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Support to National Securities Commission and Ministry of Labor, Health and Social Protection on legal reforms and their implementation |
Normative acts developed and adopted |
Social Protection Reform Project |
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Improved regulatory environment in the area of private pensions |
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· Prepare amendments to the Tax Code and investment rules of pension assets to promote the development of non-banking financial sector, including nongovernmental voluntary insurance system |
Ministry of Finance, State Service of Insurance Supervision, National Commission of Securities |
Support to relevant agencies on amendments to tax code and investment rules |
Improved functioning of non-banking financial sector, including insurance companies/private pension funds |
Social Protection Reform Project |
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Greater and more effective role for non-banking financial sector, including insurance companies and private pension funds |
Structural Reforms
· Assess magnitude and share smuggled goods and those manufactured in informal sector of the economy by various commodity groups
Ministry of Economy, Industry and Trade; State Department of Statistics
Support for initiatives to reduce smuggling and the shadow economy
Reduction in smuggling and in the shadow economy
Trade Facilitation Project; Private Sector Development Project; Public Sector Reform Project; PRSC in High Case
USAID
Increase in tax revenues, including increase in revenues from petroleum products and cigarettes to over 2.5% of GDP
· Develop proposals to encourage investment
Ministry of Economy, Industry and Trade; Ministry of Finance; Ministry of Justice
Intensified dialogue with Government on reform of the banking system as a means of improving the investment climate
Increase in banks’ capitalization; better corporate governance principles and internal control systems; expansion of banking networks; real time banking settlement; anti-money-laundering legislation; deposit insurance introduced
Private Sector Development Project; Financial Sector Advisory Program; Business Environment Study
USAID
IMF
FIRST
Minimum capital raised to ˆ3.5m; improved confidence in banking system; better access to finance; anti money laundering regulations in compliance with FATF requirements
· Implement export promotion measures
Ministry of Economy, Industry and Trade; Ministry of Finance
Support for removal of institutional (governance) obstacles to fulfilling Georgia’s Export Potential
Progress in implementing recommendations of Trade Study/Workshop
Trade and Transport Facilitation Project; Private Sector Development Project; Business Environment Study; Rural Development Project
USAID
Improved perception of environment for exporters in business surveys
Human Capital Development
Improvement of Health
· Revise government commitments in healthcare sector to ensure full financing
Ministry of Labor, Healthcare and Social Protection; Ministry of finance
Assist government to define health financing strategy focusing on improvements in mobilization, allocation and management of public and private resources, help build government capacity in evidence based policy-making, planning, monitoring and evaluation, as well as regulation
Definition of basic benefit package, financing methodology and co-payments, as well as recurrent costs; improved resource mobilization and allocation, including introduction of incentive-compatible provider payment systems
Health Sector Note, JSDF Grant on community health insurance
JSDF SIDA
DFID WHO
Definition of basic benefit package, financing methodology, co-payments, and recurrent costs; better resource mobilization and allocation, including introduction of incentive-compatible provider payment systems
Improvement of Education
· Develop programs for basic education
Ministry of Education, Ministry of Culture
Improving quality of education and access of the poor
Stakeholders actively engaged in improving education quality and outcomes
Education Project
SOROS
97 percent enrollment in basic education for the poorest quintile; 60% of consolidated education expenditures continue to be allocated to primary/secondary education
Improvement of Social Risks Management
· Definition of nature and periodicity of government commitments in the social sector to ensure full financing
Ministry of Labor, Healthcare and Social Protection; State Social Security Fund; Ministry of Finance
Timely execution of Government obligations in the social sectors; fiscal affordability and sustainability
No-arrears in social transfers, increased poverty alleviation impact
Public Expenditure Reviews, PRSC in High Case
No new arrears; poverty incidence decreased by 6 percentage points
· Enforce package of draft bills on compulsory social insurance
Ministry of Labor, Healthcare and Social Protection, State Social Security Fund
Support to implementation of social insurance system
Better performance of the pension system
Social Protection Reform Project
No pension arrears; financing of social insurance/assistance benefits separated
· Phased increase of pensions
Ministry of Labor, Healthcare and Social Protection, State Social Security Fund
Dialogue on pension policies
Increase in pensions
Public Expenditure Reviews; Social Protection Reform Project
Average real pension increased by 20%; extreme poverty among elderly reduced
· Fiscal sustainability of pension system based on compulsory social insurance
Ministry of Labor, Healthcare and Social Protection, State Social Security Fund
Dialogue on pension policies
Satisfactory performance of the pension system
Public Expenditure Reviews; Social Protection Reform Project
Improved fiscal sustainability of pension system
Development of Priority Branches of the Economy
Energy and Infrastructure
· Reorganize electricity wholesale market to resume the functions of financial and technical operator
Ministry of Fuel and Energy
Support for direct contracts between generators and large end consumers, subject to transparent terms and implementation
Direct contracts between generators and large end consumers
EMSP
EBRD
KfW
USAID
Electricity market successfully reorganized
· Amend tariff policy in line with model of wholesale market and consider liberalization of prices
Ministry of Fuel and Energy; Energy Regulatory Commission; Ministry of Economy
Tariff policy; adequate appropriations to energy in state budgets
Lower commercial losses; state budgets fully cover energy costs; higher collections by state energy companies in distribution, transmission; improved financial viability
EMSP
EBRD
IMF
KfW
USAID
Cash payment collections at the wholesale electricity market above 65%; dissemination to public of detailed sector performance indicators
· Approve strategy to manage energy sector debts
Ministry of Fuel and Energy, Ministry of Finance
Establishment of a professional Debt Restructuring Agency for the power sector
Legacy debt no longer a threat to the financial viability of the power sector
EMSP
EBRD
IMF
KfW
USAID
Debt Restructuring Agency led by international experts in full operation; legacy debt issue resolved
· Transfer energy sector companies, including National Distribution Company, under management contract in accordance with existing strategy
Ministry of Fuel and Energy
Georgian Unified Distribution Company (GUDC) under long-term management contract
GUDC under long-term management contract
EMSP
EBRD
KfW
USAID
GUDC under long-term management contract; other management contracts fully operational
· Improve transport regulatory administration
Ministry of Transport and Communication
MOTC restructuring
Improved functioning of restructured MOTC
Secondary Roads Project; Transport Facilitation Project
SDRG restructured and road financing arranged to provide stable source for road funding to maintain and improve roads
· Technical monitoring of emergency conditions, restore status of premises and constructions of strategic importance and special complexity of the energy, transportation, communication and construction infrastructure as well as those damaged from earthquakes
Ministry of Economy, Industry and Trade, Ministry of Fuel-Energy, Ministry of Transportation and Communication, State Department of Highways
Development of road data bank for SDRG to take prompt, cost-effective action in emergencies
The data bank is used to prioritize annual road program
Secondary Roads Project; Transport Facilitation Project
Road data bank in use and SDRG expanded to cover local rural roads
· Improve implementation of road construction plan, identify strategic projects and sources of financing
State Department of Highways
Road construction plan, equipping SDRG with tools to develop and manage the plan
5 year rolling plan a standard procedure in SDRG
Secondary Roads Project; Transport Facilitation Project
EU, Kuwait Development Fund
Performance indicators to be developed in Secondary Roads project
· Form information network covering the entire country
State Department of Information
Improving rural access to telecommunications services
Better and more affordable access by the rural population to telecommunications
Rural Telecommunications Project
Higher proportion of the rural population having affordable access to telecommunications
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