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The Role of Legislature in Regulatory Impact Assessment Process: Georgia and International Experience

Wednesday, 26 January 2022 13:36

Regulatory Impact Assessment (RIA) – one of the tools of evidence-based policy-making – provides the opportunity to analyze the positive and negative effects of regulatory and non-regulatory measures. Not only the executive branch but also the legislature has a vital role in developing a country's regulatory practice. Involvement of the parliament in the RIA process may be limited to passive participation – by checking the quality of RIAs carried out by the executive; or may imply active participation – by performing RIAs both for its own and the executive's legislative initiatives.
In the present publication, the parliamentary practice of RIA in different countries is discussed:

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Monitoring of Fiscal Rules Compliance: Theoretical Aspects and International Experience

Thursday, 05 November 2020 13:40

While developing efficient fiscal rules, some important guiding principles have to be taken into account and one of them is monitoring of fiscal rules compliance.

Monitoring of fiscal rules compliance is a well-established practice in developed countries and aims both to inform interested parties on implementation of fiscal rules and to promote sustainable fiscal policy.

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Impact of Public Capital Investment on the economy: empirical review

Thursday, 16 May 2019 06:44

Together with private investment, public investment, especially investment in infrastructure, plays a major role in economic development both for developed and developing, low-income countries.
Despite significant potential benefits of public investment on an aggregate level, its management in practice comes with many challenges, with the size and direction of public capital investment impact on output remaining an issue of debate. Naturally, the economic benefits of individual projects are estimated by appropriate analysis (i.e. cost-benefit analysis). However, on an aggregate level, the impact of public investment on economic growth is determined by several factors, e.g. source of financing, economic cycle, type of investment 

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Reporting and management of fiscal risks: International Framework and Georgia

Tuesday, 14 May 2019 08:07

According to international practice, fiscal risk is defined as fiscal aggregates deviation opportunity from expected indicators, which were defined during budget planning phase or formation of fiscal forecasts. Ignorance or inefficient management of these risks leads to increase of state liabilities (i.e., as a result of the sudden changes in macroeconomic environment extra expenses of the state budget or deviations from the expected level of revenues), difficulty of refinancing and endanger the state's short and medium-term fiscal sustainability. From the possible negative influence is derived the need for adequate analysis, reporting and management in this regard.

Depending on the above mentioned importance, international 

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Tax Expenditures

Monday, 15 April 2019 07:46

Tax expenditures can be defined as the loss of government tax revenues, resulting from specific norms in the tax code that are designed to stimulate taxpayers or types of economic activity. These norms might include exemptions, allowances, credits, rate relief for various types of taxpayers or transactions, tax deferral, etc.

Tax expenditures, being an effective way of stimulating economic agents, are a part of any country's fiscal policy, but their impact is usually less transparent compared to direct expenditures and is often left out of systemic analysis, which is a noteworthy issue concerning comprehensive analysis of fiscal policy Due to the importance of tax expenditures, better practice of public finance management requires high quality transparency in this regard with respect to the budget documentation. For example,

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Nature of The Accumulative Pension Scheme and its impact on the Fiscal Indicators in Georgia

Friday, 02 March 2018 11:26

According to the evaluation by the Parliamentary budget office (PBO) based on the assumption that only those employees will participate in the accumulative pension scheme who are obliged to do so by law, in 2018 (taking into consideration the date enactment of the law):

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Deposit Guarantee Schemes (DGS)

Tuesday, 28 March 2017 11:07

Deposit guarantee schemes (DGS) provides the compensation of the individuals’ deposits up to 5000 GEL or its equivalent in any other currency, when the event of covered loss occurs. In addition, scheme will cover all depositors first 5 000 GEL equivalent, despite the volume and currencies of the deposits.

According to the draft law presented to the Parliament, the insurance fund target level will be 6% of the total eligible, covered deposits. The main source for financing of the insurance fund, among another sources, will be monthly regular payments, which should amount less than 0.067% of the insured GEL and 0.1% of the insured USD deposits. 

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News

The training was conducted for staff of the parliament concerning examination of financial impact of the bills

The training was conducted for staff of …

02-10-2020

As part of the effective implementation of legislative activities by the Parliament, to further refine the examination of financial impact of the bills mechanism and to facilitate its implementation in...

The training was conducted for staff of the parliament concerning Fiscal Environment Assessment and Monitoring

The training was conducted for staff of …

02-10-2020

In order to facilitate the effective implementation of budgetary authority by the Parliament, and to strengthen the capacity of the Fiscal Environment Assessment and Monitoring by the staff of parliamentary...

The training was conducted for staff of the parliament concerning Macroeconomic Environment Assessment and Monitoring

The training was conducted for staff of …

02-10-2020

In order to facilitate the effective implementation of the budgetary authority by the Parliament, on September 22-23 of this year, the Training Center of the Parliament of Georgia organized a...

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