Реферат Private sector and human-resource development in Georgia

tax and customs administration reform.

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Areas of shared responsibility of the World Bank and IMF

5. The Bank and the Fund have been working jointly in the following main areas (supported by the Bank's SAC 3 and Structural Reform Support Credit, several investment operations and the Fund's PRGF):

В· Poverty Reduction Strategy. Both institutions have been working closely with the Government to provide support to the development of the PRSP, through seminars and workshops, direct staff input, and a multi-donor Trust Fund to support the work of the PRSP secretariat ..

В· Budget Planning and Execution. The annual process-based Public Expenditure Reviews will provide the underpinnings for systemic changes in expenditure management, with the immediate aim being improved budget formulation in 2004. The IMF is focusing on Treasury reform within the Ministry of Finance.

В· Financial Sector Reforms. The joint Financial Sector Assessment Program has supported: (i) strengthened banking and non-banking supervision; (ii) introduction of international accounting standards; (iii) and consolidation of banks through higher capital requirement ratios; and (iv) anti money-laundering legislation. The IMF has focused in particular on banking supervision.

В· Debt Sustainability Analysis (DSA). Given Georgia's heavy external debt burden, the Bank and the Fund conduct joint Debt Sustainability Analysis on a regular basis.

Areas in which the IMF leads and its analysis serves as input into the World Bank program

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В· Fiscal Framework. The IMF's focus on prudent fiscal policy has served as an important framework for IDA's work on public expenditure management.

Areas in which the IMF leads and there is no direct World Bank involvement

В· Monetary Framework. The IMF closely collaborates with the NBG in the design and implementation of a monetary program that aims at remonetization of the economy, while keeping inflation low and the exchange rate of the Lari stable

В· Economic Statistics. IMF technical assistance has been conducive to improvements in national accounts, price, monetary and government financial statistics.

5.1.5 The World Bank Country Assistance Strategy for Georgia В 

Activities

(as identified in the EDPRP)

Responsible Agencies

Focus of Bank

Actions

Expected Results FY04-06

Bank Group Program