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Monday, 24 October 2016


Kobalia to send “Georgian Post” far away

2011-06-09 20:34

Kobalia to send “Georgian Post” far away. 18201.jpegVeronika Kobalia is still hopeful to sell Georgian Post that was included in the privatization list as early as in 2009. Yet, the unprofitable asset is still unwanted. Georgia's acute budget deficit is the reason why public property is sold for peanuts. Yet, Sakartvelo's post service is doomed to "orphanhood" without financial inflows. The Georgian minister of economy and sustainable development asks not to panic pointlessly for there are three foreign companies willing to make "a good buy". 


An acute budget deficit the authorities of the Caucasian republic faced in summer 2009 made them start searching for means of sustainment. New tranches provided by the international banks and issuance of treasury bonds to attract monetary resources at home made Georgia's pitiful financial situation even worse. The ministry of economy unexpectedly concluded that privatization would serve as a panacea for the country's collapsing economy.

The list of assets to be sold included thirty-three facilities with loss-making Georgian Post among them. This is a marvelous idea to get rid of a burden like this: no maintenance spending, besides employees of this organization participated in protest rallies and were a nuisance for the Georgian leaders. Knowing this tricky situation around the country's number one mailing service, the state's "donor aid" is still a dream for those who got into a whirl of the company's bankruptcy. Yet, already then it was dubious that potential investors were sillier than the ministry of economy, and the affair did not move off the dead center.

The second attempt was made last autumn. In summer 2009 the Ministry of economy and sustainable development welcomed a new minister - young Veronica Kobalia - who promised to have rivers of money flowing into the state treasury. No wonder, her first target was Georgian Post. Selling the company for a good price would have helped her a lot in her career of economy minister. But then it turned out that professional aptitude is not the main quality in distribution of cabinet posts. Suffice it to have a beautiful - albeit empty - head that will make investors open up their wallets and offer foreign currency bills to the owner of the head.

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