{ "title": "IMF Publishes Fiscal Transparency Evaluation for Georgia", "publication": "IMF News, September 27, 2017", "sourceUrl": "https://www.imf.org/en/news/articles/2017/09/26/pr17370-imf-publishes-fiscal-transparency-evaluation-for-georgia", "canonical": "https://www.imf.org/en/news/articles/2017/09/26/pr17370-imf-publishes-fiscal-transparency-evaluation-for-georgia", "overlayPath": "/en/news/articles/2017/09/26/pr17370-imf-publishes-fiscal-transparency-evaluation-for-georgia/index.md", "summary": "Press Release No. 17/370", "publishDate": "2017-09-27", "sections": [ { "heading": "Overview", "content": "- Press Release No. 17/370\n- Date: September 27, 2017\n- IMF Communications Department; MEDIA RELATIONS; PRESS OFFICER: Wiktor Krzyzanowski; Phone: +1 202 623-7100; Email: MEDIA@IMF.org\n- The International Monetary Fund (IMF) published a Fiscal Transparency Evaluation report for Georgia, carried out in December 2016 by the IMF’s Fiscal Affairs Department at the request of the Government of Georgia.\n- The report assesses Georgia’s fiscal transparency practices against the standards set out in the IMF’s Fiscal Transparency Code." }, { "heading": "Overall assessment", "content": "- Georgia meets the good or advanced level practice on 18 of 36 principles.\n- Georgia meets the basic standard on a further 10 principles.\n- The report finds that many elements of sound fiscal transparency practices are in place in Georgia." }, { "heading": "Key strengths identified", "content": "- Fiscal reports are published in a frequent and timely manner and include extensive information on the use of public resources.\n- Budget documentation:\n - Presents medium-term macroeconomic forecasts and spending plans.\n - Is prepared in accordance with a clear organic budget law.\n - Is subject to independent scrutiny.\n- Government discloses and assesses key risks to public finances, publishing:\n - Advanced macroeconomic risk analysis.\n - Debt sustainability analysis.\n - An assessment of the fiscal risks from major public corporations and power purchase agreements." }, { "heading": "Main shortcomings highlighted", "content": "- Fiscal reports and statistics do not provide a complete picture of general government activity.\n- Central government annual consolidated financial statements are not subject to independent audit.\n- There is no reporting on compliance with fiscal rules.\n- Mechanisms to mitigate fiscal risks related to public corporations and power-purchase agreements are not yet fully developed.\n- Efforts are underway to address these and other shortcomings." }, { "heading": "Key recommendations to strengthen fiscal transparency", "content": "- Expanding the coverage of the key fiscal reports and the government finance statistics to consolidate the own-funded activities of legal entities of public law;\n- Producing annual consolidated general government sector fiscal reports and enhancing the accuracy and coverage of balance sheet information;\n- Subjecting the annual consolidated central government financial statements to independent audit as soon as practicable;\n- Publishing information on the revenue foregone by tax expenditures;\n- Reviewing the fiscal rules and regularly reporting on compliance with those rules;\n- Providing more explanation of the macroeconomic forecasts and reconciling new macroeconomic and fiscal forecasts with prior forecasts;\n- Tightening the criteria for drawing on budget contingency provisions; and\n- Strengthening controls on lending and equity injections to public corporations and placing limits on liabilities from public private partnerships." }, { "heading": "Authorities’ response and outlook", "content": "- The Georgian authorities welcomed the report’s findings and its publication.\n- The implementation of reforms planned by the authorities, and recommended in this report, will result in further improvements in fiscal transparency in Georgia in the coming years." }, { "heading": "Additional reference", "content": "- Further information about the IMF’s Fiscal Transparency Code and Georgian Fiscal Transparency Evaluation can be found at: http://www.imf.org/external/np/fad/trans/\n\nSource: Press Release No. 17/370, September 27, 2017, IMF Communications Department.