Finance Minister Khutsishvili Met With IMF Mission in Tbilisi

“It is outrageous that the husband of the GD regime appointed ambassador to U.S. is reportedly helping Russia to evade U.S. sanctions meant to cripple Putin’s war machine. US Treasury should look into this, and I look forward to following up,” Wilson wrote.The statement follows a report by OC-Media, which claims that David Kukhalashvili, husband of Ambassador Tamar Taliashvili, is the founder and managing director of a Moscow-based law firm advising clients on avoiding sanctions and asset freezes imposed by the US and European Union.

1765451862

The case concerns the June 20-21, 2019 protests in Georgia following the visit of Russian State Duma deputy Sergei Gavrilov, who chaired a session in the Georgian Parliament. During the protests, riot police used tear gas and rubber bullets, injuring several hundred demonstrators, including 38 journalists, with some losing their eyesight. Several participants were also arrested for alleged involvement in violence.The Grand Chamber ruled unanimously that Georgia violated the procedural aspect of Article 3 of the European Convention on Human Rights, which obliges states to conduct effective, independent, and timely investigations into alleged torture or inhuman treatment. The Court also found violations of Article 10 (Freedom of Expression) and Article 11 (Freedom of Assembly). The Government’s claim that domestic remedies had been exhausted was rejected.The Court awarded the victims a total of €646,000. The applicants included both ordinary demonstrators and journalists, while the State was ordered to cover €100,000 in legal costs.

1765451598

Under the amendment to the Organic Law of the National Bank, the NBG gains the authority to request and review information from VASPs during on-site and remote inspections. This includes monitoring minimum regulatory capital, risk management frameworks, asset and capital requirements, and other prudential standards.The National Bank of Georgia emphasizes that this change will enhance consumer and investor protection, ensure the technical and operational sustainability of VASPs, and align Georgia with international best practices.The NBG notes that the rapid growth of virtual asset services and their user base since 2023 necessitates stricter oversight. The expanded mandate includes prudential supervision, capital adequacy checks, consumer rights protection, and the introduction of cybersecurity and operational risk standards.

1765451386

Under the changes, the threshold for disputes handled by the National Bank’s Dispute Resolution Commission has been doubled. Consumers can now file complaints for cases where the value of the dispute does not exceed 100,000 GEL, up from the previous limit of 50,000 GEL.The amendments also clarify the legal procedures for delivering the Commission’s decisions, ensuring greater transparency and legal certainty.Operating since 2023, the independent Dispute Resolution Commission offers alternative mechanisms for resolving complaints related to unauthorized transactions, errors in payment execution, incorrect deductions, and other similar issues, supporting the development and reliability of Georgia’s financial sector.

1765451199

The highest growth in November, 0.58%, was recorded by the conservative portfolio, while the gains of the balanced and dynamic portfolios amounted to 0.39% and 0.2%, respectively.Despite the relatively low monthly growth, the dynamic portfolio has maintained its leadership in terms of profitability since the beginning of the year: Dynamic – 14.13% Balanced – 12.26% Conservative – 10.76% In addition, the dynamic portfolio has also been leading in terms of annualized income since its inception (August 6, 2023), and its profitability is equal to 14.3%, while the corresponding indicators for the balanced and conservative portfolios are 13.1% and 11.8%.The assets of the Pension Fund of Georgia exceeded GEL 8 billion by the end of November, and the generated income reached GEL 2.2 billion.

1765451034

According to him, one of the obstacles hindering the development of the energy system is the debt accumulated by companies over recent years in the form of fines and penalties.“We have made a critically important decision to write off fines and penalties imposed on companies operating in the sector, subject to specific conditions. All energy sector companies involved in developing renewable energy projects will have their accumulated state fines, with the total amount reaching one billion lari, written off under specific conditions.As for the conditions: to ensure companies are not tempted to continue operating irresponsibly and accumulating new fines, but instead take the state’s sector reform initiative seriously, they will be fully liable for any newly accumulated penalties and fines should they breach the renewed deadlines. Moreover, the fines forgiven by today’s decision will be reinstated,” Kobakhidze stated.According to the Prime Minister, the conditional debt relief serves two simultaneous purposes.“On the one hand, companies must have the financial barrier removed in the process of implementing energy projects, and on the other hand, companies must retain maximum motivation to implement planned projects within the grant deadlines. Debt forgiveness should mark the beginning of a new process based on bilateral cooperation, yet imbued with responsibility. This means new agreements, new schedules, and new reasonable mutual obligations between the state and companies. We shall take a strict approach to any new unfulfilled obligations or new debts to the state budget. With our new approach, we are beginning to implement an energy policy that will be acceptable to companies involved in the energy sector and from which the country will derive maximum benefit,” Kobakhidze declared.As Irakli Kobakhidze stated at today’s briefing, today’s decision will provide fresh impetus for the development of the energy system.“Our decision today will provide fresh impetus for the development of the energy system, which is of decisive importance for the country’s economic development and the strengthening of economic independence. I thank Georgia’s Minister of Economy and Sustainable Development, Mariam Kvrivishvili, and the ministry’s team for preparing this critically important decision. I wish the energy companies success in the process of implementing renewable energy projects,” the Prime Minister stated.

1765367278

Following the receipt of consumer submissions and the Agency’s detailed assessment and examination of the matters, the GCCA concluded that Global Transporter LLC and Space Cargo LLC had committed unfair commercial practices.In the case of Global Transporter LLC, the consumer reported that a parcel delivered to the trader’s foreign address was not reflected in the consumer’s personal account. Furthermore, following the consumer’s application to the GCCA, the trader contrary to the terms of the existing agreement restricted the consumer’s access to the service. The Agency assessed this conduct as the use of an unfair standard contract term. The examination further established that the company failed to provide consumers with information on the essential characteristics of the service, which constitutes a misleading commercial practice by omission.Regarding Space Cargo LLC, consumers submitted applications alleging defective service provision. In one instance, upon the parcel’s arrival in Georgia, the transportation fee was calculated using a method that differed from the one originally agreed upon. In another instance, the trader refused to compensate for the damage resulting from the loss of a parcel. The Agency concluded that the company had engaged in misleading commercial practices by omission. Moreover, the trader failed to properly fulfil its contractual obligation to deliver a parcel received abroad to Georgia, as the consumer never received the item accepted at the foreign address.Pursuant to its decisions, the Agency required both traders to restore the violated consumer rights and ensure full compliance of their commercial practices with the applicable legislative framework.

1765366698

The ministry reported that the decision was made during the 20th session of the UNESCO Intergovernmental Committee for the Safeguarding of the Intangible Cultural Heritage, held in New Delhi.“UNESCO’s recognition of the traditions and rituals associated with wheat is an international acknowledgment of the centuries-old labour, knowledge, and practices of the Georgian people; an affirmation of the significance of Georgian endemic species; a reinforcement of the links between spiritual and material culture; and a pledge to future generations that the vitality of this ‘intangible cultural element’ will be preserved and nurtured,” the Ministry of Culture stated.The intangible cultural heritage monument, Georgian Wheat Culture: Traditions and Rituals, was officially designated as of national importance by Resolution No. 98 of the Government of Georgia, dated March 27, 2024.According to the Ministry, Georgia’s nomination submitted to UNESCO’s Representative List for the Safeguarding of the Intangible Cultural Heritage of Humanity on March 28, 2024, has successfully passed all stages of evaluation.

1765366478