Economic Press Monitor March 31 - April 6, 2024	Days:  23 30 06 13 20

economic & politics

NETGAZETI.GE: “WHY “RUSSIAN LAW” IS NOT SIMILAR TO AMERICAN AND AUSTRALIAN ONES – OSCE/ODIHR EXPLANATION”

April 5, 2024 - In explanatory note, enclosed to the recently reinitiated draft law “On Transparency of Foreign Influence” (which in Georgian society is called the “Russian Law”), the ruling Georgian Dream brings the US, Australia and Israel as examples of democratic countries, which applied such laws.

The OSCE/ODIHR legal opinion, prepared by request of Georgia’s Public Defender, explains why the “Russian Law” is not similar to American and Australian ones.




TABULA: “PARLIAMENT SUPPORTED IN FIRST HEARING THE ABOLITION OF GENDER QUOTAS”

April 4, 2024 - Georgian Parliament supported in first hearing (82 votes pro) the abolition of the system of gender quotas. Against the abolition 15 MPs voted.




FORBES GEORGIA: “IN “FORBES” RANKING OF BILLIONAIRES, MIKHAIL LOMTADZE OUTPACED BIDZINA IVANISHVILI”

April 3, 2024 - According to the rating of the American Forbes, the richest person in Georgia became Mikhail Lomtadze, co-owner of the Kazakh fintech company Kaspi.Kz. In the ranking, Lomtadze outpaced Bidzina Ivanishvili (billionaire founder of the ruling Georgian Dream).




TABULA: ““GEORGIAN DREAM” APPEALS TO THE US TO LIFT SANCTIONS IMPOSED ON JUDGES”

April 2, 2024 - The parliamentary majority of the ruling Georgian Dream is going to appeal to the US embassy in Georgia with a request to lift the sanctions imposed on judges.

This was announced after the majority meeting by Mamuka Mdinaradze, executive secretary of the Georgian Dream.




REZONANSI: “IN NO WAY GEORGIAN FAN WITH MEDIUM INCOME WILL BE ABLE TO GO TO EURO 2024”

April 1, 2024 - Price of a ticket to a single match of the Georgian national team at the European Football Championship in Germany now starts from 1,000 lari.

“If you add to this cost of travel, which is growing rapidly, then the amount becomes quite significant and clearly not affordable for a fan with average income”, the newspaper says.

macroeconomics & budget

REZONANSI: “THE ECONOMY COULD GROW BY DOUBLE DIGITS THIS YEAR TOO”

April 4, 2024 - Georgia’s real GDP growth in January made up 5.8%, in February – 9.5%. All local and international organizations forecast for Georgia economic growth above 5% in 2024, the article says.




REZONANSI: “WHAT PROFESSIONS ARE IN GREATEST DEMAND IN GEORGIA?”

April 3, 2024 - In the 1^st quarter, 67% of businesses in Georgia experienced a shortage of qualified personnel. Currently, demand in the country is observed mainly in construction, restaurant and hotel business, agriculture and a number of other areas.

companies

FORBES GEORGIA: ““MOODY’S” CHANGED EXPECTATION OF THE RATING OF LONG-TERM DEPOSITS OF “SAKARTVELOS BANKI” FROM “NEGATIVE” TO “STABLE””

April 3, 2024 - The international rating agency Moody’s has affirmed the rating of Sakartvelos Banki (Bank of Georgia) at the level of “Ba2”. At that, the agency changed its outlook from “negative” to “stable”.




BANKEBI DA FINANSEBI: “WITH SUPPORT OF “SAKARTVELOS BANKI”, LLC “NATAKHTARI VALLEY” IS BUILDING A BEER PLANT”

April 2, 2024 - The newly created LLC Natakhtari Valley is building a brewery on an area of 3,000 square m in the village of Natakhtari (Mtskheta-Mtianeti region).

Investments amount to 4 million lari.




