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Economy

Environment Impact Document Prepared for Anaklia Seaport Development

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Environment impact document has been prepared for Anaklia Seaport and Anaklia Development Consortium will start public discussions on this document. Objective of Anaklia project is to develop and manage container terminals that will be able to handle about 8 million tons of container cargo a year. As reported, Government of …

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IMF Representative: Workforce Skills in Georgia Differ form Market Demands

Tao Zhang

Tao Zhang, deputy managing director for International Monetary Fund (IMF), asserts that there is much difference between workforce skills and the labor market demands in Georgia. New technologies and new business models are developed on global markets. Therefore, there is much demand for new working skills, he said. “Schools should …

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Georgia’s Trade Turnover with Azerbaijan Grows

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Georgian Minister of Economy and Sustainable Development has held the fist meeting with President of Azerbaijan Ilham Aliev. The parties discussed bilateral trade-economic relations and transit potential development perspectives. The parties noted that over the past 4 months Georgia-Azerbaijan trade turnover has grown and this tendency will be continued. “Energy …

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Fuel Costs of Budget-Financed Organizations Exceeds 53 million GEL

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According to the state treasury, in 2016 expenditures on fuel/lubricants made up 53.495 million GEL, down 7.879 million GEL year on year. This information is read at the report by State Auditing Service. This report covers the 2016 state budget fulfillment. At the same time, the report asserts that real …

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The Business Demands to Preserve Article 94 in the Constitution

The Business Demands to Preserve Article 94 in the Constitution

The leading business communities are demanding preservation of Article 94 in the Constitution. It is necessary to maintain the article in the current form for economic growth and development of the country, stable business and investment climate. Businessmen say that existence of the article in the constitution provides unique attractive …

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Assets of Finance Corporations Grow

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Assets of finance corporations have risen by annual 22% to 43.4 billion GEL. Ratio of commercial banks accounts for 70% (30.3 billion GEL). According to the new chart of National Bank of Georgia (NBG), annual growth in assets of corporations is around 21.22% (2016, 2015). NBG announced about additions to …

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The IMF Names Terms of Returning Georgia to the 5% Growth

The IMF Names Terms of Returning Georgia to the 5% Growth

Tao Zhang, Deputy Managing Director, IMF names terms of returning Georgia to the 5% growth. He made remarks at Tbilisi State University and noted that they see Georgia returning to the 5.5 percent growth after the recent downturn, but it would depend on several issues. “That will depend on the continuation …

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Georgia’s Debt to Kazakhstan has Decreased

Georgia's Debt to Kazakhstan has Decreased

Georgia’s debt to Kazakhstan has decreased. Dimitri Kumsishvili, Minister of Finance signed an agreement on restructuring Georgia’s debt to the Republic of Kazakhstan. According to it, the amount of Georgia’s debt is decreased from 27.77 million to 25.48 million USD. “Kazakhstan’s debt will be paid with the reached agreement with …

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Only about 20% of the Visitors are Foreigners in the Mountain Resorts

Only about 20% of the Visitors are Foreigners in the Mountain Resorts

The number of visitors at Georgia’s mountain resorts reached a historical high. According to G & T, Mountain Resorts Development Company (MRDC), the total number of visitors to Georgia’s winter resorts exceeded 400,000 (+37.0% y/y) during the season. Notably, according to MRDC, only about 20% of the visitors were foreign …

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