Georgian Tourists Spend GEL 539.4 million in 3Q2022

In its note verbale to the OSCE Secretariat, the Foreign Ministry states that, beyond the OSCE Chairperson-in-Office (CiO) program, Minister Elina Valtonen joined a street protest organised by a small group of anti-government activists who had been freely, though illegally, blocking the main avenue of Tbilisi on October 14. Public statements made by Minister Valtonen, which do not reflect the reality, constitute a deliberate attempt to mislead the international community regarding the situation in Georgia.“The Embassy of Georgia to the Republic of Austria, Permanent Representation of Georgia to the OSCE and other International Organisations in Vienna presents its compliments to the OSCE Secretariat and Missions/Delegations of the Participating States to the OSCE and has the honour to express concerns of the Government of Georgia regarding the visit of the Minister for Foreign Affairs of the Republic of Finland, H.E. Elina Valtonen, to Georgia in her capacity as the OSCE Chairperson-in-Office (CiO).Beyond the CiO program, which included the meeting with the Minister of Foreign Affairs of Georgia, H.E. Maka Botchorishvili, a visit to the occupation line, and a meeting with a few representatives of civil society, Minister Elina Valtonen joined a street protest organized by a small group of anti-government activists who had been freely, though illegally, blocking the main avenue of Tbilisi on October 14. Public statements made by Minister Valtonen, which do not reflect the reality, constitute a deliberate attempt to mislead the international community regarding the situation in Georgia.These actions contradict the spirit of cooperation under the OSCE and could be considered a clear abuse of the CiO mandate, undermining credibility and the expected neutrality.They are incompatible with universally recognised principles of international law, including respect for sovereignty and non-intervention in internal affairs, as reflected in the Helsinki Final Act, UN Resolution AJRES/20/2131, Rules and Procedure of the OSCE, and the spirit of the Vienna Convention on Diplomatic Relations,” reads the note verbale of Georgia’s Ministry of Foreign Affairs.On October 14 and 15, the OSCE Chairperson-in-Office, Elina Valtonen, who is also the Minister of Foreign Affairs of Finland, visited Georgia. On October 14, after meeting with the Minister of Foreign Affairs of the Georgian Dream government, Maka Bochorishvili, she joined the ongoing protest in front of the parliament, which has been taking place since November 28 of last year.On October 14, she met with representatives of civil society in Tbilisi, and on October 15, she was at the occupation line.On October 15, Kobakhidze’s press service issued a statement that due to the presence of the Finnish Foreign Minister on Rustaveli Avenue, the Prime Minister of the Georgian Dream government canceled the planned meeting with him.According to the Finnish newspaper Helsingin Sanomat, the Finnish Foreign Minister himself canceled the meeting with Irakli Kobakhidze and informed the host country about it on Tuesday, October 14th night.In a telephone comment to Helsingin Sanomat, Elina Valtonen explained that her “meeting with Prime Minister Kobakhidze was canceled not at the initiative of Georgia, but at the initiative of Finland, due to a change in the schedule, and the Georgians were informed about it the night before.”Today, October 16th, it became known that the Georgian Ministry of Internal Affairs fined the Finnish Foreign Minister 5,000 GEL for his presence at the October 14th rally - he is accused of “artificially blocking the road”.

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During the visit, the Georgian delegation presented detailed information about Georgia’s railway and port infrastructure, as well as the country’s logistical capabilities. The discussions focused on strengthening cooperation, developing the “Middle Corridor,” and attracting additional cargo flows through this strategic transport route that connects Europe and Asia.According to the Director General of Georgian Railways, the meeting in Astana was the first on-site visit aimed at direct communication with large cargo owners. “The purpose of the visit to Astana was to specifically listen to the needs of cargo owners. As you know, unified and flexible tariffs within the ‘Middle Corridor’ are very important for them. We discussed these issues in detail, and such meetings will continue in other countries as well,” - said Lasha Abashidze.It is noteworthy that the meeting in Astana was organized as a result of close cooperation between the Georgian and Kazakh railways. Representatives of the Port of Poti also took part in the discussions, emphasizing the importance of coordinated efforts to increase the corridor’s competitiveness and attract new freight traffic.

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As of the document, compared to the previous year, the hourly gender pay gap decreased by 1.8 percentage points, while the monthly gender pay gap decreased by 1.6 percentage points.In 2024, the adjusted hourly gender wage gap in the industry was 13.9%, and in services - 11%.According to the occupation, the highest hourly gender pay gap was observed in Technicians and associate professionals’ positions (26.0%), while Professionals (23.7%) held the second place.

