Georgia Appointed Coordinator of the BSEC Working Group on Banking and Finance

In a post on X, the Republican lawmaker described Kavelashvili as the “fake president” of the Georgian Dream and claimed the visit would deepen what he called a “rabidly anti-American pact” between Iran and Georgia’s ruling party. Wilson also said Khamenei’s funeral was bringing together “the worst America haters from around the world.”The Georgian presidential administration has officially confirmed that Kavelashvili will attend the funeral ceremony in Iran.Wilson has been one of the most outspoken critics of the Georgian Dream government, frequently accusing it of pursuing anti-Western policies and undermining Georgia’s Euro-Atlantic aspirations.

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According to the Georgian Government Administration, the parties discussed key aspects of bilateral relations and noted that the Agreement on Strategic Partnership creates new opportunities for cooperation in the political, trade and economic, investment, scientific, technical, cultural, humanitarian and other fields.As the Prime Minister of Georgia noted, strengthening the partnership will further increase regional trade flows, reinforce transport corridors and promote broader economic integration.“Georgia highly values its partnership with Uzbekistan, which we regard not only as a reliable and important partner but also as a friend. Our bilateral relations have been developing steadily over the years. The Joint Declaration on Strategic Partnership will elevate our relations to a new level. I would like to thank you for your strong support for Georgia. The signing of the Strategic Partnership Agreement is the result of your personal support.The Joint Declaration is a testament to the friendship between our countries and provides a solid foundation for the sustainable development of bilateral relations and cooperation in the political, trade and economic, investment, scientific, technical, cultural, humanitarian and other fields.Strengthening our cooperation will further increase regional trade flows, reinforce transport corridors and promote broader economic integration.I sincerely thank you for your support for Georgia’s sovereignty and territorial integrity.The progress and achievements Uzbekistan has made under your leadership are truly impressive. You have built strong institutions, an effective system of governance and a clear vision for the country’s development.You are an exemplary leader, and we are confident that under your leadership, the bilateral cooperation and friendship between our countries will grow even stronger,” stated the Head of Government of Georgia.The President of Uzbekistan thanked the Prime Minister of Georgia and the Georgian side for the warm welcome, noting that Georgia’s impressive economic achievements make the country an important partner and a reliable pillar for Uzbekistan in the South Caucasus.According to Shavkat Mirziyoyev, despite the challenging global economic environment, achieving such results is the outcome of the government’s consistent and effective work.“I would like to thank our Georgian friends for the warm welcome. On behalf of the people of Uzbekistan and personally, I sincerely thank you for awarding me the country’s highest state honours, the Order of the Golden Fleece.Elevating Georgian-Uzbek relations to the level of a strategic partnership is a major achievement. Georgia’s impressive economic accomplishments deserve special recognition, and I sincerely congratulate you on these successes.Despite the current global economic situation, achieving such results is undoubtedly the outcome of the consistent and effective work of the Government and your entire team. Today, Georgia rightfully ranks among the world’s fastest-growing economies. Of course, behind this success stands the dedicated effort of visionary policymakers under your leadership.Georgia is an important partner and a reliable pillar for us in the South Caucasus. In recent years, cooperation between our two countries has been developing dynamically across all areas, and this is only the beginning,” stated the President of the Republic of Uzbekistan.

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According to the Minister, the customs agreement paves the way for advanced information sharing, which will significantly bolster effective coordination between the customs authorities of both nations.“Furthermore, a crucial agreement was signed to foster closer cooperation in the financial sector. This will enable our countries to share institutional expertise in core areas such as budgetary planning and public financial management.Georgia holds a globally leading position in these disciplines. Our nation ranks number one in the world on the Open Budget Index for transparency and maintains a highly advanced standing regarding public financial management reforms. This agreement presents an excellent opportunity for our Uzbek colleagues to leverage the outcomes of our reforms as we work collaboratively on these initiatives,” the Minister of Finance, Lasha Khutsishvili, noted.

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With regard to the annual core inflation, the prices increased by 3.5%, while the annual core inflation without tobacco amounted to 3.2%.The annual inflation rate was mainly influenced by price changes for the following groups:Food and non-alcoholic beverages: the prices in the group increased by 5.6 percent, contributing 1.92 percentage points to the overall annual inflation rate. Within the group the prices increased for the following subgroups: fish (20.4 percent), meat (9.8 percent), fruit and grapes (8.7 percent), bread and cereals (6.6 percent), sugar, jam, honey, chocolate and confectionery (5.5 percent), oils and fats (5.5 percent), coffee, tea and cocoa (4.2 percent), mineral waters, soft drinks, fruit and vegetable juices (1.8 percent), milk, cheese and eggs (1.8 percent), vegetables (0.4 percent);Transport: the prices for the group increased by 16.5 percent, contributing 1.87 percentage points to the overall index. Within the group the prices increased for operation of personal transport equipment (24.0 percent) and transport services (11.8 percent);Housing, water, electricity, gas and other fuels: the prices for the group increased by 7.2 percent, contributing 0.69 percentage points to the overall index. The prices were higher for the subgroups of electricity, gas and other fuels (10.1 percent), maintenance and repair of the dwelling (6.8 percent) and actual rentals for housing (5.4 percent);Health: the prices increased by 4.7 percent, contributing 0.4 percentage points to the overall index. The prices were higher for the following subgroups: medical products, appliances and equipment (7.5 percent), out-patient services (3.0 percent).

