Moody’s assigned first-time issuer ratings of Ba3 for the long term and NP for the short term to TBC

In order to reduce the share capital, the Group increased its $25 million share buyback and cancellation program by an additional $25 million on March 11, 2020.As a result of the cancellation, the total number of ordinary shares amounted to 37,223,619, of which 37,193,619 had voting rights at the time of cancellation, and within a few days 30,000 shares were added to the 30,000 shares in the treasury awaiting cancellation.The program is consistent with the intention announced by the Supervisory Board on May 17, 2024  - to allocate at least GEL 300 million for capital return by the end of 2026. The additional $25 million for the existing share buyback and cancellation program brought the total amount to GEL 251 million, which is intended for share buybacks within the framework of the aforementioned GEL 300 million capital return package. Of this, GEL176 million had already been used as of March 11.

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“I believe it’s essential to remind everyone that Georgians are not schoolchildren taking exams. The Georgian people have already passed numerous tests in their pursuit of independence and sovereignty. Let me also remind our European colleagues, including some European Commissioners, that one of the fundamental European values is the ability to accept and respond to constructive criticism.There is a growing tendency to dismiss criticism by labelling certain arguments as anti-European. However, we base our statements on facts. For example, we possess documented evidence that extremist groups and propaganda efforts are being financed through the EU budget. These are serious issues, and we expect clear, transparent answers,” he emphasized.

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The mission notes the need for structural reforms to maintain high growth.“No risks have been systematically assessed at this stage, but continued monitoring is necessary, the release states.The IMF mission, led by Alejandro Hajdenberg, was in Tbilisi from May 21 to June 4 as part of the 2025 Article IV consultation.

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"I remember their pathos in the 1980s, the content of the discussions, the degree of injustice, unfortunately, today's European Parliament is no different from all of this. I hope that the process of recovery and changes will concern the European Parliament first. The situation we are observing in the European Parliament is very sad and disturbing, it is tragic," Irakli Kobakhidze said.Kobakhidze also noted today that the current situation in the European Parliament is very worrying and tragic.On Wednesday, June 4, the European Parliament's Foreign Affairs Committee adopted a critical draft report on Georgia with amendments.

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"After 33 years representing the United States as a diplomat, I have made the personal decision to retire. Serving as the U.S. Ambassador to Georgia has been the greatest honor and privilege of my entire career, and I will forever be proud of the work the tremendous U.S. government team, in Washington and here at the U.S. Embassy in Tbilisi, has done to advance the partnership between our peoples and our countries.This is a fully personal decision. I have not been asked to return by my government.My family and I have been blessed to have experienced the incredible generosity and warmth of the Georgian people. No matter where we have traveled in this amazingly beautiful country we have been welcomed with unparalleled Georgian hospitality. We have admired the heart, soul, and passion of all Georgians. I am more certain today than ever that the core values that bind Americans and Georgians will ensure that our special partnership and friendship endures.I will continue to work hard to strengthen our ties until I depart in July", - Robin Dunnigan said.

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"The appointment of the President of the National Bank of Georgia and the filling of the vacancies on the Board of the National Bank of Georgia are a welcome first step. The National Bank should now focus on amending the Organic Law on the National Bank of Georgia: ensuring the presence of a majority of non-executive members on the Board, limiting the possibility of discretionary financial transfers to the government, clarifying and further strengthening the criteria for the transfer of authority in the National Bank (the framework for the transfer of governance) and the qualification criteria for Board members. It is also recommended to change the decision-making model of the National Bank: moving from a presidential decision-making model to a collegial model," the mission's conclusion states.At a briefing at the National Bank, the head of the mission stated that his goal is to restore Article 4 of the IMF. In addition, Hashdenberg emphasized Georgia's high economic indicators and low budget deficit, which ensure the country's economic sustainability. He positively assessed the work of the National Bank. The Head of Mission also spoke about global risks and noted that all of these are both challenges and opportunities for Georgia.Regarding poverty, he noted that it has been reduced, but it still remains a challenge.Hajdenberg also spoke about the need for investments in infrastructure and improved land resource management.Regarding risks arising from lending, he stated that monitoring should continue in the consumer lending segment.

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In 1Q2025, large businesses generated 70.6 percent of total turnover, while medium size businesses generated 13.5 percent, and 15.9% was generated by small business.A distribution was different in case of total production value: 48.6% was on large businesses, 23.1% — on medium, and 28.3% — on small businesses.In 1Q2025, total purchases of goods and services carried out by enterprises equaled 28.8 billion GEL (year-on-year 11.9% more), while the purchase of goods and services for resale amounted to 17.2 billion GEL (year-on-year 7.9% more).In 1Q2025, the average number of persons employed in business sector equaled 771 thousand, which is year-on-year 2.9% more. Out of the total number of persons employed, 43.9% were female and 56.1% were male.Large businesses employed 43.7% of total number of persons, while 20.7% were employed by medium, and 35.5% — by small businesses.The total number of employees amounted to 718.9 thousands (year-on-year 2.2 percent more).The total personnel costs of enterprises equaled 4,7 billion GEL (year-on-year 11.9 percent more).In 1Q2025, average monthly remuneration of employed persons equaled 2 169.6 GEL(184.2 GEL increase year-on-year) while remuneration of employed women specifically was 1 711 GEL (152.3 GEL increase year-on-year). Average monthly remuneration of employed persons by size of enterprises is as follows:• Large business — 2,311 GEL• Medium business — 2,559 GEL• Small business — 1,675 GELIn 1Q2025, the arts, entertainment and recreation has the highest share (35.9%) in the total turnover in business sector, followed by trade sector (including repair of motor vehicles and motorcycles) with 32.7% share, manufacturing - with 7.1%, construction - with 5%, Information and communication – with 4.7%, transportation and storage - with 4.4%, and other sectors - with 10.2% share.In 1Q2025, manufacturing (18.1%), trade (17.1%), construction (15.1%), Information and communication (12.6%) and transportation and storage (9.1%) held the top five places in business sector by production value. The rest of the sectors had 28% share combined.In 1Q2025, trade (wholesale and retail trade, repair of motor vehicles and motorcycles), manufacturing, and human health and social work activities led business sector by number of employees (accordingly with 29.1%, 11.7% and 9.7% share).Enterprises engaged in transportation and storage (8%), construction activities (7.7%), information and communication (6.1%), and accommodation and food service activities (5.3%) also had a significant share though.

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According to the minister, the part of fiscal risk insurance is important, for which a strong financial supervision framework has been prepared.As of Khutsishvili, the reforms include many components and the IMF has expressed its readiness to cooperate in this direction, however, so far there is only a verbal agreement and the minister is confident that a formal agreement will be reached.According to Khutsishvili, the reform process is long-term.On Wednesday, National Bank President Natia Turnava, Finance Minister Lasha Khutsishvili, and IMF Mission Chief Alejandro Hajdenberg held a joint briefing at the NBG, dedicated to the conclusions of the 2025 Article IV mission of the International Monetary Fund.

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