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Economy

Turkey’s QNB Finans Leasing Receives EBRD Loan of €25 Million

The EBRD is providing a loan of €25 million to QNB Finans Finansal Kiralama A.S., a leasing subsidiary of the Turkish lender QNB Finansbank, to broaden access to finance for the country’s small and medium-sized enterprises (SMEs). The EBRD loan is extended under the third phase of the Turkey Sustainable Energy …

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Francois Painchaud: IMF Publishes Its Works Following Government’s Approval

“The Monetary Fund publishes its works in case of receiving consent from the government,” Francois Painchaud, a representative of the International Monetary Fund told Bm.ge. They don’t specify at the fund, which survey was discussed by former Prime Minister Bidzina Ivanishvili. In addition, they explain the research, fund conducts  and …

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Georgia’s Foreign Trade Grows at High Paces

Georgia Has Positive Trade Balance with only Bulgaria among Top 10 Trade Partners. In January-June 2018 Georgia’s external trade turnover (excluding undeclared trade) made up 5 985.9 million USD, up 24.3% year on year. According to Geostat, national statistics service of Georgia, exports constituted 1 593.6 million USD (+28.5%) and …

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Prime Minister Announces Green Economy Strategy

Prime Minister Mamuka Bakhtadze announced a new green economy strategy, which presentation will be held in a few days. “The green economy is an absolute priority for us, which will enable us to take a new level of economics and lifestyle quality of our citizens.Most European countries have embarked on …

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Socar Buys New Gas Pipeline Networks in Georgia

SOCAR Increases Share in its Georgian Subsidiary

SOCAR Georgia Gas, a subsidiary of Azerbaijan’s state oil company SOCAR, has acquired gas pipelines in a number of Georgian districts with a total length of 594,000 running meters, according to the order published on the official website of Georgia’s government. The gas pipelines have been transferred to the company …

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Adjara Finance and Economy Ministry Spends 163 522 EUR Inefficiently

“The EBRD loan for solid wastes management project implementation was not fully employed in 2017”, the auditor’s conclusion reads regarding the financial report of Adjara Finance and Economy Ministry. According to the conclusion, under the agreement conditions, as of December 31, 2017, in terms of payment of liabilities, budget funds …

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SOCAR: We have bought 40 million GEL Gas Pipelines in Georgia

State-owned gas pipelines have been handed over to SOCAR Georgia Gas by a direct sales. Under the Government decision, SOCAR Georgia Gas must pay 21.3 million GEL for the gas pipelines, including 8.5 million GEL must be paid within 36 months and the remaining part must be paid in 48 …

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State Budget Collects 397406.2 thousand GEL from Profits Tax in January-June

In January-June 2018 the Georgian state budget collected 5 646 659.2 thousand GEL, including state budget revenues constituted 5 019 831.5 thousand GEL, incomes from reduction in non-financial assets totaled 63 530.1 thousand GEL, incomes from reduction in financial assets constituted 37 261.6 thousand GEL, while incomes from increased liabilities …

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Import Price Index Remains Unchanged

The Import Price Index (MPI) remained unchanged over the previous month, while compared to June 2017 the Index increased by 10.3 percent. Compared to June 2017 prices increased by 11.2 percent for manufactured products and by 3.6 percent for mining and quarrying. In terms of electrical energy, gas, steam and …

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Producer Price Index for Industrial Products in Georgia

In June 2018 the Producer Price Index (PPI) for Industrial Products decreased by 1.1 percent over May 2018 and increased by 6.8 percent compared to June 2017. Prices for manufactured products decreased by 1.3 percent compared to the previous month, resulting in a -1.03 percentage point contribution to the overall PPI …

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