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Economy

2017 Budget is Essentially Transformed Fiscal Policy

Kumsishvili: We are Meeting Investors on Restoration of Regional Airdromes

The 2017 state budget, as well as government’s midterm budget plan, is an essentially transformed fiscal policy, Minister of Finance Dimitry Kumsishvili noted at a final briefing of International Monetary Fund mission. He held the briefing jointly with National Bank president Koba Gvenetadze and IMF mission head Mercedes Vera Martin. …

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Georgia Prepares to Join Energy Community

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The Director of the Energy Community Secretariat, Mr Janez Kopač, met with the Minister for Energy of Georgia, Mr Kakha Kaladze, on 27 February in Tbilisi. The officials discussed the country’s energy reforms, Georgia’s accession to the Energy Community and its adoption of the Energy Law. The draft Energy Law …

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International Monetary Fund Starts $285 million Program in Georgia

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International Monetary Fund starts a three-year project of 285 million in Georgia, – mission of IMF finishes the visit with such a result. IMF supports the program with “extended funding mechanism”. To note, 201,4 million SDR ( over $285 million) will be allocated within the frame of the program, i.e. …

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AYFB Names Main Defects in Law on Tobacco Products

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Association of Young Financiers and Businessmen – AYFB has released a repeated statement on the Tobacco bill and exposed the gaps within the document. The bill lacks for due financial analysis. The document only says that the Authorities do not plan to take additional expenditures, but the draft law says …

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Georgia Ranks 16th in 2016 Global Hunger Index

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Georgia ranks 16th among 118 countries in the 2016 Global Hunger Index. Under OXFAM Georgia report, Georgia’s indicators have not improved since 2008, but total score of the country made up 8.2. And this is a very low indicator, while the situation in several other countries were appraised as alarming …

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Agro Test Laboratory Capacity in Georgia

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The majority of new challenges that our country needs to address after signing of the EU Association Agreement are related to the agriculture sector. The Deep and Comprehensive Free Trade Agreement (DCFTA) has provided a real perspective for export of the Georgian products to the EU market. The DCFTA opens …

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59,7 mln to be Allocated for Tunnel Construction in Devdoraki Gorge

59,7 mln to be Allocated for Tunnel Construction in Devdoraki Gorge

Another tunnel will be built on the highway of Mtskheta-Stepantsminda-Larsi. Road Department has already started selection of Construction Company, which will build a tunnel of 1200 m and nearby roads on connecting road with Russia. Supposed purchase cost (VAT included) is determined by 59 753 149 GEL. Proposal submission term …

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Economic Growth in January Marked 5.2%

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According to preliminary estimations, in January 2017 Georgia’s gross domestic product growth pace made up 5.2%. According to preliminary report by Geostat, national statistics service of Georgia, in the reporting period exports rose by 44.7% and imports increased by 15.4%. Foreign trade turnover increased by 22.1%. Turnover of VAT-payer enterprises …

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Whether GEL Overcomes Crisis

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A major part of experts and analysts expected that the GEL exchange rate would depreciate further in January-February 2017, but the situation went in opposite direction  and the Georgian national currency recorded strengthening tendency. As a result, 1 USD equaled to 2.6429 GEL as of February 17,  after seeing the …

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