Economic Press Monitor April 8 - 14, 2018	Days:  31 07 14 21 28

economic & politics

NETGAZETI.GE: “MAMUKA BAKHTADZE: HIGH-INTEREST CREDITS OF BANKS HAMPER BUSINESS DEVELOPMENT”

April 13, 2018 - Georgia’s Finance Minister Mamuka Bakhtadze says that “high-interest credits in the banking system hamper development of entrepreneurship and business”. We have such reality in our country, when banks do not execute “function of driving force”, he considers.




EUGEORGIA.INFO: “FROM NEXT YEAR, GEORGIAN ENTREPRENEURS WILL BE ABLE TO RECEIVE STANDARDS ONLINE”

April 13, 2018 - According to the action plan for the EU-Georgia free trade agreement (DCFTA), quality management system has to be introduced in the department of standards of Georgian Metrology Agency (according to ISO 9001:2015), Eugeorgia.Info reports.

As the article notes, the project was launched in the department last year and, approximately, will be completed until end of the current year.




TABULA: “DECLINE OF DEMOCRACY INDEX AND INFORMAL RULING – NEW RESEARCH OF “FREEDOM HOUSE””

April 12, 2018 - Annual report of Freedom House gives Georgia 4.68 points in Democracy Index out of 7 possible (the 19^th place, group of transitional countries), Tabula reports. The article indicates that in the last 2 years, the score of the country made up 4.61 points (1 point is the best score, 7 points – the worst).




TABULA: ““ROSSELKHOZNADZOR” WILL GET ACQUAINTED WITH ISSUES RELATED TO MARMORATED STINK BUG IN GEORGIA”

April 11, 2018 - Representatives of Rosselkhoznadzor (Russian Federal Service for Veterinary and Phytosanitary Supervision) arrived to Georgia, Tabula reports. Purpose of the visit is studying of situation with spread of brown marmorated stink bug (Halyomorpha halys).




NETGAZETI.GE: “PART OF TECHNOPARK’S SERVICES ROSE IN PRICE FOR STUDENTS TOO”

April 10, 2018 - Georgian government decided to raise several times cost of some service of Tbilisi Technopark (located in Okrokana), including those for students, Netgazeti.Ge reports.

In particular, price increase applied to use of that equipment, which is used by members of so-called publab (laboratory of industrial innovations).

macroeconomics & budget

FORBES GEORGIA: “ADB ESTIMATES GEORGIAN ECONOMY”

April 13, 2018 - Asian Development Bank (ADB) expects in Georgia economic growth of 4.5% in this year, the magazine reports. In comparison with the previous forecast, estimation did not change.




BANKEBI DA FINANSEBI: “17 MILLION LARI ARE SPENT FROM THE STATE BUDGET FOR TREATMENT OF ABKHAZIAN AND OSSETIAN PATIENTS”

April 12, 2018 - Institute of Development of Freedom of Information (IDFI) reported that expenses of the state budget on medical care of Abkhazian and Ossetian patients amounted for 2014-2017 to 16.94 million lari, while number of beneficiaries of this medical care made up 6,188.

IDFI enquired the data from the Ministry of Labor, Healthcare and Social Protection.




REZONANSI: “THERE IS TOTAL MARASMUS IN CONNECTION WITH SALARIES IN PUBLIC SECTOR!”

April 12, 2018 - Scales of receiving by officials of fantastic salaries reached unprecedented level, the newspaper states.

The article brings example of Sulkhan Zumburidze, head of Georgian State Electrosystem, whose salary for 2017 totaled to 341,700 lari, or 28,475 lari a month, that the newspaper estimates as “record” indicator in the public sector.

energy, oil & gas

TABULA: “WIND STATION ACCOUNTS FOR 0.6% OF ENERGY CONSUMPTION, BUT ITS ELECTRICITY IS MORE EXPENSIVE THAN IMPORTED ONE”

April 13, 2018 - In February, Kartli wind power plant provided 0.6% of total energy supply of the country, Tabula reports.

Referring to report of Galt&Taggart, the article says that average price of imported electricity made up $0.053 (per 1 kWh) in February, while the state pays $0.0689 to wind power plant.




FORBES GEORGIA: “OIL EXTRACTION IN GEORGIA DECREASES”

April 11, 2018 - Georgian Oil and Gas Corporation reported that 31,994 t of crude oil were extracted in Georgia in 2017. This volume is by 6,563 t less than showing of 2016, by 8,212 t – of 2015, by 10,638 t – 2014, the magazine reports.

companies

REZONANSI: “WRITING-OFF OF PENALTIES WORTH MILLIONS IN EXCHANGE OF INVESTMENTS”

April 10, 2018 - Referring to unofficial information, the newspaper reports that penalties, imposed on oil companies because of alleged cartel agreement, will be reduced to a minimum or written-off at all. The essence of the possible deal is connected with capital investments of the companies, the newspaper specifies.

finances & banking

REZONANSI: “IN WAITING OF BIG CREDIT CHANGES”

April 12, 2018 - National Bank of Georgia (NBG) already works on a framework of responsible crediting, the newspaper reports. Working version of the document is already ready, while the final version is planned to publish after consultations with private sector.




REZONANSI: “DIGITAL “SOAP BUBBLES” WILL BEGIN TO BURST SOON”

April 11, 2018 - In 5 months, cost of bitcoin has dropped by 65%, the newspaper reports. If cost of this cryptocurrency made up $20,000 in December 2017, it costs within $6,700 now.

construction

REZONANSI: “4,000 FAMILIES, SUFFERED FROM “CENTER POINT”, WILL RECEIVE APARTMENTS IN 3 YEARS”

April 10, 2018 - Irakli Burdiladze, director general of development company m², declares that in case of fulfillment of precondition by Center Point, m² will finish construction. “About 4,000 families within 3 years will be satisfied with apartments, which Center Point had to pass to them long ago”, he points.




REZONANSI: “MOST UNDERGROUND PARKINGS ARE DANGEROUS”

April 10, 2018 - Most underground parkings in residential houses and public buildings are dangerous, the newspaper states.

In particular, almost all parkings neglect the requirement to have 3 exits: one for cars and two for people.