\n\n---\n\n Content in this bundle\n\n- Ft Code (PDF){rel=\"external\" type=\"text/html; charset=utf-8\"}\n\n---\n\n References\n\n- Georgia and the IMF\n- Fiscal Transparency\n- Press Releases\n- PRESS CENTER\n- http://www.imf.org/external/np/fad/trans/\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2017/09/26/pr17370-imf-publishes-fiscal-transparency-evaluation-for-georgia" } ], "bullets": [ "[Markdown version](/en/news/articles/2017/09/26/pr17370-imf-publishes-fiscal-transparency-evaluation-for-georgia/index.md)", "[Structured JSON version](/en/news/articles/2017/09/26/pr17370-imf-publishes-fiscal-transparency-evaluation-for-georgia/index.json)", "[Bundle manifest](/en/news/articles/2017/09/26/pr17370-imf-publishes-fiscal-transparency-evaluation-for-georgia/bundle-manifest.json)", "Published: September 27, 2017", "Press Release No. 17/370", "Date: September 27, 2017", "IMF Communications Department; MEDIA RELATIONS; PRESS OFFICER: Wiktor Krzyzanowski; Phone: +1 202 623-7100; Email: MEDIA@IMF.org", "The International Monetary Fund (IMF) published a Fiscal Transparency Evaluation report for Georgia, carried out in December 2016 by the IMF’s Fiscal Affairs Department at the request of the Government of Georgia.", "The report assesses Georgia’s fiscal transparency practices against the standards set out in the IMF’s Fiscal Transparency Code.", "Georgia meets the good or advanced level practice on 18 of 36 principles.", "Georgia meets the basic standard on a further 10 principles.", "The report finds that many elements of sound fiscal transparency practices are in place in Georgia.", "Fiscal reports are published in a frequent and timely manner and include extensive information on the use of public resources.", "Budget documentation:", "Government discloses and assesses key risks to public finances, publishing:", "Fiscal reports and statistics do not provide a complete picture of general government activity.", "Central government annual consolidated financial statements are not subject to independent audit.", "There is no reporting on compliance with fiscal rules.", "Mechanisms to mitigate fiscal risks related to public corporations and power-purchase agreements are not yet fully developed.", "Efforts are underway to address these and other shortcomings.", "Expanding the coverage of the key fiscal reports and the government finance statistics to consolidate the own-funded activities of legal entities of public law;", "Producing annual consolidated general government sector fiscal reports and enhancing the accuracy and coverage of balance sheet information;", "Subjecting the annual consolidated central government financial statements to independent audit as soon as practicable;", "Publishing information on the revenue foregone by tax expenditures;", "Reviewing the fiscal rules and regularly reporting on compliance with those rules;", "Providing more explanation of the macroeconomic forecasts and reconciling new macroeconomic and fiscal forecasts with prior forecasts;", "Tightening the criteria for drawing on budget contingency provisions; and", "Strengthening controls on lending and equity injections to public corporations and placing limits on liabilities from public private partnerships.", "The Georgian authorities welcomed the report’s findings and its publication.", "The implementation of reforms planned by the authorities, and recommended in this report, will result in further improvements in fiscal transparency in Georgia in the coming years.", "Further information about the IMF’s Fiscal Transparency Code and Georgian Fiscal Transparency Evaluation can be found at: http://www.imf.org/external/np/fad/trans/", "[Ft Code (PDF)](/files/ft-code.pdf){rel=\"external\" type=\"text/html; charset=utf-8\"}", "[Georgia and the IMF](http://www.imf.org/external/country/GEO/index.htm)", "[Fiscal Transparency](https://www.imf.org/external/np/fad/trans/index.htm)", "[Press Releases](https://www.imf.org/en/news/searchnews)", "[PRESS CENTER](http://presscenter.imf.org/)", "[http://www.imf.org/external/np/fad/trans/](http://www.imf.org/external/np/fad/trans/)", "[https://www.imf.org/en/home](https://www.imf.org/en/home)" ], "related": [ { "title": "Ft Code", "role": "document", "sourceUrl": "http://blog-pfm.imf.org/files/ft-code.pdf", "binary": { "path": "/files/ft-code.pdf", "mime": "text/html; 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