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Since 2018, the National Bank of Georgia's inflation target has been 3%.The NBG asks us1) By what percentage do you think the price of the products/services you sell will change in 1 year compared to today?By more than 8% or less than 6%?2) By what percentage do you think the consumer price level will change?5) By what percentage do you think the salaries of employees in your company will change over the next year?The questionnaire contains 5 questions, the answers to which will help the regulator to learn about the expectations of citizens.At the end of the questionnaire there is a recommendation field, which the citizen can fill in or not, as desired.

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The ministry stated that the new deadline has been set for February 1, 2031.“An amendment has been introduced to the Government of Georgia’s Decree No. 106, dated March 12, 2026, which regulates the prohibition of the manufacture, import, and market placement of certain plastic products intended for contact with food.Under this amendment, the deadline to enforce the ban on serving drinks in plastic bottles at catering venues has been extended by four years, with the new effective date established as February 1, 2031.Under the original March decree, the restriction was slated to take effect today, July 1, 2026. The decision to grant this extension was reached following supplementary consultations with the private sector, business associations, and other relevant stakeholders,” the Ministry of Environmental Protection and Agriculture stated.

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“From August-September of this year, the company will start processing exclusively non-Russian crude oil. This step will provide Black Sea Petroleum with access to profitable markets for its products,” the statement said.According to the company, the volume of oil refined at the plant in the first half of 2026 exceeded 650,000 tons.In addition, BSP has expanded its cooperation with international technology corporation Honeywell, which includes the supply of equipment and the implementation of automated control systems.The company also announced plans to expand production.“In the first quarter of 2027, the refinery plans to start producing road bitumen for the domestic and export markets, and from the second quarter - to produce aviation kerosene,” the BSP statement said.The Kulevi oil terminal, located between Poti and Anaklia in Khobi municipality, which has been operating for decades, is owned by Azerbaijan’s state oil company SOCAR (operated by Black Sea Terminal Company).The terminal handled 2.2 million tons of crude oil, oil products and petrochemicals in 2025, and SOCAR has announced expansion works here in 2026.The oil refinery (ORF) in Kulevi began operating in 2025. Prime Minister Irakli Kobakhidze also attended the project presentation in October 2024. The state-owned Development Fund of Georgia and Bidzina Ivanishvili’s Cartu Bank participated in financing the plant.In October 2025, the Russian investigative publication Proekt (Project) published an article discussing the connections of the family and business partners of the owner of the Kulevi oil refinery with the leadership of the Russian Military Intelligence (GRU). In particular, according to the material, the owner of the plant, Maka Asatiani, and his partners are connected to Russian multi-billion dollar oil and logistics businesses, and a member of the partner’s family is the deputy head of the Main Directorate of the Russian General Staff (GRU).At the same time, in October 2025, the newly built Kulevi refinery received its first batch of raw materials from the Russian private company Russneft. Two months later, on December 16, 2025, the British government imposed international sanctions on Russneft, along with other major Russian oil companies.According to experts, Black Sea Petroleum’s decision to completely abandon Russian oil and switch exclusively to non-Russian raw materials is related to avoiding these international sanctions and maintaining access to Western, highly profitable markets.

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The proposed transaction will support competitiveness in Georgia by expanding PCBG's outreach to MSME clients and enhance access to local-currency financing for private sector. In addition, it will support the green economy, with 20% of all financed sub-loans expected to be compliant with the EBRD Green Economy Transition (GET) approach.ProCredit Bank Georgia ("PCBG", "the bank") is a member of the international ProCredit Group, a development-oriented banking group headquartered in Frankfurt am Main, Germany. The bank has been operating in the Georgian banking sector since 1999, largely catering financial needs of SME segment, serving approx. 4,100 business and 8,200 private clients through 6 branches, 5 service points with the self-service areas in 5 main cities of Georgia. As of end April 2026, the bank is ranked as 6th among the country's 19 banks and is holding up to 2.11% of sector assets and loans, and 2.15% of deposits.

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