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ðåôåðàòû ñêà÷àòü 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

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