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NEWS

@entrepreneur.ge Gamarjoba! I’m the Editor-in-Chief of the Georgian edition of Entrepreneur magazine and I’m here to share the top weekly Entrepreneurial news with you:

GEORGIA TODAY

MAY 14 - 16, 2019

Georgia to Get around $40 mln from the IMF

Georgian honey is moving beyond the borders of the local market. Jani (ჯანი) is a brand offering fruit and dried fruit dipped in honey, a pioneer Georgian brand in overcoming export issues related to the East. The 100% natural product was launched in Kutaisi by Kristefore Darchishvili along with his uncle and friends, and rapidly obtained popularity on the Georgian market. After active communications with Chinese companies, the brand introduced its products at an exhibition in the Biltmore Hotel and caught the eye of exporters. The product is certified and has received positive results in every regard. A novelty on the Georgian beer market, the alcohol-free rose canina fruit beer from Shengeli Tokhosashvili is soon to be introduced. A traditional drink for Kists, production was catalyzed by a desire to give wider audiences the chance to try it. The factory in Pankisi is already ready, supported by a grant received within the scope of ‘Enterprise Georgia’. Non-filtered beer under the ‘Kisturi’ brand name will be sold in Pankisi, followed by Kakheti and Tbilisi. The enterprise is to start operating at the end of May. GWS Company, one of the first wineries in Georgia to offer bottled wine, has introduced the premium-quality TAMADA wine in refreshed packaging. The new-look wine will be available for consumers from June. The premium line collection: Grand Reserve and Qvevri were introduced two years ago. The majority of TAMADA vineyards are 15 years old, while others are 25. Since 2015, TAMADA has won 59 medals, 7 double golds among them. Follow the Entrepreneur Georgia Instagram page to get the latest updates from Georgian Entrepreneurs. For doing business with Georgian Entrepreneurs, write us on business@entrepreneur.ge

BY THEA MORRISON

G

eorgia will get around $40 million from the International Monetary Fund (IMF). The statement was made on May 13 by the IMF delegation head in Georgia, Mercedes Vera-Martin. "As a result of productive discussions, the Georgian government and the IMF mission reached an agreement on com-

pleting the fourth review of the ongoing program in Georgia," she said. "This agreement needs to be approved by the Board of Executive Directors of the IMF, which discusses Georgia's issue in June of the current year. Successful completion of this review will result in giving Georgia 30 million SDRs (about $41.6 million)." She noted that in the framework of the "Enhanced Financing Mechanism", the total reimbursement for Georgia will reach $207.9 million. The IMF mission has already met the Minister of Finance, Ivane Matchavari-

ani, National Bank Head Koba Gvenetadze and the Prime Minister of Georgia, Mamuka Bakhtadze. Matchavariani said at the joint pressconference that Georgia's economic growth projection for the current year is 4.6%, adding it is remarkably high for the region and reaffirms the effectiveness of the reforms carried out by the Georgian authorities. “I believe this trend will continue on the basis of the ongoing program and the economic dynamics of our country,” the Minister said.

Profile for Georgia Today

Issue #1150 Business  

May 14 - 16, 2019

Issue #1150 Business  

May 14 - 16, 2019

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