DOCSLIB.ORG

Fiscal Risks Statement

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Fiscal Risks Statement Fiscal Risks Statement State Owned Enterprises, PPP Projects, Natural Disasters December, 2020, Georgia General Overview of State Owned Enterprises Table of Contents Summary 1 SOE NEWS 1 Overview of the SOE Sector (Registry) 2 Profiles of the Major Enterprises : 5 Financing Received by the SOEs 14 Dividends Paid by SOEs 15 Lending Between SOEs 16 Non-Financial Transfers 16 Debt Management Policy of State-Owned Enterprises 16 Methodology on the Introduction of Best Practices for the Identification, Analysis and Financing Mechanisms of Quasi-Fiscal Activities 19 Forms of Quasi-Fiscal Activities: 20 Non-Commercial Service Obligations (NCSOs) 21 Current Practices 21 Impact of Quasi-Fiscal Activities on Financial Results of SOEs 21 Overview of Financial Results of SOEs 23 Impact of COVID-19 on SOEs 28 Financial Results of SOEs 29 1. JSC Partnership Fund 29 1.1. JSC Georgian State Electrosystem(GSE) 32 1.1.1. LLC EnergoTrans 34 1.2. JSC Georgian Railway 36 1.3. JSC Georgian Oil and Gas Corporation 37 2. LLC United Water Supply Company of Georgia 41 3. JSC United Energy System SakRusEnergo 43 4. LLC Gas Transportation Company of Georgia 44 5. JSC Georgian Energy Development Fund 46 6. LLC Enguri HPP 47 7. LLC Tbilisi Transport Company 49 8. LLC Georgian Post 50 9. LLC Marabda-Kartsakhi Railway 52 Sensitivity analysis of SoEs 54 Introduction 54 The Objectives of the Sensitivity analysis 54 Results of the analysis 56 SOE Reform 65 What results should be expected from the reform? 65 SOE Reform Concept 65 Current Practices of Corporate Governance in SOEs 67 Rationale For State Ownership 67 The State’s Role As An Owner 68 Stakeholder relations and responsibly business management 69 Transparency and Accountability 69 Competitive neutrality 70 Equitable treatment of shareholders and other investors 70 The responsibilities of the boards of state-owned enterprises 70 Conclusions 74 General Overview of Power Energy Sector 74 Functional Analysis of SOEs Operating in the Energy Sector 82 The impact of Sectorization 103 Assessment of the fiscal risks arising from public-private partnership projects 103 Power Purchase Agreements 103 Assessment of PPP Liabilities 111 Appendix 1 Summary In 2020, Georgia, as well as rest of the world, was severely affected by pandemic outbreak. That revealed again the need for timely identification of fiscal risks, the existence of mechanisms to minimize and / or mitigate the negative effects of risk realization. Except macroeconomic risks, state-owned enterprises and public-private partnership projects continue to be one of the main sources of fiscal risks for the country. In 2014-2018, equity injections amount of 1.3 billion GEL were made in state-owned enterprises, instead of a proportional increase in equity and assets, the equity of enterprises decreased by about GEL 0.7 billion, which was caused by large-scale losses of state-owned enterprises. In 2019, the loss of state- owned enterprises amounted 237 million GEL, while the same figure in 2018 was 816 million GEL. Despite improvements in financial performance, that is not sufficient reason for optimism. In 2017-2018, the impairment of assets in several major SOEs resulted dramatic losses for the whole SOE portfolio, which was accordingly reflected in the aggregated financial statements. As for 2019, we can say we got the real results SOEs are capable to reach (after the impairment). If we compare year 2019 aggregated results to the SOEs of other countries, we will see that Georgian SOE portfolio performance matches to the countries which have not yet implemented SOE reform. It is expected, negative sentiments will be maintained in some sectors in post-pandemic period, which will hinder growth to get back to pre-pandemic levels in short period of time. That means, we should expect further impairment losses in SOE sector, but not as high as it was in 2018. To ensure fast rehabilitation of the SOE sector, it is critically important to use crisis period for implementing reforms in corporate governance of SOEs. Some steps already have been taken to this direction. MOF has started working on development of SOE