Page 7 - GEORptOct22

GDP, because of the country's "unprecedented, double-digit" growth, Garibashvili said during the cabinet meeting on September 13. The initial budget draft envisaged a budget deficit of 4.4% of GDP and a foreign debt of 51% of GDP.
Georgia’s banking sector indicators remain healthy. By the end of July, return on assets and return on equity reached 3.1% and 24.9%, respectively.
Georgian commercial banks' financial reports indicate that 14 banks in the country together earned a net profit of GEL836mn ($285mn) in the first half of 2022. According to the Banking Association of Georgia, 95% of these profits were attributed to the country's two largest banks, TBC and Bank of Georgia. In 1H22, the banks received interest income of GEL2.7bn ($919mn), most of which stemmed directly from loans made to citizens and businesses.
On the political front, Georgia’s ruling political party Georgian Dream has announced plans to reform the country’s judiciary. Anri Okhanashvili, a Georgian Dream MP and chairperson of the Legal Issues Committee, presented an action plan for the judicial reforms on 3 October.
The reform plans include, among other things, ensuring a sufficient number of judges and court officials to carry out duties within a reasonable timeframe, reducing the number of active cases in the courts by offering alternative means of resolving disputes, improving the professional development of judges and court officials, improving transparency within the judicial system, and improving the digital infrastructure.
Okhanashvili stated that addressing lingering challenges within Georgia’s judicial system and improving the quality of the courts is an important step on the country’s path to EU integration.
7 GEORGIA Country Report October 2022 www.intellinews.com