NBG adjusts autumn foreign exchange reserve spending by 12%

Registration for voting was completed by 85 parliament members. 80 deputies voted in support of holding the elections on December 14, with no opposition.Additionally, the inauguration of the new president will take place on December 29.Shalva Papuashvili outlined the election procedure for the new president. According to the Speaker, once the presidential election date is established, the Central Election Commission (CEC) will convene an assembly of voters consisting of 300 members.The assembly will comprise 150 Members of Parliament, while the remaining members will include 20 representatives from the Supreme Council of the Abkhazian Autonomous Republic, 21 members from the Adjara Supreme Council, and the remaining 109 members will represent self-governance bodies, allocated in proportion to the party support garnered in the 2021-2022 elections.Each member of the assembly may vote for one candidate. In the first round of elections, a candidate must secure at least two-thirds of the votes from the entire assembly to be considered elected. If no candidate achieves this threshold, a second round of voting will occur, in which the candidate will be chosen by a simple majority.The president will serve a term of five years. According to the Constitution, an individual must be at least 40 years old and have resided in Georgia for 15 years to be eligible for the presidential candidacy.Current President Salome Zourabichvili was elected as the fifth president of Georgia through a direct public vote on November 28, 2018, and was inaugurated on December 16.

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As of the document, unemployment rate stood at 13.8% in 3Q24 The unemployment rate reduced by 1.8ppts y/y to 13.8% in 3Q24, though it saw a slight increase from 13.7% in 2Q24.During this period, the number of hired employed individuals increased by 3.3% y/y, accounting for 69.2% of total employment, while self-employed persons rose by 2.4% y/y.Notably, labor force participation rate increased by 1.0ppts y/y to 54.7% in 3Q24. We forecast unemployment rate at 13.8% in 2024, down from 16.4% in 2023. 

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Total demand was 2.3x higher and the weighted average yield was fixed at 8.401%, up by 0.016ppts from previous auction held in Oct-24.The nearest treasury security auction is scheduled for November 26, 2024, where GEL 100.0mn nominal value 5-year Benchmark Bonds will be sold. 

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At a Government briefing, the PM revealed  ruling Georgian Dream party MPs Maka Botchorishvili as the nominee for the Foreign Minister, David Songulashvili for the Minister of Environment and Agriculture, and Anri Okhanashvili for the Justice Minister.The official thanked outgoing Minister of Foreign Affairs Ilia Darchiashvili, Justice Minister Rati Bregadze and the Minister of Agriculture and Environmental Protection Otar Shamugia for their contributions, describing their efforts as “instrumental to the country's recent progress”. Kobakhidze further added they would assume “high-level state positions”.Highlighting Botchorishvili’s qualifications, Kobakhidze praised her as a “seasoned diplomat” and noted her spell as the Chair of the Parliament’s European Integration Committee, noting her “important role” in securing Georgia’s European Union candidate status last year.With over 20 years in diplomacy, she is well-equipped to lead the Ministry. She is fluent in multiple languages and has been distinguished  with the Order of Honour”, the PM said.Kobakhidze praised Songulashvili, an economist and former chair of several parliamentary committees, for his blend of public and private sector experience.He also highlighted the lawmaker’s academic credentials, including a Master's degree in International Business from Grenoble Business School, and his long-standing service in Parliament.Speaking about Okhanashvili, the Chair of Parliament’s Legal Affairs Committee, Kobakhidze described him as “one of Georgia’s best lawyers”, and highlighted his legal expertise and academic achievements, including a doctorate from Humboldt University in Germany.The Georgian Parliament is set to approve the PM and his Cabinet during the inaugural session. 

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According to him, the election and inauguration of the President must be held this year.“As for the election of the President, the Parliament will set the date for the election of the President tomorrow. There are certain circumstances that are important to take into account.We must elect the President for a 5-year term. If you are interested in the Constitution. Accordingly, in order for the President to be elected for 5 years, the elections and inauguration must be held this year. Accordingly, we will set the date tomorrow,” Papuashvili said.

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88 members of "Georgian Dream" recognized the authority of 150 members of the Parliament.After the declaration of authority, the deputies of the "Georgian Dream" party took an oath of loyalty to the country, after which the national anthem of Georgia was performed.The text of the oath was read by the Chairman of the CEC:"I, the representative of the whole of Georgia and accountable to it, declare before God and the nation that I will conscientiously fulfill the rights and duties of a member of the parliament, I will be in the service of protecting the constitutional order, the country's independence, unity and integrity, the interests of the people, the rights and freedoms of citizens, and the power of Georgia." After reading the text of the oath, the members of the parliament uttered: "I swear". They must also sign the text of the oath.