reform strategy. As for PPP projects, GOG has refrained signing new PPAs. Instead, new mechanism has been offered to investors, which supports them with so called “Green Tariff” on each generated kwh. Despite this, fiscal exposure coming from PPAs stays challenging. SOE NEWS ● Criteria were defined for the categorization of SOEs into Public Interest Entities (PIE) at the end of 2019 (Government Decree N584, issued on 29.11.2019). During the same year 47 enterprises were granted a status of PIE. It will set an additional standard of transparency for SOEs and will thereby increase a degree of their accountability; ● Process of SOE Sectorization ended in April 2020 – they got categorized into Public Corporations and General Government Sectors. Georgia is the first country in Central Asia and East Europe to carry out a comprehensive sectorisation. It transparently revealed all those enterprises that are non-commercial and permanently depend on subsidies along with other types of injections. It also identified enterprises, which are fully commercial or have a potential of transitioning into commercial enterprises. In total 52 enterprises were classified as Public Corporations, while 183 – into the General Government Sector; ● SOE Reform was launched by the Ministry of Finance of Georgia from Q2 of 2020 and work is in progress. Reform predominantly envisages the introduction of OECD principles for the corporate governance of SOEs and other best practices. Ministry of Finance of Georgia is supported in this process by partnering with international organizations. ● Georgian Energy Exchange was established with 50/50 share participation of the Georgian State Electrosystem and Commercial Operator of the Georgian Electricity System in 2019. It is predominantly aimed to conclude bilateral agreements, formation of organized prior day and following day markets, along with a preparation, organization and coordination of essential measures for shaping into a market operator; ● Acquisition of financial and non-financial assets has been restricted for JSC Partnership Fund, except for the depositing of funds. It means that Partnership Fund will no longer carry out new projects and will not increase its debt liabilities. Referred restriction will last till the reform of the Partnership Fund itself. ● Investment was made in the construction of Gardabani 2 TPP with 100% share participation of the Georgian Oil and Gas Corporation. Construction was completed in December 2019. Gardabani 2 TPP was commissioned in March 2020. It stands out with high efficiency and environmental technologies, which was built with an investment of almost 180 million USD. This project has a tremendous strategic importance for the Georgian energy system and sustainability of the entire sector, along with its successful development. ● Georgia and European Bank for Reconstruction and Development (EBRD) concluded an Agreement on July 29, 2020, which envisages the allocation of 90 million Euros for strengthening and improving the power energy network of Georgia. Within the scope of the project, new transmission network of over 150 km will be built with a respective infrastructure. Project will be implemented by the Georgian State Electrosystem and it is scheduled to be completed in summer of 2026. Overview of the SOE Sector (Registry) Fiscal Risk Document covers 92% of SOEs (by their annual turnover). Common Registry of SOEs includes information submitted by public institutions, National Office of Statistics of Georgia and other administrative sources on enterprises incorporated with share participation of the central and local authorities that are classified as significant for fiscal risk analysis. Such SOEs are considered to be the following: A) Every SOE of the central government; B) Municipal enterprises, with over 25% of state ownership and with an annual turnover exceeding 200K GEL or with annual payroll exceeding 15K GEL. Financial data obtained from various administrative sources will be used for the assessment of SOEs against the referred indicators. Financial data warehouse was created for these SOEs in 2019 on the grounds of the referred data. Considering the above referred criteria, 352 SOEs are presented for the fiscal