BANKEBI DA FINANSEBI: “30,000,000 SHARES OF “TBC ASSET MANAGEMENT” AND GEORGIA’S FIRST CREDIT FUND ARE FULLY PLACED AMONG INVESTORS”

April 2, 2024 - 30 million shares of Diversified Loan Portfolio, Georgia’s first credit fund, were fully placed among investors.

The fund began its activities in 2022.




TABULA: ““AIRZENA” TICKETS TO TRAVEL FOR THE GAME COST MINIMUM 1,800-2,100 LARI”

April 2, 2024 - Within the group stage of the European Football Championship, the Georgian national team will meet with Turkey on June 18 in Dortmund, with the Czech Republic on June 22 in Hamburg and with Portugal on June 26 in Gelsenkirchen.

Georgian airline Georgian Airways (AirZena) appointed special direct flights from Tbilisi to Germany for those wishing to attend games of the European Championship.




TABULA: ““SAKARTVELOS BANKI” BUYS ARMENIAN “AMERIABANK”, PRIOR CONSENT ISSUED”

April 1, 2024 - The Central Bank of Armenia gave its prior consent to acquisition of 100% in the Armenian Ameriabank by Bank of Georgia Group PLC and Bank of Georgia (Sakartvelos Banki). Tabula reports this with reference to the Armenian media.




BANKEBI DA FINANSEBI: ““MOODY’S” IMPROVED LONG-TERM OUTLOOK OF “LIBERTY BANK” TO STABLE”

April 1, 2024 - The international rating agency Moody’s improved Liberty Bank’s long-term outlook from “negative” to “stable” (the rating was affirmed at “Ba3”).

After the COVID-19 pandemic, Liberty Bank managed quickly to recover and increase profitability, the Agency said.

finances & banking

BANKEBI DA FINANSEBI: “2023 WAS A RECORD YEAR FOR THE CAPITAL MARKET – DIRECTOR GENERAL OF “GALT&TAGGART””

April 5, 2024 - 2023 was a record year for the Georgian capital market, says Levan Shavkatsishvili, director general of Galt&Taggart. “Total emissions reached 1.1 billion lari”, he points.




NETGAZETI.GE: “NATIONAL BANK WARNS OF NEW FRAUDULENT SCHEME”

April 3, 2024 - In recent period, cases of fraud were noted, which are committed using special software (including AnyDesk), declared National Bank of Georgia (NBG).

There were recorded cases when “fraudsters managed to activate loans on behalf of users, prematurely broke deposits and transfer funds to various accounts, including for purchase of virtual assets”, NBG said.

agriculture & food

REZONANSI: “ARE BREAD PRICES IN GEORGIA HIGH OR LOW?”

April 5, 2024 - Giorgi Vashadze, leader of oppositional Agmashenebeli Strategy, asserts that “bread in Georgia is the most expensive in the entire region, more expensive than in Armenia and Azerbaijan”.

Georgia’s Minister of Economy and Sustainable Development Levan Davitashvili calls Vashadze’s statement populist and notes that bread is one of the cheapest products in the country.

construction

REZONANSI: “DID THE GOVERNMENT CHANGE ITS OPINION REGARDING CONSTRUCTION OF A HUGE HOTEL IN BAKHMARO?”

April 5, 2024 - The project of Orbi Group in Bakhmaro (a mountain resort in the Guria region) will be implemented in case if requirements of the master plan are maximally met, declared Levan Davitashvili, Georgia’s Minister of Economy and Sustainable Development. A building permit has been issued in accordance with the general plan and it fully corresponds to existing coefficients and restrictions, he noted.




BATUMELEBI: “BATUMI CITY HALL PLANS TO BUILD “CHEAP HOUSE” FOR 200 FAMILIES IN GORODOK SETTLEMENT”

April 4, 2024 - Batumi City Hall plans to build another “cheap house” in the so-called “Gorodok” settlement (Volsky Street). The apartment building will be designed for 200 families.