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Private sector and human-resource development in Georgia
5. The Bank and the Fund have been working jointly in the following main areas (supported by the Bank’s SAC 3 and Structural Reform Support Credit, several investment operations and the Fund’s PRGF): · Poverty Reduction Strategy. Both institutions have been working closely with the Government to provide support to the development of the PRSP, through seminars and workshops, direct staff input, and a multi-donor Trust Fund to support the work of the PRSP secretariat.. · Budget Planning and Execution. The annual process-based Public Expenditure Reviews will provide the underpinnings for systemic changes in expenditure management, with the immediate aim being improved budget formulation in 2004. The IMF is focusing on Treasury reform within the Ministry of Finance. · Financial Sector Reforms. The joint Financial Sector Assessment Program has supported: (i) strengthened banking and non-banking supervision; (ii) introduction of international accounting standards; (iii) and consolidation of banks through higher capital requirement ratios; and (iv) anti money-laundering legislation. The IMF has focused in particular on banking supervision. · Debt Sustainability Analysis (DSA). Given Georgia’s heavy external debt burden, the Bank and the Fund conduct joint Debt Sustainability Analysis on a regular basis. Areas in which the IMF leads and its analysis serves as input into the World Bank program · Fiscal Framework. The IMF’s focus on prudent fiscal policy has served as an important framework for IDA’s work on public expenditure management. Areas in which the IMF leads and there is no direct World Bank involvement · Monetary Framework. The IMF closely collaborates with the NBG in the design and implementation of a monetary program that aims at remonetization of the economy, while keeping inflation low and the exchange rate of the Lari stable · Economic Statistics. IMF technical assistance has been conducive to improvements in national accounts, price, monetary and government financial statistics. 5.1.5 The World Bank Country Assistance Strategy for Georgia
Activities (as identified in the EDPRP)	Responsible Agencies	Focus of Bank Actions	Expected Results FY04-06	Bank Group Program	Part-ners	WB Performance Indicators for End FY06
Improvement of Governance
· Development of a comprehensive, long-term concept and action plan of executive government reforms, and of a program to improve structure and number of employees in organizations under budgetary financing	State Chancellery, Ministry of Justice, Ministry of Finance relevant executive government bodies	Assistance to the State Chancellery in carrying out a functional analysis of the central government agencies and assessment of budgetary employment, remuneration, and training policy; on the basis of the above studies, develop recommendations	Widely owned program to improve functioning of government administration and agencies; remuneration and retrenchment policy for core civil service introduced, and plans for civil service training developed	Public Sector Management Project	DFID, USAID, UNDP	Initiation of reform and restructuring of civil service
· Inventory of normative acts defining the competence of government agencies to avoid duplication of local government functions	State Chancellery of Georgia, Ministry of Justice	Review of the existing legal framework	Initiation of legislative change and amendments	Public Sector Management Project; Public Expenditure Reviews	DFID EU USAID UNDP	Duplications and overlap among the central state agencies reduced, mandates more clearly defined
· Distinction of municipal property from central government and private property	State Chancellery, Ministry of Economy, Industry and Trade, Agency of State Property Management, Ministry of Justice, Ministry of Finance	Advice on financing mechanism for transfer of road and transport properties and legal mechanisms for owning and managing very low volume farm access roads	Revised functional/administration classification of roads; sound allocation formula for dividing Road Fund revenues between road owners	Secondary Roads Project; Trade and Transport Facilitation Project; Rural Infrastructure Study	Kuwait Fund for Economic Development	New road classification; new procedures for managing the road fund, including allocation of funds between road owners
Macroeconomic Stability
· Preparation of indicative plans of development for the economy for 2004 and 2005	Ministry of Economy, Industry and Trade	Improvement of linkage between policy, resource constraints and budgets	Develop a more realistic medium-term budget framework	Public Expenditure Reviews, PRSC in High Case	IMF DFID	Budget execution closer to planned
· Initiate the process to convert a portion of government debt liabilities into long-term debt instruments	National Bank	Assistance to the MoF develop long-term debt instruments, e.g. government bond market	MoF starts to use medium to long-term government bonds to replace the rolling of short-term debt instruments	Financial Sector Advisory Program	IMF	1-10 year government bond market in place
· Improvement of the management of international reserves of the NBG	National Bank	Advise to National Bank on management of reserves	Increased import coverage	Financial Sector Advisory Program	IMF	Gross foreign reserves to reach over 2 months of imports
· Completion of tax and customs administration reform	Ministry of Finance, State Tax and Customs Departments	Development of a business-friendly tax environment	Increased collection of excise taxes and improved VAT administration	Public Expenditure Reviews, Business Environment Study, PRSC in High Case	IMF USAID EU	Collection of excise taxes to reach over 2 percent of GDP
· Implementation of treasury reform, centralization of treasury service; development and introduction of commitment accounting and control system; development and introduction of expenditure control system	Ministry of Finance	Assistance to the MOF to improve its cash and debt management capacity and skills	Consolidation of effective control system, and adoption of a single treasury account	CPAR Updates, Public Expenditure Reviews, PRSC in High Case	IMF	Improved cash management and debt management capacity
· Improve government procurement system and expand scope of its coverage	State Procurement Department, Ministry of Economy, Industry and Trade	Establishment of a transparent state procurement system; decentralization of State procurement functions to line agencies	Greater efficiency and competition within the system; reduced delays and corruption in procurement process	CPAR, Public Expenditure Reviews, PRSC, project lending (e.g. Secondary Roads and Trade and Transport Facilitation)		Recommendations of Country Portfolio Assessment Report implemented
· Gradual increase of the share of targeted programs in the state budget	Ministry of Finance, Ministry of Economy, Industry and Trade	Develop program-based budgeting	Improve consistency between medium-term indicative plan and the budget	Public Expenditure Reviews, Public Sector Management Credit, PRSC in High Case	DFID	Public Expenditure Reviews assessment of better targeting of programs in the budget
· Inventory of budgetary arrears	Ministry of Finance	Establish accurate estimates of past government liabilities	Better information on, and reduction in, arrears	CFAA Updates, Public Expenditure Reviews	IMF	Reduced arrears
· Increase the number of participants in treasury bill market and improve bidding mechanisms to increase maturity and reduce the discount rate through market	Ministry of Finance, National Bank, National Commission of Securities	More competitive and efficient T-bill market	Short term: more participants for competitive bidding, and for non-competitive quota; medium term: cash management, coordination between MOF & NBG on T-bills/open market operations; long term: independent debt management office	Financial Sector Advisory Program, PRSC in High Case	USAID FIRST	Lower T-bill yield
· Develop legislation promoting the activities of investment funds in order to introduce best corporate management practice in enterprises and develop stock market	Ministry of Finance, National Commission of Securities	Help build legal environment for investment funds; provide information/advice	Establishment of legal environment for investment funds	Financial Sector Advisory Program		Regulation of investment funds in place; NCS has capacity to supervise those funds
· Prepare and adopt bill “on Personification and Registration of Insurance Contributions to Social Insurance System” required for regularizing first (distributive) pillar of pension system and development of pensioners’ personified registration system	Ministry of Labor, Health and Social Protection	Support to Ministry of Labor, Health and Social Protection on legal reforms and their implementation Страницы: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35

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