x code and investment rules
Improved functioning of non-banking financial sector, including insurance compa-nies/private pension funds
Social Protec-tion Reform Project
Greater and more effective role for non-banking financial sector, including insurance companies and private pension funds
Structural Reforms
В· Assess magnitude and share smuggled goods and those manufactured in informal sector of the economy by various commodity groups
Ministry of Economy, Industry and Trade; State Department of Statistics
Support for initiatives to reduce smuggling and the shadow economy
Reduction in smuggling and in the shadow economy
Trade Facilitation Project; Private Sector Development Project; Public Sector Reform Project; PRSC in High Case
USAID
Increase in tax revenues, including increase in revenues from petroleum products and cigarettes to over 2.5% of GDP
В· Develop proposals to encour-age investment
Ministry of Economy, Industry and Trade; Ministry of Finance; Ministry of Justice
Intensified dialogue with Government on reform of the banking system as a means of improving the invest-ment climate
Increase in banks ' capitalization; better corporate governance principles and internal control systems; expansion of banking networks; real time banking settlement; anti-money-laundering legislation; deposit insurance introduced
Private Sector Development Project; Financial Sector Advisory Program; Business Envi-ronment Study
USAID
IMF
FIRST
Minimum capital raised to € 3.5m; improved confidence in banking system; better access to finance; anti money laundering regulations in compli-ance with FATF require-ments
В· Implement export promo-tion measures
Ministry of Economy, Industry and Trade; Ministry of Finance
Support for removal of institutional (governance) obstacles to fulfilling Georgia's Export Potential
Progress in implementing recommendations of Trade Study/Workshop
Trade a...
