Soso Pkhakadze declares that negotiations, conducted during many months with the Greek party, resulted in the company’s franchise right for brand of Eco. In 1996-2011, oil company EcoGeorgia operated in Georgia, which was associated with high quality of fuel, he notes.


    FORBES GEORGIA: ““GOLDEN FLEECE TOKEN” – THE FIRST GEORGIAN CRYPTOCURRENCY!”

    August 15, 2017 - Founder of the first Georgian cryptocurrency Vakhtang Gogokhia says that idea of creation of cryptocurrency arose 3 months ago, in May. “We decided to implement the idea, where the most part of electricity generation is located”, he specifies.


finances & banking

    BANKEBI DA FINANSEBI: “LADO GURGENIDZE REMAINS IN “LIBERTY BANK””

    August 14, 2017 - Georgia’s ex-premier and prominent banker Lado Gurgenidze remains in Liberty Bank, the newspaper reports.

    The decision was made at the meeting of supervisory council of the bank.


    BANKEBI DA FINANSEBI: “EXISTENCE OF OBLIGATORY INSURANCE IS ESSENTIAL FACTOR FOR DEVELOPMENT OF INSURANCE SECTOR”

    August 14, 2017 - The newspaper points that according to amendments to law on insurance, State Service for Insurance Supervision will be financed by insurance companies and volume of this financing will amount to 1% of their insurance premium.

    Premium, attracted by insurance sector in 2016, made up 378 million lari and 1% of this sum makes up, accordingly, about 4 million lari, head of Insurance Institute Giorgi Gigolashvili says and specifies that new calculations, this sum will be financing of State Service for Insurance Supervision.


agriculture & food

    REZONANSI: “MOST PART OF WHEAT HARVEST TO BE CONSUMED BY FOOD INDUSTRY”

    August 16, 2017 - Now, harvesting of cereal crops in Kakheti and Kvemo Kartli regions comes to the end, the newspaper reports.

    “Gathering of wheat harvest is not finished yet, but the situation is much better in comparison with the last year”, chairman of Wheat Producers Association Levan Silagava declares.


    FORBES GEORGIA: “ADVANTAGE OF KVEVRI”

    August 15, 2017 - 35-year-old Buta Dolidze, who lives in emigration for 15 years, will open soon the Georgian wine cellar in Austria, the magazine reports.

    As Dolidze explains, “Georgian kvevri will be in Austria not only competitive ware for wine, but also a subject of cultural heritage that is favorable, as payment of taxes will not be necessary”.


construction

    REZONANSI: “25% OF CONSTRUCTION COMPANIES WENT BANKRUPT!”

    August 16, 2017 - Realty expert Guram Palavandishvili says that situation in the local construction market “noticeably improved, however there are such [companies], which could not manage to regain once lost positions and finally went bankrupt”.

    “In my opinion, about 20-25% of companies are cancelled, while others have more or less successfully coped with problems and continued construction activity”, Palavandishvili declares.


tourism

    KVIRIS PALITRA: ““INVASION” OF TOURISTS”

    August 14, 2017 - Revenues from tourism for the first half of the year amounted to $1.1 billion, exceeding thus by 26% similar indicator of last year, the newspaper reports.

    According to consulting company Galt&Taggart, Iranian tourists have overstripped in number Ukrainians in Georgia recently.


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