risk analysis, out of which 179 are owned by the central government and 173 – by local authorities. Also, listed SOEs have in total 82 daughter enterprises. Analysis performed as a result of a consolidated financial data is based on the data of 352 SOEs, while the data of 82 daughter companies are presented as an additional information. Table 1 Total number of SOEs 352 from which: Local Government 173 Central Government 179 Ministry of Economy and Sustainable Development of Georgia 129 Partnership Fund 31 Ministry of Environmental Protection and Agriculture of Georgia 5 Legal entities 5 Ministry of Defence of Georgia 3 Ministry of Regional Development and Infrastructure 2 Ministry of Justice 1 Ministry of Education, Science, Culture and Sport 2 Investment Fund founded by the Government of Georgia 1 61 of the state-owned enterprises that are in the ownership of municipalities are owned by the municipalities of Tbilisi and Batumi, and their share is 94 percent of the total turnover of the enterprises owned by the municipalities. Table 2 Data on state-owned municipal enterprises by municipalities Share of Share of municipal Share in Share in 2019 Total municipal government total
Load more

Recommended publications
  • Plant Expedition to the Republic of Georgia
    PLANT EXPEDITION TO THE REPUBLIC OF GEORGIA — CAUCASUS MOUNTAINS AUGUST 15 - SEPTEMBER 11, 2010 SPONSORED BY THE DANIEL F. AND ADA L. RICE FOUNDATION PLANT COLLECTING COLLABORATIVE (PCC) Chicago Botanic Garden Missouri Botanical Garden The Morton Arboretum New York Botanical Garden University of Minnesota Landscape Arboretum 1 Table of Contents Summary 3 Georgia’s Caucasus 4-6 Expedition, Expedition Route & Itinerary 7-10 Collaboration 11 Observations 12-13 Documentation 14 Institutional review 14-15 Acknowledgements 16 Maps of the Republic of Georgia and PCC member locations 17 Photo Gallery Collecting 18-19 Collections 20-24 Seed Processing 25 Landscapes 26-29 Transportation 30 Dining 31 People 32-33 Georgia Past and Present 34 Georgia News 35-36 Appendix I – Germplasm Collections Listed by Habit Appendix II – Germplasm Collections Listed Alphabetically Appendix III – Weed Risk Assessment Appendix IV – Field Notes 2 Summary With generous support from the Daniel F. and Ada L. Rice Foundation, Galen Gates and the Plant Collecting Collaborative (PCC) team made outstanding progress through an expedition in the Republic of Georgia. On this recent trip into the Caucasus Moun- tains, a record was set for the most collections made on any Chicago Botanic Garden and PCC expedition to date. The trip, door to door, was 26 days with field collecting most days; nearly every night‘s activity included seed cleaning. We made three hundred collections at 60 sites. Most were seeds from 246 types of trees, shrubs, and perennials, 14 were bulb taxa and four were in the form of perennial roots. Remarkably, 53 taxa are new to U.S.
    [Show full text]
  • Distribution: EG: Bank of Jandara Lake, Bolnisi, Burs
    Subgenus Lasius Fabricius, 1804 53. L. (Lasius) alienus (Foerster, 1850) Distribution: E.G.: Bank of Jandara Lake, Bolnisi, Bursachili, Gardabani, Grakali, Gudauri, Gveleti, Igoeti, Iraga, Kasristskali, Kavtiskhevi, Kazbegi, Kazreti, Khrami gorge, Kianeti, Kitsnisi, Kojori, Kvishkheti, Lagodekhi Reserve, Larsi, Lekistskali gorge, Luri, Manglisi, Mleta, Mtskheta, Nichbisi, Pantishara, Pasanauri, Poladauri, Saguramo, Sakavre, Samshvilde, Satskhenhesi, Shavimta, Shulaveri, Sighnaghi, Taribana, Tbilisi (Mushtaidi Garden, Tbilisi Botanical Garden), Tetritskaro, Tkemlovani, Tkviavi, Udabno, Zedazeni (Ruzsky, 1905; Jijilashvili, 1964a, b, 1966, 1967b, 1968, 1974a); W.G.: Abasha, Ajishesi, Akhali Atoni, Anaklia, Anaria, Baghdati, Batumi Botanical Garden, Bichvinta Reserve, Bjineti, Chakvi, Chaladidi, Chakvistskali, Eshera, Grigoreti, Ingiri, Inkiti Lake, Kakhaberi, Khobi, Kobuleti, Kutaisi, Lidzava, Menji, Nakalakebi, Natanebi, Ochamchire, Oni, Poti, Senaki, Sokhumi, Sviri, Tsaishi, Tsalenjikha, Tsesi, Zestaponi, Zugdidi Botanical Garden (Ruzsky, 1905; Karavaiev, 1926; Jijilashvili, 1974b); S.G.: Abastumani, Akhalkalaki, Akhaltsikhe, Aspindza, Avralo, Bakuriani, Bogdanovka, Borjomi, Dmanisi, Goderdzi Pass, Gogasheni, Kariani, Khanchali Lake, Ota, Paravani Lake, Sapara, Tabatskuri, Trialeti, Tsalka, Zekari Pass (Ruzsky, 1905; Jijilashvili, 1967a, 1974a). 54. L. (Lasius) brunneus (Latreille, 1798) Distribution: E.G.: Bolnisi, Gardabani, Kianeti, Kiketi, Manglisi, Pasanauri (Ruzsky, 1905; Jijilashvili, 1968, 1974a); W.G.: Akhali Atoni, Baghdati,
