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August 2014


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Fitch Upgrades Georgia to `BB-`; Outlook Stable

15.12.11 18:09

Fitch Ratings has upgraded Georgia`s Long-term foreign and local currency Issuer Default Ratings (IDR) to `BB-` from `B+`. The Outlooks on the ratings are Stable - Georgian Prime Minister Nika Gilauri and the Minister of Finance, Dimitri Gvindadze reported at the press conference today.
According to PM, the company has considered the fact that Georgia has the tendency of foreign debt reduction, investments are made in infrastructure, export is diversified and the business climate for investors is attractive.
"The upgrade reflects Georgia`s strong growth performance, the government`s progress in reining in the fiscal deficit, a reduction in inflation and a rise in foreign exchange reserves," says Charles Seville, Director in Fitch`s Sovereign team.
Georgia has reduced its budget deficit to an estimated 3.7% of GDP in 2011, from 6.6% of GDP in 2010. The recently-passed 2012 budget targets a deficit of 3.6% of GDP and the high share of capital spending and the government`s current surplus gives it further flexibility if needed.
`Georgia is in the list of the countries, the ratings of which have been improved by Fitch ratings and this has occurred in the situation, when the ratings of other countries are falling gradually. This is a great success of Georgian government and the economics and it confirms the ability of the government to control these processes. We are represented as an attractive country attracting investments and naturally, this will encourage the process of making new jobs,` Gilauri said.


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Moody`s: Georgia`s Ba3 sovereign rating changed to positive from stable

26.08.14 10:30

Moody`s Investors Service has changed the outlook on Georgia`s Ba3 sovereign rating to positive from stable - the Minister of Sustainable Development and Economics of Georgia, Giorgi Kvirikashvili announced. According to the Minister, concurrently, Moody`s has affirmed Georgia`s Ba3 clip 

PM attends opening of the construction of a new hospital in region

25.08.14 14:31

Prime Minister of Georgia Irakli Gharibashvili attended the ceremony of laying fundament a new hospital in the village of Rukhi, Samegrelo Region. According to the Prime Minister, it will be a hospital intended to serve 220 patients simultaneously and offer all kinds of medical service. clip 

Energy Regulatory Commission to revise electricity consumption tariff

22.08.14 14:36

The National Energy Regulatory Commission will hold a session to revise the price of the electricity power tariff under the request of the energy distribution company Energo-Pro-Georgia. clip 

Energy Minister rules out growth of power tariff

20.08.14 14:39

The Minister of Energy and Natural resources, Kakha Kaladze downplays the concerns of some opponents about the possible growth of the electricity consumption charge, saying the electricity tariff will not be clip 

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Foreign Minister comments on possible Russian embargo

18.08.14 13:20

Minister of Foreign Affairs of Georgia says the government will find ways to fit the new trade terms in case Russia bans import of Georgian product on its territory, which is quite possible after Georgia and two other post-Soviet republics signed Association Agreement with the European Union last June. clip 

IMF approves $140 mln loan to Georgia

14.08.14 13:48

The International Monetary Fund has approved a 153 million U.S. dollar loan to Georgia - the issue was discussed at the meeting of the Cabinet, at the end of which, the Minister of Finance, Nodar Khaduri defined that the total amount of the loan would be transferred to Georgia during 3 clip 

Government launches pilot draft of agriculture insurance

14.08.14 13:29

The government of Georgia will allocate five million GEL from the state budget to fund the new program of agriculture insurance - Minister of Agriculture Otar Danelia announced after the meeting of the Cabinet clip 

Suspending free trade agreement by Russia `not a tragedy`:PM

31.07.14 20:14

Georgia`s Prime Minister Irakli Garibashvili considers Russia’s plan to suspend free trade agreement with Georgia “not a tragedy” clip 

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