Georgia Secured Another USD 40 Million WB Loan
22 September, 2011

World Bank allotted another USD 40 million loan to Georgia within the framework of Third Development Policy Operation to support reforms directed at sustaining economic recovery and preparing for post-crisis growth.

Georgian government and the World Bank (WB) signed the financing agreement for the USD 40 million-worth loan of Third Development Policy Operation (DPO-3) on September 15, 2011.

DPO-3 is an International Development Association (IDA) credit with a maturity of 25 years, including a 5-year grace period.

The agreement was signed by Dimitri

Gvindadze, the Minister of Finance of Georgia and Asad Alam, World Bank Regional Director for the South Caucasus.

DPO-3 is the final in a series of three operations providing financial support for the key objectives of the government’s policy reform agenda. The DPO series, amounting to USD 175 million in total, was prepared in the aftermath of the twin crises of the August 2008 conflict and the global economic downturn.  In addition to a satisfactory macroeconomic and fiscal framework, the main policy reform areas supported include improving the efficiency and effectiveness of public finances, increasing the effectiveness of the social safety net, and enhancing external competitiveness.

DPO-2 including an IDA credit of USD 40 million and USD 10 million loan of the International Bank for Reconstruction and Development (IBRD) was approved by the Board in July 2010.  DPO-1 for the amount of USD 85 million IDA was approved by the Board in July 2009.

“This year, we will receive the third budget support installment of the DPO series totaling USD 40 million on highly concessional IDA terms, in recognition of the significant strides made in advancing results-oriented budgeting, strengthening the social assistance programs, upgrading customs infrastructure, and further streamlining customs procedures,” Gvindadze said.

“The package of reforms backed by the DPO series has supported Georgia’s economic recovery in 2010 and 2011,”Asad Alam said. “The reforms have also helped ensure that 900 thousand people are receiving medical insurance and 440 thousand people are receiving targeted social assistance, as part of the social safety net for the poor and vulnerable.”

Substantially higher electronic tax filing (from 1% in January 2009 to more than 85% by end-2010) has helped reduce tax compliance costs for businesses, while improved risk management at customs has helped reduce the costs of customs clearance and trading across borders.  Progress has also been made in identifying and implementing select trade-related reforms for improved access of Georgian products to international markets.

Public expenditure efficiency is benefiting from enactment of a new Budget Code and steps to improve the results orientation of the budget and strengthen capital budgeting.

On the social safety net, the share of the poor and vulnerable receiving publicly subsidized health care has increased from about 20% in 2007 to more than 35% in 2010, while the share of the poorest tenth of the population receiving targeted social assistance increased from about 32 percent in 2007 to about 40 percent by 2009.

