Economic Press Monitor April 7 - 13, 2024	Days:  30 06 13 20 27

economic & politics

BANKEBI DA FINANSEBI: “VISA-FREE REGIME ENACTED BETWEEN GEORGIA AND PAKISTAN – WHO WILL USE THE AGREEMENT”

April 11, 2024 - On April 2, visa-free regime between Georgia and Pakistan entered into force. Citizens of both countries will be able to stay in the territory of another country without a visa for up to 90 days during any 180-day period.




NETGAZETI.GE: “VERY DIFFERENT FROM AMERICAN LAW – US AMBASSADOR CRITICIZES “RUSSIAN LAW””

April 11, 2024 - Georgian Dream returned to the consideration of the bill “On Transparency of Foreign Influence” (the so-called “Russian Law”) a year after its rejection.

We are concerned that this law will “divert Georgia from the European path”, said US ambassador to Georgia Robin Dunnigan.




TABULA: “CONCERN RAISED WITH THE AUTHORITIES WITH REGARD TO “TRANSPARENCY” LAW – EU DELEGATION”

April 11, 2024 - During a visit to Georgia, delegation of the Political and Security Committee (PSC) of the EU Council discussed fulfillment of the European Commission’s recommendations with representatives of the country’s authorities.

“The time is short, and the time is now to implement the Nine Steps and avoid any decisions that could obstruct the way toward the EU”, the PSC delegation said in a statement.




NETGAZETI.GE: “YES TO EUROPE! NO TO RUSSIAN LAW – ACTION ON RUSTAVELI”

April 9, 2024 - Georgia’s ruling party broke the promise and returns the so-called Russian law (the bill “On Transparency of Foreign Influence”) a year after it failed, the article says. Georgian Dream withdrew the bill in March 2023 after mass protests in the country.

macroeconomics & budget

FORBES GEORGIA: “BY REMITTANCES PER CAPITA, GEORGIA RANKS 9^TH IN THE WORLD”

April 11, 2024 - In 2023, foreign remittances to Georgia amounted to $4.1 billion, making up $1.121 per capita on average, the magazine reports, referring to data of National Bank of Georgia.

By foreign remittances per capita, Georgia ranks 9^th among 176 countries in the world (global data on remittances are published by the World Bank).




BATUMELEBI: “BATUMI CITY HALL PLANS TO REHABILITATE RUGBY STADIUM FOR 21M LARI – TENDER”

April 7, 2024 - Batumi City Hall plans to rehabilitate the rugby stadium and to build 2 new stadiums. For that end, the budget will allocate 21.16 million lari.

energy, oil & gas

REZONANSI: “FIXED TARIFF FOR INVESTOR – WHAT WILL THE GOVERNMENT’S PROPOSAL BRING TO THE ENERGY SECTOR?”

April 9, 2024 - Georgian Ministry of Economy and Sustainable Development has begun to develop a regulatory framework that will allow the country’s government to offer a fixed tariff to the energy sector in order to build new energy capacities.

Power engineer Revaz Arveladze considers that construction of new facilities will largely depend on the basic tariff established by the state.




TABULA: “ACCORDING TO LEVAN MEBONIA, ELECTRICITY TO OCCUPIED ABKHAZIA IS SUPPLIED BY GEORGIAN COMPANY”

April 9, 2024 - Georgia’s largest hydroelectric station EngurHES suspended operation because of damage of the wall in the derivation tunnel. According to Levan Mebonia, chairman of the board of directors at state-owned LLC EngurHES, it is planned to resume operation of the hydropower station by April 15.

companies

BANKEBI DA FINANSEBI: “IN 2023, COMPETITION AGENCY IMPOSED A FINE ON COMPANIES TOTALING TO 58,419,983 LARI”

April 11, 2024 - In 2023, the Georgian Competition and Consumer Protection Agency imposed fines on companies totaling to 58.42 million lari. In total amount, 52.8 million lari were fines imposed on pharmaceutical companies.




FORBES GEORGIA: ““LIBERTY” BECAME A PARTNER OF “UPT” COMPANY OF “AKTIF BANK””

April 7, 2024 - Georgian Liberty Bank became a partner of the Turkish remittances company UPT (a subsidiary of Turkish Aktif Bank).

As a result, Georgian emigrants living in Turkey will make remittances at much more preferential tariffs.




BANKEBI DA FINANSEBI: ““MOODY’S” IMPROVED OUTLOOK FOR “TBC BANK” CREDIT RATINGS FROM “NEGATIVE” TO “STABLE””

April 7, 2024 - The rating agency Moody’s affirmed the long-term credit rating of TBC Bank at the level of “Ba2”, while improving the outlook from “negative” to “stable”.

Moody’s expects that the bank will maintain high profitability, as well as strong positions in capital and liquidity in the future.

finances & banking

REZONANSI: “DEVALUATION OF CURRENCIES IN THE WORLD, FALL OF STOCK INDICES AND CRISIS ARE INEVITABLE”

April 11, 2024 - For the first time in history, National Bank of Georgia (NBG) added gold to its international reserves and acquired 7 t of monetary gold worth $500 million, which corresponds to 11% of Georgia’s currency reserves.

NBG decided to create a gold reserve in the conditions of a high price for precious metal, the article says.