20240609-IMF-Georgia_Technical_Assistance_Report-Report_on_Government_Finance_Statistics_for_State-Owned_Enterprises_Mission_April_26-May_24,_2021_21页_672kb

Technical Assistance Mission Summary: Georgia GFS for SOEs

The IMF technical assistance mission, conducted from April 26 to May 24, 2021, aimed to help Georgia compile Government Finance Statistics (GFS) for non-market state-owned enterprises (SOEs) as part of its commitments to IMF arrangements. Georgia has successfully sectorized SOEs, classifying 183 non-market units for consolidation into the general government sector. The mission supported a pilot compilation of GFS for 2019, revealing that including these SOEs would increase the fiscal deficit by -0.6% of GDP, with revenues at 2.4% GDP and expenditures at 3.0% GDP. Key differences exist between accounting methods and GFS, such as accounting net profit versus GFS operating balance, which showed a positive impact of 0.79% GDP.

Priority recommendations include establishing institutional arrangements for data collection, reviewing capacities, and expanding GFS coverage to include legal entities of public law (LEPLs), the Deposit Guarantee Fund, and compiling a general government balance sheet. An action plan sets deadlines, such as December 2021 for institutional reviews and November 2021 for LEPL inclusion.

This mission emphasizes the need for enhanced capacities and resources to meet international standards and expand coverage, with potential ongoing support from IMF regional centers.