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Economy

Georgia’s 2018 Budget Appropriately Targets Further Fiscal Consolidation

The 2018 budget appropriately targets further fiscal consolidation, IMF reports. The 2018 budget envisages a further decline in the deficit while allowing for an increase in capital spending. To achieve this, efforts to strengthen revenue administration should continue, especially to prevent the buildup of VAT claims. The authorities should also …

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Georgia Receives $42,4 Million From IMF

The Executive Board of the International Monetary Fund (IMF) completed the First Review of Georgia’s performance under the three-year extended arrangement under the Extended Fund Facility (EFF) on a lapse of time basis. The completion of the review enables the release of SDR 30 million (about $42.4 million), bringing total …

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Natural Gas Supply to Europe via Georgia to Start in 2018

BP company has finished South Gas Corridor project construction works on the territory of Georgia, BP regional president Gary Jones noted. Projects as part of South Gas Corridor are being implemented in line with agreed budget and schedule and the pipeline is ready, he said. “I believe ShahDeniz natural gas …

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80 000 GEL will be Spent on New Year Fireworks in Tbilisi

80 000 GEL will be spent for New Year fireworks in Tbilisi. Tbilisi City Hall has announced the relevant tender. Receiving proposals for this purchase begins on December 11 and ends on December 13. “The candidate should have experience of not less than 120,000 GEL specials and artistic fireworks since …

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9 Mln GEL to be Allocated for Planting Up the City

Funds for planting up activities in Tbilisi budget increases three times in 2018. According to Tbilisi Mayor Kakha Kaladze, 2,9 million GEL was allocated for this direction in 2017 and it will be 9 million GEL next year. He stated this news at the Tbilisi government session. According to Kaladze, …

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1.3 BLN to be Spent on Road Construction in 2018

1.3 BLN to be Spent on Road Construction in 2018

The Ministry of Regional Development and Infrastructure will have a budget of 1.815 billion USD in 2018. The government plans to increase spending on infrastructural projects. As a result, budget of the curator ministry increases by 557 million in the next year. According to the draft budget project of 2018, …

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Business Sector Creates 12 600 New Job Places in 3Q17

In the third quarter of 2017 the business sector created 12 600 new job places (+6.3%), as compared to the same period of 2016. In the reporting period, the business sector had employed 643 900 citizens, according to Geostat, national statistics service of Georgia. 35.9% of total number of employees …

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Interest Expression Announced for Lukhuni HPP Construction

Interest expression has been announced for construction, ownership and operation of Lukhuni HPP 2 in Racha-Lechkhumi Region. The presumable installed generation of the facility is 12 megawatts. Presumable annual generation will be 73.58mln kilowatt/hours. The hydro power plant will be constructed at the river Lukhuni in Ambrolauri District. Under the …

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Number of Insolvent Citizens in Georgia Grows

insolvency

Quantity of insolvent citizens rapidly grows in Georgia. The tendency has intensified in 2017. Over the past 10 months, the quantity of insolvent citizens rose by 23.5%. As of January 20, 2017 the Debtor Registry of National Enforcement Bureau registered 186 285 debtors, while currently the registry records 230 223 …

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