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Tag Archives: Mamuka Bakhtadze

Georgian Banking System Hampers Economic Development

Mamuka Bakhtadze

Minister of Finance against Commercial Banks Georgian banking system frustrates economic development, Georgian Finance Minister Mamuka Bakhtadze said at TechnoPark, where a memorandum on implementation of digital Silkroad project was signed. «Bank loans with high interest rates frustrate development of entrepreneurship and business. The Georgian banking system is to drive …

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Finance Minister: Banking System should Drive Economy, not Destroy It

Minister of Finance Mamuka Bakhtadze has announced a new government initiative for shaping an alternative to expensive banking products. When talking about the new initiative, Minister of Finance Mamuka Bakhtadze said that the Georgian bank sector should drive Georgian economy, not destroy it. But we have different reality in the …

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Reuters: Georgia May Hike 2018 Growth Forecast, Plans Eurobond Refinancing

Georgia may increase its gross domestic product (GDP) growth forecast for this year, currently at 4.5 percent, as rising exports and inflows of foreign investment help support the economy, the country’s finance minister told Reuters. Georgia is recovering from a decline in exports and steep devaluations in the currencies of …

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180 Entrepreneurs Get Surplus VAT back under Simpligied System

TAX VAT

A total of 180 entrepreneurs have got back surplus VAT under the simplified system, Minister of Finance Mamuka Bakhtadze noted in his live address on Facebook. This is fourfold more amount than in 20167, he said. “To implement the mentioned reform in 2017, we created important buffers. We want that …

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Small Business Preferences and Available Risks

small business

New tax preferences for small business sector will come into force on July 1. The government’s initiative calls for cutting the turnover tax for small business  5 times. As a result, companies with 500 000 GEL turnover will move to the category of small business. This initiative announced by Prime …

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EBRD President: Georgia is Improving Investment Climate

EBRD

Minster of Finance Mamuka Bakhtadze has met with EBRD President Suma Chakrabarti as part of his visit to Great Britain. The parties positively appraised EBRD’s performance in Georgia and discussed the ongoing and planned projects. The parties made emphasis on such priorities as: development of municipal infrastructure, the banking sector, …

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EBRD to Allocate 28 million EUR for Enguri HPP Rehabilitation

EBRD to Allocate 28 million EUR for Enguri HPP Rehabilitation

On January 5 Government of Georgia and European Bank for Reconstruction and Development (EBRD) have signed an agreement for financing Enguri HPP Rehabilitation Project – Sustainable Development for Climate Conditions. The document was signed by Minster of Finance Mamuka Bakhtadze and EBRD regional director in the Caucasus, Moldova and Belarus …

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Bureaucratic Expenditures to Shrink by 25%

Bureaucratic expenditures will be cut by 25% for the next 3 years, Minister of Finance Mamuka Bakhtadze noted. As a result, Government’s savings will be enlarged to 6.5% in GDP by 2012, up from 2.6% of 2016. “If we discuss government positions, we should analyze the current achievements in this …

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Mamuka Bakhtadze: Revenue from tourism has doubled in the last 5 years

Minister of Finance Mamuka Bakhtadze emphesized the revenue received from tourism during his presentation of the 2018 state budget. In recent years, tourism has become one of the most important driving force in the Georgian economy and has become the key component of the current account expenditure, the revenues from …

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