Suchergebnisse

The National Bank of Georgia (NBG) has a broad mandate to safeguard financial stability inGeorgia and has applied several measures that can be considered macroprudential. For instance, the NBG adjusted risk weights for foreign-currency (FX) loans to unhedged borrowers in a countercyclical manner in recent years. Going forward, it plans to introduce the Basel III countercyclical capital buffer regime for the banking system in 2015, which will require that it sets or releases the buffer on a regular basis, based on assessments of cyclical risks.Policymakers should consider establishing a full-fl

This book presents the outcomes of a review of legal and institutional frameworks for fighting corruption in Georgia, which was carried out in the framework of the Anti-Corruption Network for Transition Economies based at the OECD. The review examined national anti-corruption policy and institutions currently in place in Georgia, national anti-corruption legislation, and preventive measures to ensure the integrity of civil service and effective financial control. This publication contains the recommendations as well as the full text of the self-assessment report provided by the government of Georgia.

Cover -- CONTENTS -- CONTEXT -- PROGRAM PERFORMANCE -- OUTLOOK -- POLICY DISCUSSIONS -- A. Fiscal Policy -- B. Monetary and Exchange Rate Policies -- C. Financial Sector Policies -- D. Structural Policies -- PROGRAM ISSUES AND FINANCING -- STAFF APPRAISAL -- FIGURES -- 1. Fiscal Performance under the Extended Fund Facility, 2016-23 -- 2. Real Sector and Inflation Developments -- 3. External Sector Developments -- 4. International Investment Position (IIP) -- 5. Fiscal Sector Developments -- 6. Financial Sector Developments -- 7. Macro-Financial Developments -- 8. Macro-Structural Challenges -- 9. Public Sector Debt Sustainability Analysis (DSA) -- 10. Public Debt Sustainability Analysis - Composition of Public Debt and Alternative Scenarios -- 11. External Debt Sustainability: Bound Tests -- TABLES -- 1. Selected Economic and Financial Indicators, 2015-23 -- 2. Summary Balance of Payments, 2015-23 -- 3a. General Government Operations, GFSM 2001, 2015-23 (In millions of GEL) -- 3b. General Government Operations, GFSM 2001 2015-23 (In percent of GDP) -- 4. Monetary Survey, 2015-19 -- 5. Selected Monetary and Financial Soundness Indicators, 2015-August 2018 -- 6. External Vulnerability Indicators, 2015-23 -- 7. Gross External Requirement, 2017-23 -- 8. Indicators of Fund Credit, 2015-23 -- 9. Schedule of Reviews and Available Purchases -- 10. External Debt Sustainability Framework, 2014-23 -- ANNEXES -- I. Risk Assessment Matrix -- II. Spillovers from the Deterioration in the Turkish Economy -- APPENDIX -- I. Letter of Intent -- Attachment I. Memorandum of Economic and Financial Policies (MEFP) -- Attachment II. Technical Memorandum of Understanding (TMU)

Real GDP growth for 2010 has been revised upward to 6.3 percent, and annual CPI inflation has increased to about 10 percent. End-December performance criteria (PC) are expected to be met, with the exception of the fiscal deficit and general government expenditure targets owing to the late disbursement of budget grants and disbursements under a project loan on-lent by the government, which came in earlier than the authorities anticipated. Policies are on track and have broadly delivered on program objectives

KEY ISSUESContext. Georgia's previous Fund-supported program, which expired in April 2014, met most of its objectives, in particular by reducing Georgia's external and fiscal imbalances. The program also helped preserve the central bank's independence after the 2012–13 political transition and strengthened its inflation-targeting framework. However, over time it proved increasingly difficult to reconcile the program's fiscal objectives with the new government's policies of increasing social spending, especially after the economy slowed and revenues fell short in 2013. Also, despite the progres

State and local governments in the Federal system -- The setting for contemporary Georgia politics -- Georgia's constitution -- Voting and elections -- Political parties and interest groups -- The Legislature -- The Executive Branch -- The legal system -- Local government and politics -- Public policies

Cover -- CONTENTS -- GLOSSARY -- PREFACE -- EXECUTIVE SUMMARY -- I. INTRODUCTION -- II. DESIGN OPTIONS FOR THE FISCAL RULES -- A. International Experience -- B. Fiscal Rules in the Georgia Context -- C. Corrective Mechanisms -- D. Escape Clauses -- E. Oversight Arrangements -- F. Revisions of the Fiscal Rules -- G. Recommendations -- III. COVERAGE AND MEASUREMENT -- A. Institutional and Transactional Coverage -- B. Measurement of Government Transactions -- C. Implications for the Fiscal Aggregates -- D. Recommendations -- IV. IMPLEMENTING THE FISCAL RULES -- A. Applying the Fiscal Rules in Fiscal Policy -- B. Reporting on the Fiscal Rules -- C. Compliance by Subnational Governments -- D. Enhancing Budget Institutions -- E. Recommendations -- BOXES -- 1.1. Constraints on Taxes in the Constitution and the ELA -- 2.1. Assessment of Fiscal Rules -- 2.2. Considerations for Expenditure Rule Coverage -- 3.1. Delineation between General Government and SOEs -- 3.2. Accounting Government Support to SOEs in Fiscal Statistics -- 4.1. Illustrative MTBF Model -- 4.2. Country Examples of Ceilings in their PPP Laws -- 4.3. Considerations for the Design of PPP/PPA Ceilings -- FIGURES -- 2.1. International Experience with Fiscal Rules -- 2.2. Fiscal Rules with Escape Clauses -- 2.3. Real GDP Growth 2000Q1-2016Q4 (year-on year) -- 4.1. Debt Trajectory and Safe Debt Level -- 4.2. Debt and Deficit Paths Under Alternative Options -- 4.3. Municipal Budget Balance and Liabilities -- 4.4. Successive Real GDP and Inflation Forecasts 2010-16 -- 4.5. Revisions to Medium-term Plans -- TABLES -- 0.1. Overview of Recommendations -- 1.1. Fiscal Forecasts and Outturns in Georgia -- 3.1. Transactions of LEPLs Controlled by Central Government 2015-16 -- 3.2. Revision to Government Deficit due to the Change in Sector Classification, 2013.