    [Show full text]
  • Apparel Familiarization Trip for Kardem Tekstil Company Final
    APPAREL FAMILIARIZATION TRIP FOR KARDEM TEKSTIL COMPANY FINAL Thursday, September 08, 2011 This publication was produced for review by the United States Agency for International Development. It was prepared by Deloitte Consulting LLP. APPAREL FAMILIARIZATION TRIP FOR KARDEM TEKSTIL COMPANY FINAL USAID ECONOMIC PROSPERITY INITIATIVE (EPI) CONTRACT NUMBER: AID-114-C-10-00004 DELOITTE CONSULTING LLP USAID/CAUCASUS THURSDAY, SEPTEMBER 08, 2011 DISCLAIMER: The author’s views expressed in this publication do not necessarily reflect the views of the United States Agency for International Development or the United States Government. DATA Author(s): Zviad Kvlividze, Apparel Sector Manager Reviewed By: Alan Saffery, Non-Agricultural Sectors Component Leader Name of Component: Non-Agriculture Sectors Practice Area: Apparel Key Words: apparel, outsourcing, investment, Kardem Tekstil ECONOMIC PROSPERITY INITIATIVE (EPI) i ABSTRACT This trip report describes the visit of potential Turkish investor, Kardem Tekstil, to Georgia to learn more about the Georgian apparel investment climate and local apparel market. Kardem is currently interested in looking closer at Georgia as a new investment and outsourcing markets. Contacts with Kardem Textile were established with assistance from EPI’s short-term consultant Selen Poyraz, Deloitte Consulting Istanbul Office. Kardem’s trip to Georgia was initiated, designed, organized, and implemented by EPI and the Georgian National Investment Agency (GNIA) after meeting the owner of Kardem Tekstil, Mr. Zeki Erdogan, at the 4th Istanbul Fashion and Apparel Conference in Turkey in May 2011. ECONOMIC PROSPERITY INITIATIVE (EPI) ii ABBREVIATIONS EPI Economic Prosperity Initiative GNIA Georgian National Investment Agency MoESD Ministry of Economy & Sustainable Development ECONOMIC PROSPERITY INITIATIVE (EPI) iii CONTENTS I.
    [Show full text]
  • Azerbaijani Settlements of the Gardabani Municipality
    Unknown Suburbs: Azerbaijani Settlements of the Gardabani Municipality 2020 POLICY STUDY Unknown Suburbs: Azerbaijani Settlements of the Gardabani Municipality Aleksandre Kvakhadze POLICY STUDY 2020 Introduction Since declaring its independence, the Georgian state has been struggling with the integration of its ethnic minorities. The regions densely populated by ethnic Azerbaijanis and Armenians have been passively involved in the social and political processes in Georgia. The combination of the legacy of Soviet ‘national policy,’ an ineffective educational system and socio-economic problems hinder the integration of these regions. This paper will be devoted to the Gardabani municipality, an administrative entity with a significant Azerbaijani population. Several factors have determined the choice of this region for this study. Firstly, geographically speaking, the region represents a suburban area of the cities of Tbilisi and Rustavi. It can be considered as a part of ‘greater Tbilisi/Rustavi’ or a ‘Tbilisi-Rustavi agglomeration.’ Secondly, despite its proximity to Georgia’s political and economic center, the Azerbaijani community in this region has been leading a parallel life and is disconnected from the country’s social and political dynamics. Simultaneously, very little is known about this region and very little research has been carried out on its multi-ethnic population. Unlike the neighboring Marneuli municipality, which has been receiving increasing attention from academia, the media and the non-governmental sector, the Azerbaijani population in Garbadani remains neglected by academic and non-governmental bodies. For instance, there is no comprehensive academic research on the linguistic, historical, ethnologic, social and religious parameters of Azerbaijanis in Gardabani. The absence of reliable works leads to myths and uncertainties regarding Georgia’s Azerbaijanis.