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In the first nine months of the year, a total of USD 2,691.4 million has been transferred into the country.The latest statistics published by the National Bank reveal that the highest share of remittances is from European Union countries, accounting for 45.4%, approximately USD 144.3 million, with an annual growth rate of 11.7%.“Among EU nations, Italy, Germany, and Greece constitute a significant portion of the total remittances. Additionally, the upward trend of remittances from the United States continues. Notably, in September, remittances from the USA increased by 21.7% year-on-year, amounting to USD 59.7 million. In September 2025, Georgia received USD 38.2 million (GEL103.5 million) in remittances, which is 12.7% higher than the USD 33.9 million sent in September 2024,” reads the NBG’s press statement.

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According to the statement, at the request of the Monitoring Committee of the Parliamentary Assembly of the Council of Europe, the Venice Commission, at its latest plenary session, adopted its Opinion on the Law of Georgia on registration of foreign agents (GEOFARA), the amendments to the Law on grants and other Laws relating to “foreign influence”.The statement reads that the Venice Commission has analysed these legislative acts through a systemic approach, in order to take into account the combined effect of simultaneously applicable laws on the same entities and individuals. In that context, the Commission recalled its earlier recommendation that where existing provisions of domestic legislation have proved to be insufficient to achieve a legitimate aim, the authorities should seek to amend and improve them, rather than adopting new laws.The Commission observed that the lack of clarity and precision of GEOFARA undermines the principle of legal certainty. The obligations imposed by the law contain open-ended formulations and are disproportionate. According to the Commission, the Anti-Corruption Bureau in charge of enforcement of the law is entrusted with excessively wide discretion, and it lacks sufficient guarantees of independence. Regarding criminal liability foreseen by the law, the broadly framed provisions describing the offence permit loose interpretation and lack the requisite justification, while criminal sanctions fail to meet the standard of proportionality.As regards the amendments to the Law on grants, the Commission observed that they introduced a general requirement of prior governmental approval for foreign grants, which lacked a demonstrated justification in terms of necessity and proportionality. The Commission noted, in particular, that the amendments provided no clear and objective criteria for refusal of grant applications and they lacked adequate safeguards.The Commission noted with concern that instead of considering less intrusive alternatives, the amendments to the Law on broadcasting introduced a blanket ban on foreign funding for broadcasters without distinguishing between funding that genuinely threatens democratic integrity and funding that supports legitimate journalistic and civic activities, which fails the standards of necessity and proportionality.In the Commission’s view, this new legislative framework risks undermining the rule of law, civic space, and democratic freedoms. The Commission therefore recommended repealing these legislative acts and improving the already existing framework instead. It further called for future law-making in this field to follow a systemic and inclusive approach, ensuring its legitimacy and broad acceptability.The Venice Commission reconfirmed that it remains open to dialogue with the authorities to address these shortcomings.

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According to the Ministry of Finance, the discussion centred on ongoing and planned projects supported by the World Bank across both the public and private sectors. These encompass initiatives focused on developing road infrastructure, boosting connectivity, and strengthening human capital, among other areas.“The Minister of Finance briefed the Vice President on Georgia’s current macroeconomic situation and medium-term forecasts. Notably, the World Bank recently revised Georgia’s economic growth outlook upwards to 7%,” the Ministry stated.The Vice President of the Bank highlighted the significance of ongoing cooperation with Georgia and expressed optimism that the supported projects will foster sustainable development within the country’s economy.“Roland Price, Regional Director of the World Bank for the South Caucasus, Ekaterine Guntsadze, Deputy Minister of Finance, Vakhtang Tsintsadze, Deputy Minister of Economy and Sustainable Development, and Tamar Taliashvili, Georgia’s Ambassador to the United States, attended the meeting,” the Ministry added.

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Ms. Kalia brings a strong blend of financial, technological, strategic, and governance expertise, developed through senior executive and non-executive positions at leading institutions including Goldman Sachs, Credit Suisse, the Money and Pensions Service, and LifeSight Ltd. She has extensive hands-on leadership experience in fintech innovation, digital transformation, and data-driven business models, complemented by deep knowledge of regulatory compliance and risk management.Arne Berggren, Chairman of the TBC Bank Group PLC Board, said: "We are thrilled to have Monica Kalia join TBC. Her unique experience and perspectives will enrich the Board's capabilities and play an important role in advancing the Group's long-term ambitions."TBC PLC confirms that there are no further details that are required to be disclosed under LR 9.6.13R of the Listing Rules of the Financial Conduct Authority.Following her appointment, Committees composition shall change as follows with the effect of 1 November 2025:

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According to the Georgian government, the cancellation was due to Valtonen’s participation in an unauthorized rally and her allegedly false statements.Elina Valtonen attended an ongoing protest in front of the Parliament on October 14. Commenting on the demonstration, she wrote on X:"Peaceful protestors have gathered in front of the Parliament Building in Tbilisi, Georgia, to voice their concern over the repressive direction of their country. They have every right to democracy, to freedom of expression and basic human rights. We are here to support them."

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