Print
Other Stories
Georgian citizens are granted the right to work in France
The French Embassy in Georgia made remarks on granting Georgian citizens the right to work in France
The New York Times: Bitcoin declines but Georgia still bet on it
The New York Times has recently published an article about reasons, challenges and causes of generating Bitcoin in the former Soviet country Georgia.
EU to allocate € 13 billion for Eastern Partnership countries, including Georgia
The European Union together with the World Bank plans to allocate investment worth € 13 billion for infrastructure projects in the Eastern Partnership countries.
Anaklia Port and its importance for Georgia
In 2016, Anaklia Development Consortium was authorized to launch the construction of Anaklia Port.
Cryptocurrency mining threatens electrical network in Abkhazia
In the breakaway region of Akbhazia rampant cryptocurrency mining is threatening the shaky electrical network, reports an article of the news portal EuroNet.
Caucasus Wine University to be opened in Gurjaani
In the Kakheti region a new viticulture campus of the Caucasus University is in the process of planning.
Photos describing life of the poorest in Georgia
Fight with poverty should be among top priorities of every government in every country.
Training farmers to rescue the organic hazelnut production in Georgia
Even drizzling rain and unpleasant gusts of wind can’t prevent the farmers from coming and participating in the agricultural training.
Bleak times for organic farmers in Georgia – but there is hope
Organic hazelnut production is a delicate plant in Georgia that has emerged just a couple of years ago. Various pests, among them the Asian stink bug Parosana, trouble hazelnut farmers and menace their livelihood – even before their businesses could really take off.
Hybrid car imports are going through the roof in Georgia
Thanks to their fuel economy, the popularity of hybrid cars is increasing in Georgia, where fuel affordability is low and prices for fuel are unstable.
The New Year offer from MAQRO Construction - Apartments with unbelievable discounts and the parking spaces for FREE!
Location, green yard, spaces for various needs, experience of the construction company and parking space are the main important criteria for potential buyers of apartments.
Interview with the co-founder of Kiwi Vegan Café – the first vegan place in Tbilisi
Behind the Kiwi Vegan Café stands a group of activists who wants to raise Georgian’s awareness for animal rights and welfare.
Biblusi opens first shop for tourists - Georgian
The largest book shop in Georgia Biblusi opens the first shop specially designated to the needs and interests of tourists and named it Georgian.
Georgia improves by five ranks in the Prosperity Index
In the overall Prosperity Index rankings, Georgia has climbed by 5 positions from 85 to 80 when compared to last year. As such, Georgia is the best performing country in the CIS zone.
The future is bright for electric cars in Georgia
The numerous hybrid cars in the streets of Tbilisi cannot be overlooked. Entrepreneur Sulkhan Gvalia calls them “pagers”, referring to the predecessor of mobile phones.
Georgia’s fight against the big tiny enemy – Asian Parosana
It’s a tiny creature, but the harm it did to the Georgian agriculture sector was and still is immense.
New cable route: from Kobi to Gudauri in 15 minutes
On the 15th of December, cable transport is scheduled to be opened connecting Kobi and Gudauri.
Tourist boom in Gudauri – majority of hotels are booked by foreigners
Gudauri is among the most popular winter resorts in Georgia.
Medical tourism increases in Georgia
In the last 9 months, Georgia was visited by 19 500 foreigners for medical and recovery purposes.
Doing business in Georgia has become easier than in America
According to the Doing Business 2019 report published by the World Bank, Georgia ranked 6th among 190 countries in terms of simplicity of doing business. This was an improvement over two ranks compared to last year.
Problems that foreigners frequently face in Georgia
The importance of Georgia as a tourism hub is growing year after year.
Tbilisi TV Broadcasting Tower – Better than the Eiffel Tower?
It is planned to renovate the Tbilisi TV Broadcasting Tower, one of the landmarks in the capital.
Georgian Fusion Menu by The Biltmore Hotel Tbilisi
5,895,914 international visitors have visited Georgia between January and August of 2018. Compared to the previous year the number has increased by 12.2 per cent.
Advertising of gambling and lucrative games may become banned in Georgia
Advertising of gambling and lucrative games may become banned in Georgia. Those who violate the new rule would be fined GEL 10 000.
Lebanese café-lounge Beirut opens in Tbilisi
What is necessary to organize an unforgettable event? – Fun, emotions, lots of surprises, good music and delicious menu.
PHOTO OF THE DAY
GEL Exchange Rate
Convertor
19.02.2019
20.02.2019
USD
1
USD
2.6404
2.6404
EUR
1
EUR
2.9908
2.9908
GBP
1
GBP
3.4130
3.4130
RUB
100
RUB
3.9898
3.9898
Other Stories
Recently Toyota rolled out Global Campaign under this slogan that reflects the Olympic and Paralympic Spirit of Encouragement,
A couple from Switzerland combines Swiss tradition and technology with Georgian products. Their cheese is made in the Georgian mountains and sold in local stores and hotels.
It has been more than five years since the residents of Lilo village, near Tbilisi, cannot open their windows.
63 000 GEL was received by the Georgian Agro Export Group which is just a small part of the European Neighbourhood Programme for Agricultural and Rural development.
Georgian entrepreneur Guka Tavberidze, who runs his own business in the UK and does it quite well, has been invited by BBC
The grand opening of 7-star The Biltmore Hotel Tbilisi took place in Georgia’s capital on July 31.
DUSHETI, Georgia – The Georgian government and the World Bank will allocate USD 5.6 million (12 million GEL) to fund
A new Georgian clothing brand named Person has emerged in Georgian market.
Georgia is in the midst of an economic maelstrom, Euronews reports.
Situation at Georgia’s mineral water market is interesting: over the last year, the volume of export has grown by 56 percent. According to “GeoStat”, over $114 million worth of mineral water was sold
GEL Exchange
USD
1
USD
2.6404
EUR
1
EUR
2.9908
GBP
1
GBP
3.4130
RUB
100
RUB
3.9898
February 2019
Mon Tue Wed Thu Fri Sat Sun
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28