State investments management system will be introduced in 2018, Minster of Finance Mamuka Bakhtadze noted when delivering speech before Parliament of Georgia.
He made emphasis on importance of state investment management system and noted that in midterm period a full cycle of investment projects management will be shaped.
“State investments management system will be introduced and a full cycle of investment projects management will be shaped in midterm period. Corresponding analysis and research will be carried out before investment project inauguration and only after this decisions will be taken on whether to finance specific projects or not. Naturally, this factor will enhance efficiency of capital expenditures”, Minister of Finance said.
For the purpose of improving fiscal risks, significant measures were carried out in 2016-2017. Document coverage scales were enlarged, however, the document still requires further improvement. Fiscal risks estimation should valuable reflect available challenges to plan corresponding reaction mechanisms, he said.
Valuable fiscal framework is necessary for carrying out sustainable fiscal policy. IMF technical mission has developed recommendations and based on these recommendations further steps were planned for valuable introduction of fiscal regulations in compliance with international practice, the Minister of Finance said.