als (ties, rails and fastenings), spares for locomotives, and communications and selected signaling equipment В
Implementing Agency Gia Tsagareli, Head of PIU, 12 Kazbegi Ave.
Phone: (99532) 986385
Fax: (99532) 990461
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STRUCTURAL ADJUSTMENT CREDIT (SAC)
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Project Objective : The main objective is to consolidate stabilization, foster a strong and sustained growth recovery and reduce poverty.
The reform program aims at:
(a) maintaining a tight monetary program supported by an improving fiscal position;
(b) streamlining the Government sector and improving efficiency of public spending;
(c) inducing a rapid adjustment of the productive sector to new market signals.
The other objectives are;
(i) provide budgetary support to maintain the level of critical public expenditures;
(ii) provide foreign exchange for the purchase of critical imports;
(iii) provide a framework for financial assistance from other donor agencies.
Project
Description: 1. Maintaining a Tight Monetary Policy:
В§ reduce inflation to 20-25 percent in 1996 and strengthen the international position of NBG;
В§ increase the range of monetary instruments and enhance the capacity of the NBG to achieve monetary objectives.
2. Improving the Fiscal System:
В§ ensure sustainability of stabilization;
В§ increase tax revenue to 6.7 percent of GDP in 1996;
В§ reach a revenue to expenditure ration of 70 percent in 1996 and maintain budget deficit at 3-4 percent of GDP in 1996.
3. Streamlining of the Government Sector and Improving the Efficiency of Public Spending:
В§ to maintain critical public function within the framework of a tight expenditure program (expenditure maintained at about 13 percent of GDP in 1996);
В§ reforming government pay and employment;
В§ reforming the provision and financing of social services reforming social insurance and social protection;
В§ eliminating energy subsidies;
4. Fostering Adjustment of the Productive Sector:
В§ accelerating privatization;
В§ restructuring the financial sector;
В§ fostering export growth.
Disbursement: US $ 29.88 million
The disbursement of the loan is linked to agreed targets specified for each tranche release - to be met by the Georgian Government in implementing its structural reform program.
SECOND STRUCRUTAL ADJUSTMENT TECHNICAL ASSISTANCE CREDIT (SATAC II)
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