37 OSCE countries regret that their previous "concerns" were not taken into account by GD

In the first half of 2025, the natural increase (the difference between the number of live births and the number of deaths) totaled -4,999. The positive natural increase was registered in Tbilisi (406) and Adjara A.R. (296).In the first 6 months of 2025, the number of registered marriages equaled 9,925 and the number of divorces 6,456.

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Currently, the harvest is being stored in the municipalities of Dedoplistskaro, Sighnaghi, Gurjaani, and Kvareli. More than 1,300 winegrowers have delivered their grapes to local wineries.“The vintage, grape harvest, will commence in stages across the remaining municipalities of Kakheti once the grapes reach optimal maturity. Of the grapes processed by wineries, approximately 12,000 tonnes are Saperavi, around 7,000 tonnes are Rkatsiteli, with the remainder comprising various other varieties. There are up to 350 registered wine companies and cellars working with the Vintage 2025 Coordination Headquarters, of which 110 are already actively involved in the harvest and processing. For any information related to the grape harvest, please contact the Ministry of Environmental Protection and Agriculture hotline on 1501, or the Vintage 2025 Coordination Headquarters on 0322 193 283,” the Ministry stated.Additionally, by decision of the Georgian government, this year the state enterprise Crop Management Company LLC will accept surplus grapes at differentiated prices based on certain criteria: Saperavi grapes from Kakheti will be purchased at GEL 1.50 per kilogram, other wine varieties permitted under Georgia’s Law “On Vine and Wine” at GEL 1.20, and substandard, damaged, or diseased grapes at GEL 1.00. Subsidies will no longer be provided to private wine companies within Kakheti.

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The primary market also saw its highest sales volume this year, partly driven by discounts offered in July. These trends indicate a stabilization of the market after a period of sluggish demand. On the supply side, the volume of permits issued increased in July. At the same time, prices continued to rise in both the primary and secondary markets.DemandIn Jul-25, total number of sold apartments in Tbilisi, according to the Public Registry data, stood at 3,647 units, of which:• Sales on the secondary market continued to increase, up 13.4% y/y (down 0.3% y/y in 7M25).• Sales on the primary market, where data are impacted by delayed registrations, decreased by 2.6% y/y (up 4.7% y/y in 7M25).G&T real-time survey of developers, which captures current trends on the primary market, showed 7.3% y/y decrease in Jul-25, mostly due to a high base in Jul-24. However, positive monthly dynamics of apartment sales seems to be a sign of demand stabilization. Cumulatively, primary market sales were up 1.6% y/y in 7M25.In total, 22,778 transactions were registered in Tbilisi in 7M25, bringing the residential market value to USD 1.8bn (+6.0% y/y).SupplyIn Jul-25, construction permits were issued for 20 residential projects, with total living area reaching 113,332 sq.m. (+36.1% y/y, reflecting a low base in the previous year). Overall, permit issuance in 7M25 was up 2.8% y/y.PricesIn Jul-25, primary market price continued to grow, up by 0.2% m/m to US$ 1,340. Likewise, the average price on the secondary market (for new buildings built with permits issued after 2013) was up by 0.6% m/m to US$ 1,263.RentsIn Jul-25, price for renting an average apartment (50-60 sq.m.) in Tbilisi increased by 1.0% m/m to US$ 9.5 per sq.m., still down 3.1% y/y.