    [Show full text]
  • World Bank Document
    The World Bank Report No: ISR6658 Implementation Status & Results Georgia Secondary & Local Roads Project (P086277) Operation Name: Secondary & Local Roads Project (P086277) Project Stage: Implementation Seq.No: 16 Status: ARCHIVED Archive Date: 07-Aug-2011 Country: Georgia Approval FY: 2004 Public Disclosure Authorized Product Line:IBRD/IDA Region: EUROPE AND CENTRAL ASIA Lending Instrument: Specific Investment Loan Implementing Agency(ies): Roads Department of the Ministry of Regional Development and Infrastructure (RDMRDI) Key Dates Board Approval Date 24-Jun-2004 Original Closing Date 31-Oct-2009 Planned Mid Term Review Date 31-Jul-2007 Last Archived ISR Date 07-Aug-2011 Public Disclosure Copy Effectiveness Date 21-Oct-2004 Revised Closing Date 30-Jun-2012 Actual Mid Term Review Date 03-Nov-2006 Project Development Objectives Project Development Objective (from Project Appraisal Document) The Project Development Objectives are to: (i) upgrade and rehabilitate the secondary and local roads network; and (ii) increase Roads Department of the Ministry of regional development and Infrastructure's (RDMRDI's) and local governments' capacity to manage the road network in a cost-effective and sustainable manner. Has the Project Development Objective been changed since Board Approval of the Project? Yes No Public Disclosure Authorized Component(s) Component Name Component Cost Rehabilitation of Secondary and Local Roads 118.50 Strengthening the capacity of the Road Sector Institutions 2.70 Designing and Supervising Road Rehabilitation 6.30 Overall Ratings Previous Rating Current Rating Progress towards achievement of PDO Satisfactory Satisfactory Overall Implementation Progress (IP) Moderately Satisfactory Satisfactory Public Disclosure Authorized Overall Risk Rating Implementation Status Overview The implementation progress and overall safeguard compliance of the project is Satisfactory.
    [Show full text]
  • GEORGIA Handbook on Transparency and Citizen Participation
    GEORGIA Handbook on Transparency and Citizen Participation Council of Europe Original: Handbook on Transparency and Citizen Participation in Georgia (English version) The opinions expressed in this work are the responsibility of the author(s) and do not necessarily reflect the official policy of the Council of Europe. The reproduction of extracts (up to 500 words) is authorised, except for commercial purposes as long as the integrity of the text is preserved, the excerpt is not used out of context, does not provide incomplete information or does not otherwise mislead the reader as to the nature, scope or content of the text. The source text must always be acknowledged as follows All other requests concerning the reproduction/translation of all or part of the document, should be addressed to the Directorate of Communications, Council of Europe (F-67075 Strasbourg Cedex or [email protected]). All other requests concerning this publication should be addressed to the Congress of Local and Regional Authorities of the Council of Europe. Congress of Local and Regional Authorities of the Council of Europe Cover design and layout: RGOLI F-67075 Strasbourg Cedex France © Council of Europe, December 2020 E-mail: [email protected] (2nd edition) Acknowledgements This Handbook on Transparency and Citizen Participation in Georgia was developed by the (2015-2017) in Armenia, Azerbaijan, Georgia, the Republic of Moldova, Ukraine and Belarus. It was implemented as part of the Partnership for Good Governance 2015-2017 between the Council of Europe and the European Union. The research work and writing of this updated edition was carried out by the Institute for Development of Freedom of Information (IDFI), a Georgian non-governmental organisation.
