The TA will support the government in managing the dual challenge of maintaining government debt sustainability while setting up legal, regulatory, and institutional frameworks facilitating availability of long-term capital for productive business and infrastructure investments. Key development issues to be addressed by the TA include enhancing generation of domestic savings, providing investment opportunities by developing money and debt markets, and managing public debt and fiscal risks better. A well-functioning legal and regulatory environment in these areas is an essential facilitator in spurring economic growth and creating fiscal space. The government is taking steps to ensure that the financial sector is supportive of development in the real sector and is focusing on macroeconomic stability, effective public administration, and private sector competitiveness to boost economic growth and share its benefits.
|Project Name||Strengthening Domestic Resource Mobilization|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Gender Equity and Mainstreaming
Governance and capacity development
Private sector development
|Sector / Subsector||
Finance / Finance sector development - Infrastructure finance and investment funds - Money and capital markets
Public sector management / Public expenditure and fiscal management
|Gender Equity and Mainstreaming||Some gender elements|
|Description||The TA will support the government in managing the dual challenge of maintaining government debt sustainability while setting up legal, regulatory, and institutional frameworks facilitating availability of long-term capital for productive business and infrastructure investments. Key development issues to be addressed by the TA include enhancing generation of domestic savings, providing investment opportunities by developing money and debt markets, and managing public debt and fiscal risks better. A well-functioning legal and regulatory environment in these areas is an essential facilitator in spurring economic growth and creating fiscal space. The government is taking steps to ensure that the financial sector is supportive of development in the real sector and is focusing on macroeconomic stability, effective public administration, and private sector competitiveness to boost economic growth and share its benefits.|
|Project Rationale and Linkage to Country/Regional Strategy||The project addresses issues relating to domestic resource mobilization, leveraging private sector resources and better managing fiscal risks. Reforms in these areas leading to more stable legal, institutional and regulatory environment in the areas of capital markets, pension reforms, public private partnerships and debt managment will facilitate economic growth and maintain fiscal space.|
|Impact||Increased availability of domestic resources for effective public and private investment|
|Description of Outcome||Strengthened institutional and regulatory framework for domestic resource mobilization|
|Progress Toward Outcome||Institutional and regulatory frameworks for pensions and capital markets are being developed that contribute to domestic resource mobilization.|
|Description of Project Outputs||
Capital market master plan finalized
Pensions reform strategy developed
Legal and institutional framework for PPP strengthened
Public debt management improved
|Status of Implementation Progress (Outputs, Activities, and Issues)||The consultant deliverables and their ongoing engagement with government counterparts have played an instrumental role in completing the policy actions under subprogram 2 and 3 of the Improving Domestic Resource Mobilization Program. TA support is continuing for 2 out of 4 outputs, capital market development and pension reform. Both reforms were initiated under the Improving Domestic Resource Mobilization Program and are still ongoing. Additional TA funding support amounting to US$300,000 was needed to continue services of international and national specialists. On June 2017, a supplementary approval was granted which increased the total TA amount by US$300,000 (from TASF-Others) to US$1,280,000, together with an extension until 31 December 2018. Technical assistance is being provided for ongoing capital market development and pension reforms. Continued support is needed for the implementation of the roadmap and the preparation of the by-laws for the ongoing pension reform program. The government is preparing for the Second Domestic Resource Mobilization Program which is scheduled for processing for Years 2019-2020.|
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design||Key stakeholders that are being consulted during TA design include: MOESD, MOF, development partners including WB, IMF, EBRD and EU, business chambers and private sector players.|
|During Project Implementation||During implementation stakeholder consultation will be held with MOESD, MOF, development partners including WB, IMF, EBRD and EU, business chambers and private sector players.|
|Consulting Services||As per the latest approved minor change in scope dated June 2017, it is proposed that an additional 19 person-months of consulting services five international consultants for a total of 7 person months, and 4 national consultants for a total of 12 person months shall be further engaged to continue the TA support. It mainly concerns extensions of earlier recruited consultants. The consultants will be engaged as individuals in accordance with the Guidelines in the Use of Consultants (March 2013, as amended from time to time).|
|Responsible ADB Officer||Shah, Syed Ali-Mumtaz H.|
|Responsible ADB Department||Central and West Asia Department|
|Responsible ADB Division||Public Management, Financial Sector and Trade Division, CWRD|
Ministry of Finance
16 Gorgasali St., 0114
|Concept Clearance||03 Jun 2014|
|Fact Finding||17 Jun 2014 to 25 Jun 2014|
|Approval||11 Sep 2014|
|Last Review Mission||-|
|Last PDS Update||27 Sep 2018|
|Approval||Signing Date||Effectivity Date||Closing|
|11 Sep 2014||06 Oct 2014||06 Oct 2014||30 Sep 2016||31 Aug 2019||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|1,280,000.00||0.00||0.00||0.00||0.00||0.00||1,280,000.00||11 Sep 2014||1,232,739.35|
Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.
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|Title||Document Type||Document Date|
|Strengthening Domestic Resource Mobilization: Technical Assistance Completion Report||TA Completion Reports||May 2020|
|შიდა რესურსების მობილიზაციის გაუმჯობესება - პროექტის მონაცემთა აღწერის||Translated PDS||Mar 2017|
|Strengthening Domestic Resource Mobilization: Technical Assistance Report||Technical Assistance Reports||Sep 2014|
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