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To prevent illicit enrichment, public officials are obligated to declare any gift received by them or their family members in their asset declarations, if the value exceeds 500 GEL. They are prohibited from accepting any gift that may influence the performance of their official duties or exceeds 5% of their annual salary.The restrictions do not apply to gifts received by public officials from family members or close relatives. While this exception may seem logical, it also poses a risk: in the absence of proper oversight, it can become a loophole in the law, which dishonest officials may exploit to “launder” income obtained illegally, in other words, to declare income received in violation of the law as a gift from a family member or close relative.Therefore, it is crucial that in every case where a public official declares a large gift, whether it be a significant amount of money, high-value items, or service, the Anti-Corruption Bureau should investigate whether there may be an attempt to legalize illicit income.In 2024, around 6,000 public officials submitted asset declarations. These declarations cover gifts received during 2023, and the data reveals that 308 officials received gifts totaling 22 million GEL in value during that year.Public officials most often receive gifts in the form of cash. In 2023, 303 individuals received a total of up to 16 million GEL, averaging about 53,000 GEL per person. However, the amounts of cash gifts vary, and among them, 55 officials received more than 100,000 GEL each. Additionally, officials declared 47 units of real estate as gifts, of which 33 are residential houses and 14 are land plots. The gifts also included 21 vehicles and 6 firearms.In cases of cash gifts, the money is often received in US dollars or Euros. In 2023, officials received up to 6 million USD and 347,000 EUR.By total value, 72% of the gifts (16 million GEL) were received from parents. Up to 2 million GEL worth of money or items were received from relatives. In total, 1.6 million GEL was gifted by brothers or sisters, and 1.1 million GEL by children.In 2023, officials from about 90 different institutions received gifts. Employees of the Prosecutor’s Office of Georgia received the largest total value of gifts - 46 employees received gifts worth a total of 4.5 million GEL. Next are members of Parliament, who received gifts totaling 2.4 million GEL, followed by employees of the Ministry of Internal Affairs with gifts worth up to 2 million GEL, and judges who received gifts valued at 1.3 million GEL.In 2023, among high-ranking officials, substantial gifts were received by former Prime Minister Irakli Garibashvili - 150,000 GEL; Minister of Justice Rati Bregadze - 100,000 dollars (an apartment); Deputy Minister of Justice Buba Lomuashvili - 160,000 GEL; Chairman of the Tbilisi City Assembly Giorgi Tkemaladze - 60,000 dollars; and Supreme Court Judge Giorgi Mikautadze - 50,000 dollars. All of them received gifts from family members.10 officials who received the highest value of gifts according to the 2024 declarations:Giorgi Shapatava(Prosecutor at the Prosecutor’s Office of Georgia, Department for Investigation Process Management in the Ministry of Defense)Giorgi Shafatava received gifts totaling 1,012,000 USD (equivalent to 2,661,600 GEL based on the 2023 average exchange rate). He received 870,000 USD from his father and 142,000 USD from his sister. The declaration states that the gift from his father was obtained through the sale of real estate.Irakli Kirtskhalia(Member of the Parliament of Georgia)In 2023, Irakli Kirtskhalia received real estate worth 250,000 USD as a gift from his father. He also received 185,900 USD and 137,000 GEL in cash from his father. Additionally, he received 1,714 USD in cash from his sister. Based on the 2023 average exchange rate, Irakli Kirtskhalia received gifts with a total value of 1.3 million GEL.Vakhtang Baakashvili(First Deputy Head of the LEPL "Youth Agency")Vakhtang Baakashvili’s spouse, Tinatin Megrelishvili, received an apartment as a gift from her father valued at 295,000 USD, which is equivalent to 775,800 GEL based on the 2023 average exchange rate.Khatuna Totladze(Deputy Minister, Ministry of Foreign Affairs)Khatuna Totladze received 250,000 USD from her mother, which is equivalent to 657,500 GEL based on the 2023 average exchange rate.Davit Tsereteli(Judge, Tbilisi City Court)In 2023, Davit Tsereteli received an apartment valued at 156,000 USD as a gift from his mother, which is equivalent to 410,000 GEL based on the 2023 average exchange rate.Levan Gamkrelidze(Director of the LEPL "Road Transport Agency," Ministry of Economy and Sustainable Development)Levan Gamkrelidze received 150,000 USD in cash as a gift from his mother, which is equivalent to 395,000 GEL based on the 2023 average exchange rate. The declaration states that the gift from his mother was obtained through the sale of a plot of land.Zurab Pataridze(Ambassador to the Republic of Azerbaijan, Ministry of Foreign Affairs)Zurab Pataridze received 75,000 USD in cash from his spouse’s mother and 65,000 USD from his mother. The declaration states that both amounts were obtained through the sale of real estate. Based on the 2023 average exchange rate, Zurab Pataridze received gifts with a total value of 368,000 GEL.Sandro Tsabutashvili(Head of the Main Department for Border Management and Coordination, Ministry of Internal Affairs)Sandro Tsabutashvili received 142,500 GEL and 17,640 USD in cash from his sister. He also received 70,000 GEL from his father-in-law, noted as a wedding gift. His spouse, Elene Jikhvashvili, received 63,000 GEL, 10,100 Euros, and 1,200 USD in cash from her father. Based on the 2023 average exchange rate, Sandro Tsabutashvili and his spouse received gifts with a total value of 353,000 GEL.Vepkhia Lomidze(Judge, Tbilisi Court of Appeals)Vepkhia Lomidze received a cellar (commercial space) valued at 300,000 GEL as a gift from his spouse, Nino Jinjharadze.David Zilpimiani(Former Member of the Parliament of Georgia)David Zilimiani received 105,000 USD in cash as a gift from his grandchild, which is equivalent to 276,000 GEL based on the 2023 average exchange rate.

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The commission’s statement highlights concerns over Georgia’s political direction:“Georgia was once a core U.S. partner and a beacon of freedom in the Caucasus. Today, the ruling Georgian Dream party is dragging the country back into Russia’s orbit and deepening their relationship with China and other U.S. adversaries. Over the past few years, Georgian Dream has crippled Georgia’s institutions and further undermined Georgia’s sovereignty by courting Chinese investment while blocking U.S. businesses from Middle Corridor trade and access to Central Asian rare earth minerals. They have jailed opposition, used violence against peaceful protestors, and refused to relinquish their grip on power after elections widely viewed as illegitimate. This poses an immediate and serious threat to U.S. interests in the region.This hearing will examine the global consequences of Georgia’s slide into authoritarianism. Witnesses will also explore U.S. policy options, such as passage of the bipartisan MEGOBARI Act, to assist the people of Georgia as they seek to maintain their independence and longstanding, mutually beneficial relationship with the United States”, - the statement reads.The hearing will examine the global implications of Georgia’s slide toward authoritarianism and explore potential U.S. policy options, including the bipartisan MEGOBARI Act, designed to support the Georgian people in safeguarding their independence and fostering a mutually beneficial relationship with the United States.Testimony at the hearing will include Georgia’s fifth president Salome Zurabishvili, former Defense Minister Tinatin Khidasheli, and Hudson Institute senior fellow Luke Koff.

