Page 22 - GEORptMay20

capacity of local construction companies in this sector and supporting the creation of a value chain of green technologies" the development bank said.
The total cost of the project is €50mn. The Ministry of Finance will sign the agreement with EBRD on behalf of Georgia and the Municipal Development Fund will be responsible for the implementation of the project.
4.4 ​Labour and income
4.4.1​ Unemployment, income dynamics
Labour market assistance from COVID-19
Wages in Georgia up real 2.4% y/y in Q2
Georgian Prime Minister Giorgi Gakharia on April 24 unveiled a Georgian lari (GEL) 3.5bn ($1.1bn, equivalent to 7% of GDP) anti-crisis plan to mitigate the economic and social effects of the coronavirus (COVID-19) outbreak.
According to the PM, 350,000 citizens will be entitled to receive targeted financial assistance, “the bare minimum of what the Georgian Government could offer today to each of its citizens.”
The employees who have lost their jobs during the pandemic will receive a monthly allowance amounting to GEL200 for six months ($375 in total).
Employees who have not been laid off during the pandemic and receive less than a GEL750 ($234) salary, will be exempted from income tax for the next six months. For those who earn less than GEL1,500 ($469), income tax will only apply to a GEL750 ($234) tax base.
Self-employed people or jobless persons able to prove they have lost income due to the pandemic will receive GEL300 ($94) as one-off assistance. Socially deprived groups (320,000 people), as well as adults and children with disabilities (40,000 people), will be entitled to GEL600 ($188) financial assistance for the next six months.
The average wage in Georgia increased by 6.9% y/y to Georgian lari (GEL) 1,180 ($400) in Q2.​ Growth was, however, only 2.4% y/y in real terms. The income discrepancies in Georgia are wide in terms of size and growth and in the past couple of years have generally increased at rates below GDP growth.
22​ GEORGIA Country Report ​May 2020 ​​www.intellinews.com