    [Show full text]
  • Sports Sector | Georgia | 2019
    Sports Sector | Georgia | 2019 PREPARED FOR: Batumi International Stadium CONTENTS Executive Summary 3 Sport Tourism, Global Trends 67 Country Profile 4 Conclusions 71 Photo: The Biltmore Hotel Tbilisi International Rankings 6 Appendix 1 - Real Estate Registration 72 and Construction Permits Economic Overview 7 Appendix 2 - Primary Information Sources, Tourism Overview 14 data used for the study and definitions 76 Football 26 Disclaimer 78 Rugby 34 Project Team 79 Basketball 38 Colliers Global Stats at a Glance 80 Tennis 41 Weightlifting 46 Skiing 50 Judo 55 Handball 58 Other Sports 61 Upcoming Infrastructure 66 Colliers International Georgia 2 EXECUTIVE SUMMARY Sports tourism is set to become one of the world’s The Georgian basketball team is also successful, biggest industries according to numerous ranking among the top teams in Europe and projections and studies conducted by entities like constantly making it to the playoffs of the the World Tourism Organization (WTO) and the EuroBasket. Tbilisi is among the four cities set to International Olympic Committee (IOC). host the prestigious EuroBasket in 2021. The Georgian team will be playing, having auto qualified Sports tourism is the act of travelling from one for it due to their performance in the previous location to another with the purpose of being in championship. Notably, the Basketball Federation some way involved in a sporting activity or event. does not own any stadium and spends a considerable amount on rent every year. The Georgia’s Sport Sector is a vibrant sector with Georgian basketball team takes part in annual infrastructural projects underway in almost all major international events.
    [Show full text]
  • Independent Reporting Mechanism (IRM): Georgia Progress Report 2016- 2017
    Independent Reporting Mechanism (IRM): Georgia Progress Report 2016- 2017 Lasha Gogidze, Independent Researcher Tamar Gzirishvili, Independent Researcher Table of Contents Executive Summary: Georgia 3 1. Introduction 15 II. Context 16 III. Leadership and Multistakeholder Process 22 IV. Commitments 29 1. Adapting the Public Service Hall to the needs of people with disabilities 32 2. Launch of the unified healthcare system information portal 35 3. Introduction of electronic licensing system in the field of natural resource application 38 4. Creation of spatial (geographic) data web-portal for the energy sector 41 5. Creation of innovation ecosystem 44 6. Electronic portal for registering and disposal of state property – Customer’s Module 48 7. Development of the Freedom of Information Law 50 8. Development of a monitoring and assessment system of the Government policy and legislative acts 53 ✪ 9. Introduction of the public officials’ asset declarations monitoring system 56 10. Establishing unified regulations to publish court decisions 59 11. Development of transparency and integrity strategy and action plan in the field of regional development and infrastructure 62 12. Improvement of the database of the convicted and transfer of the penitentiary department entirely onto the electronic workflow management 66 13. Publication of phone tapping data according to the nature of the crime and geographic area 69 ✪14. Increasing citizen participation in supervision of public finances (public audit) 72 15. Electronic innovations for more transparency and efficiency of public procurement 77 ✪16. Adoption of the Environmental Assessment Code 81 17. Introduction of a mobile app as an alternative channel to connect to “112” 84 18.
    [Show full text]
  • Annual Report Georgian Railway
    2017 Annual Report G Georgian Railway A Message from the Chairman Chairman of Supervisory Board Konstantine Guntsadze I am proud to present the Annual Report for 2017, the sixth year in which I have had the privilege of being tasked with chairing the board of one of Georgia’s most strategically important companies. JSC Georgian Railway plays a significant role in the country’s economy and in maintaining strong economic relations between Georgia and its partner countries in the Caucasus and the Central Asia region. In the past two years, the Group has faced some difficulties in terms of its financial results due to downturns in cargo volumes, but it nevertheless maintains reasonable liquidity levels. The Management, along with its highly competent and dedicated team of about 13,000 people, is working hard in many areas to overcome the latest challenges. I believe that the development of infrastructure in the region through projects like the Baku-Tbilisi-Kars railway, Anaklia Deep-Sea Port and Shah Deniz gas field will have positive effects on the transported volumes by the Group and thus improve its operating results in the coming years. 2 A Message from the General Director CEO David Peradze I have been appointed as the General Director of JSC Georgian Railway in late 2017 and first of all, I want to admit that this is a great pleasure for me to lead one of the most successful companies in Georgia. I would also like to thank my predecessor, Mamuka Bakhtadze, for the taken by him efforts during years at the Company, which has led to transforming Georgian Railway into one of the most successful companies in Georgia.
