{
  "title": "Georgia: Technical Assistance Report-Public Investment Management Assessment",
  "publication": "IMF Staff Country Reports, November 7, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/11/07/georgia-technical-assistance-report-public-investment-management-assessment-46338",
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  "summary": "The Government’s decision to strengthen the infrastructure governance through improving the public investment management (PIM) and the public-private partnerships (PPPs) frameworks, is both timely and important.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- The Government seeks to strengthen infrastructure governance by improving the public investment management (PIM) and public-private partnerships (PPPs) frameworks.\n- The government has an ambitious public investment agenda to be implemented through traditional public investment and PPPs.\n- Preserving fiscal sustainability in a context of limited fiscal space requires avoiding inefficiencies and managing fiscal costs and risks arising from infrastructure projects.\n- Authorities are working on a broad range of public financial management reforms, including improving the PIM framework and the legal and regulatory framework for PPPs and PPAs.\n- Over the last decade, public investment in Georgia has been similar to the average of emerging market economies (EMEs)."
    },
    {
      "heading": "Public investment trends and key statistics",
      "content": "- Since the mid-2000s, public investment accounted, on average, for one third of total investment.\n- Public investment remained volatile, reaching a peak of 8.6 percent of GDP in 2007.\n- Public investment declined in the aftermath of large global and regional shocks.\n- Public investment stabilized at about 5.5 percent of GDP in recent years."
    },
    {
      "heading": "Findings",
      "content": "- Strengthening PIM and PPP frameworks is timely and important given the ambitious investment agenda.\n- Managing fiscal costs and risks from infrastructure projects is crucial to preserve fiscal sustainability with limited fiscal space.\n- The authorities' ongoing public financial management reforms cover PIM improvements and legal/regulatory enhancements for PPPs and PPAs."
    },
    {
      "heading": "Policy implications and recommendations",
      "content": "- Prioritize reforms that reduce inefficiencies in project selection, appraisal, and implementation to contain fiscal risks.\n- Enhance legal and regulatory frameworks for PPPs and PPAs to clarify fiscal implications and risk-sharing with private investors.\n- Integrate PIM improvements into broader public financial management reforms to support the government’s investment agenda while safeguarding fiscal sustainability.\n\nInternational Monetary Fund. Fiscal Affairs Dept. \"Georgia: Technical Assistance Report-Public Investment Management Assessment\", IMF Staff Country Reports 2018, 306 (2018).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: November 7, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484383223.002",
    "The Government seeks to strengthen infrastructure governance by improving the public investment management (PIM) and public-private partnerships (PPPs) frameworks.",
    "The government has an ambitious public investment agenda to be implemented through traditional public investment and PPPs.",
    "Preserving fiscal sustainability in a context of limited fiscal space requires avoiding inefficiencies and managing fiscal costs and risks arising from infrastructure projects.",
    "Authorities are working on a broad range of public financial management reforms, including improving the PIM framework and the legal and regulatory framework for PPPs and PPAs.",
    "Over the last decade, public investment in Georgia has been similar to the average of emerging market economies (EMEs).",
    "Since the mid-2000s, public investment accounted, on average, for one third of total investment.",
    "Public investment remained volatile, reaching a peak of 8.6 percent of GDP in 2007.",
    "Public investment declined in the aftermath of large global and regional shocks.",
    "Public investment stabilized at about 5.5 percent of GDP in recent years.",
    "Strengthening PIM and PPP frameworks is timely and important given the ambitious investment agenda.",
    "Managing fiscal costs and risks from infrastructure projects is crucial to preserve fiscal sustainability with limited fiscal space.",
    "The authorities' ongoing public financial management reforms cover PIM improvements and legal/regulatory enhancements for PPPs and PPAs.",
    "Prioritize reforms that reduce inefficiencies in project selection, appraisal, and implementation to contain fiscal risks.",
    "Enhance legal and regulatory frameworks for PPPs and PPAs to clarify fiscal implications and risk-sharing with private investors.",
    "Integrate PIM improvements into broader public financial management reforms to support the government’s investment agenda while safeguarding fiscal sustainability.",
    "**Country Report**"
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