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Among the fund’s portfolios, the dynamic portfolio showed the highest growth in August at 1.98%, while the balanced and conservative portfolios rose by 1.51% and 1.22%, respectively.Year-to-date returns are also notable:· Conservative: 7.29%· Balanced: 8.11%· Dynamic: 9.20%Since their creation on August 6, 2023, long-term annualized returns have been strong, with the dynamic portfolio at 13.8%, balanced at 12.7%, and conservative at 11.6%.By the end of August, total assets of the Pension Fund exceeded ₾7.4 billion, with generated income surpassing ₾1.9 billion, reflecting continued growth and stability in Georgia’s pension system.

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The fund reports that 1,667,000 citizens currently participate in the pension program. The total value of pension assets now stands at GEL 7.4 billion, including GEL 1.9 billion in generated income.The figures highlight the continued growth and sustainability of the country’s funded pension system, which provides long-term financial support for Georgian citizens.

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According to the NBG, the monetary policy rate stands at 8 per cent.“As of August 2025, the overall price level in Georgia increased by 4.6 per cent year-on-year. The moderate increase in inflation relative to the 3 per cent target was mainly driven by rising food prices, which are characterised by high volatility. Notably, core inflation, which excludes the most volatile components from the consumer basket, such as food, energy, and tobacco, remained below the 3 per cent target, standing at 2.8 per cent in August. Apart from core inflation, other measures of relatively sticky prices have moderately ticked up, which keeps the risks of inflation expectations noteworthy. Specifically, service sector inflation reached 4.2 per cent in August. Meanwhile, prices of imported goods remain in deflationary territory, largely reflecting the year-on-year decline in fuel prices.As expected under the NBG’s central scenario, inflation is temporarily remaining above the target level and is projected to average around 3.8 per cent in 2025. Despite current inflation being primarily driven by temporary supply-side factors, the NBG still chooses a cautious stance to prevent the ongoing price increases from getting entrenched in long-term inflation expectations. Consequently, inflation is projected to stabilise around 3 per cent over the medium term.At the same time, as anticipated, economic activity is exhibiting a gradual convergence toward its long-term trend, thereby mitigating demand-side pressures on prices. Specifically, economic growth amounted to 6.5 per cent in July. The normalisation of aggregate demand toward its long-run trend is further supported by tighter financial conditions, as reflected in prevailing market interest rates.Amid elevated global uncertainty, inflation risks, both to the upside and downside, remain noteworthy.Accordingly, the Monetary Policy Committee considered both high-inflation and low-inflation risk scenarios. On the one hand, U.S. tariff policy remains uncertain, and its final configuration has been revised on multiple occasions. This situation further reinforces global economic fragmentation. As a result, supply chain disruptions may emerge, potentially contributing to the development of a stagflationary environment. Moreover, the re-escalation of geopolitical tensions in the Middle East would generate inflationary risks, as it exerts significant pressure on global oil markets. At the same time, when considering a high-inflation scenario, tendencies in the domestic economy also warrant attention. Specifically, other things equal, a moderate increase in the overall price level above the target is expected to be temporary, driven mainly by base effects and one-off adjustments in food prices. However, if inflation remains above the target for a prolonged period, this could give rise to risks of elevated inflation expectations. The realisation of these risks requires a higher interest rate path compared to the central scenario.On the other hand, the Monetary Policy Committee considered a low-inflation risk scenario, where the realisation of the risks would shape the development of fundamental factors in a way that requires a lower trajectory of the monetary policy rate compared to the central scenario. International food commodity prices exhibit high volatility; however, should prices normalise more rapidly than expected, this adjustment would be transmitted to the domestic market. At the same time, the U.S. dollar index (DXY) remains relatively weak globally. If these dynamics persist longer than anticipated, the combination of an appreciated exchange rate and a declining trend in international food commodity prices is expected to exert downward pressure on headline inflation through lower imported inflation.As a result of macroeconomic analysis and the assessment of existing risks, the Monetary Policy Committee has considered it optimal to maintain a moderately tight monetary policy stance and keep the policy rate unchanged at 8 per cent. Upcoming decisions on the monetary policy rate will depend on updated macroeconomic forecast scenarios and risk assessments.The NBG will use all available instruments to maintain price stability. This means keeping the overall price level increase close to the 3 per cent target over the medium term,” the press release of the National Bank of Georgia reads.The next meeting of the Monetary Policy Committee will be held on November 5, 2025.

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