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The funding is part of Subprogramme 2 of ADB’s Modern Skills for Better Jobs programme. The first, approved in 2020, streamlined VET admissions, improved regulations for adult education, and expanded Government funding for private VET providers. It also increased pay for VET teachers and introduced the concept of “skills hubs”, the ADB said.“We see promising results of the Government’s policy actions in increased VET enrollment and historic low unemployment rate, and ADB is committed to continuing to support Georgia’s education reforms. By improving the quality and relevance of the VET programmes, we aim to increase the employability of young people and adults while also fostering local economic development through better skilled labour”, said Yevgeniy Zhukov, the ADB Director General for Central and West Asia.Subprogramme 2 aims to enhance the quality and relevance of VET, increase access to it, and involve the private sector in shaping VET programmes. Key Government actions include the approval of a VET Strategy for 2024–2030 that addresses gender and climate issues, and the creation of a new qualifications framework for VET teachers to attract skilled professionals.“This programme is helping to reduce inequalities and foster economic growth by enhancing Georgians’ access to quality VET in and outside regional centres and secondary cities. The structured involvement of the private sector in the country’s VET system governance and delivery leads to better employability of graduates, inclusive economic development, and quality jobs”, said Mamatkalil Razaev, the ADB Social Sector Specialist.The initiative has also established partnerships between VET institutions and industries through the Skills Agency of Georgia, which includes representatives from both public and private sectors.By promoting VET in general education schools, especially in areas without colleges, the programme aims to support young people, particularly in rural and disadvantaged communities. It also seeks to empower women and provide students with the skills needed to address climate change, the ADB said.The loan marks ADB’s first local currency sovereign loan in the country, aligning with its debt management strategy to increase locally denominated debt in public finances, bolster economic resilience against external shocks, and promote sustainable growth.

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“As you know, the first session of the newly elected Parliament must be held no later than the tenth day after the official announcement of the results. Also, you know and it is publicly visible that Salome Zourabichvili is again violating the Constitution of Georgia and not convening the first session.The first session of the Parliament of Georgia will be held on November 25 at 12:00. The CEC has already made a statement that the CEC has already prepared the temporary mandates of the elected members, therefore all elected members must receive this temporary mandate from the CEC. Written registration will begin on November 25, at 11:00. The registration of newly elected members will be carried out through a list near the parliament's session hall, and at 12:00 the session of the newly elected parliament will begin, which will be chaired by its oldest member, Lado Kakhadze.The first item on the agenda is the certification of credentials. The CEC Chairperson is also involved in this process. After his report, the parliament will certify the credentials of all 150 members of parliament and put this issue to a vote, after which factions will be formed, this will happen during the break. After the break, the nomination of the Chairman of the Parliament and his deputies is already taking place and then the election. Then another break is announced, during which the committees are formed and then the committee chairmen are elected at the next session. Accordingly, at the first session we will have three main issues: the certification of the powers of the Parliament and its members, the election of the Chairman and his deputies, and election of the committee chairmen.During the week, the agenda will also include setting the date for the election of the President and the declaration of confidence in the new government, along with the government program. Accordingly, next week, along with the certification of the powers of the Parliament, we will declare confidence in the government and by the end of next week we will already have both a fully functioning 11th convocation Parliament and a newly approved government.As for the procedure for electing the president, the date is set, and after the date is set, the CEC joins the process that conducts these elections. After the date is set, the CEC forms an election board consisting of 300 members. These 300 members include all 150 members of parliament, while the other half is formed from twenty members of the Supreme Council of the Autonomous Republic of Abkhazia, 21 members of the Supreme Council of Adjara, and the remaining 109 members are already formed from representatives of self-government, in accordance with the proportion adopted by the parties in 2021. This proportion will also be established by the CEC,” Papuashvili said.The CEC summarized the October 26 elections on November 16. The Georgian Dream received almost 54% of the votes, which means 89 deputies in parliament.President Salome Zurabishvili, who like the opposition parties does not recognize the election results, has appealed to the Constitutional Court to declare the elections unconstitutional.The international community is calling on Tbilisi to conduct an objective investigation into the disputed election results to verify “serious suspicions” of fraud.

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