    [Show full text]
  • Technical Assistance Report-Public Sector Balance Sheet and State Owned
    IMF Country Reports 20/223 Georgia: Technical Assistance Report-Public Sector Balance Sheet and State Owned INTERNATIONAL MONETARY FUND IMF Country Report No. 20/223 GEORGIA TECHNICAL ASSISTANCE REPORT—THE PUBLIC July 2020 SECTOR BALANCE SHEET AND STATE OWNED ENTERPRISES This Technical Assistance Report Paper on Georgia was prepared by a staff team of the International Monetary Fund. It is based on the information available at the time it was completed in November 2019. Copies of this report are available to the public from International Monetary Fund • Publication Services PO Box 92780 • Washington, D.C. 20090 Telephone: (202) 623-7430 • Fax: (202) 623-7201 E-mail: [email protected] Web: http://www.imf.org Price: $18.00 per printed copy International Monetary Fund Washington, D.C. © 2020 International Monetary Fund ©International Monetary Fund. Not for Redistribution FISCAL AFFAIRS DEPARTMENT Georgia The Public Sector Balance Sheet and State- Owned Enterprises Jason Harris, Viera Karolova, Vincent Tang, John Zohrab, Philip Barry, and Irina Grigoryan Technical Report January 2020 ©International Monetary Fund. Not for Redistribution CONTENTS ACRONYMS ______________________________________________________________________________________ 5 PREFACE _________________________________________________________________________________________ 6 EXECUTIVE SUMMARY __________________________________________________________________________ 7 I. PUBLIC SECTOR BALANCE SHEET ___________________________________________________________ 10 A. The 2018
    [Show full text]
  • The Report of the State Security Service of Georgia 01.01.2017-31.12.2017
    The Report of the State Security Service of Georgia 01.01.2017-31.12.2017 Tbilisi 1 Occupied Territories ................................................................................................................................... 4 Counterintelligence Activities ................................................................................................................... 7 Combating Terrorism ............................................................................................................................... 10 Fight against Corruption .......................................................................................................................... 12 Chemical, Biological, Radiological and Nuclear (CBRN) Security, Fight Against the Proliferation of the Materials and Weapons of Mass Destruction (WMD) ............................................................................. 14 Protection of Personal Data, Refining Legislative Basis, Access to the Public Information ................ 15 Human Resources and Material-Technical Base ..................................................................................... 16 Analytical Activity .................................................................................................................................... 18 International and Interagency Cooperation ............................................................................................ 18 2 Ensuring national security and forming a safe environment for a peaceful coexistence of society is the
    [Show full text]
  • Regulatory and Procedural Barriers to Trade in Georgia: Needs Assessment
    Regulatory and Procedural Barriers to Trade in Georgia Needs Assessment UNITED NATIONS ECONOMIC COMMISSION FOR EUROPE Regulatory and Procedural Barriers to Trade in Georgia: Needs Assessment United Nations New York and Geneva, 2018 2 Regulatory and Procedural Barriers to Trade in Georgia: Needs Assessment Note The designation employed and the presentation of the material in this publication do not imply the expression of any opinion whatsoever on the part of the Secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers of boundaries. This study is issued in English. ECE/TRADE/443 UNITED NATIONS PUBLICATION Sales No.: E.18.II.E.26 ISBN: 978-92-1-117173-0 e-ISBN: 978-92-1-047321-7 Copyright © 2018 United Nations All rights reserved worldwide United Nations publication issued by the Economic Commission for Europe Foreword 3 Foreword Georgia has consistently followed a liberal trade regime, which is geared towards achieving the twin objective of creating efficiency gains for the business community and integrating the economy into regional and global value chains. In 2018, the Government was in the process of intensifying reforms, with a special emphasis on fulfilling its commitments under the Association Agreement with the European Union and the European Atomic Energy Community and their Member States. Aware of the complexities of these reforms and the steep learning curve they carry for enterprises, the Government has been pursuing a phased approach. Implementation of reforms is spread across several years, with those sectors requiring intensive support accorded priority treatment.
    [Show full text]