格鲁吉亚：国有企业改革技术援助报告：进展、挑战和下一步行动

GEORGIA State-Owned Enterprises Reform: Progress, MARCH 2026 Prepared ByNatalie Manuilova, Yannick Vel, Avril Halstead and Sorana Baciu Authoring Department Fiscal Affairs Department The contents of this document constitute technical advice provided by the staff of the InternationalMonetary Fund to the authorities of Ministry of Finance of Georgia (the "CD recipient") in response to theirrequest for technical assistance. Unless the CD recipient specifically objects to such disclosure, thisdocument (in whole or in part) or summaries thereof may be disclosed by the IMF to the IMF ExecutiveDirector for Georgia, to other IMF Executive Directors and members of their staff, as well as to other The analysis and policy considerations expressed in this publication are those of the IMF Fiscal Affairs This technical assistance (TA) was provided with financial support from the Swiss Secretariat for Contents Abbreviations and Acronyms .................................................................................................................... 3 I. Background .............................................................................................................................................. 9 II. Fiscal Risk Management and Financial Oversight of the State-Owned Enterprises ..................... 11 A. Reforms to Date...................................................................................................................................... 11B. Current Status......................................................................................................................................... 12C. Areas for Strengthening Financial Oversight of SOEs ........................................................................... 13D. Fiscal Risks from State Owned Enterprises ........................................................................................... 17 III. SOE Ownership and Governance....................................................................................................... 24 A. Reforms to Date...................................................................................................................................... 24B. Current Status......................................................................................................................................... 26C. Strengthening SOE Ownership and Corporate Governance ................................................................. 32 Boxes Box 1. Examples of QFAs and PSOs Delivered by Georgian SOEs.......................................................... 14Box 2. Pre-requisites for an efficient ownership function............................................................................ 34 Figures Figure 1. 2023 SOE Snapshot .................................................................................................................... 17Figure 2. Trends in SOE Financial Performance (2019-2023) ................................................................... 19Figure 3. SOE Fiscal Risk Analysis (2019-2023)........................................................................................ 21Figure 4. SOE Ownership Models - Comparative Analysis ........................................................................ 35 Tables Table 1 Identification and Treatment of QFAs ............................................................................................ 15Table 2 Key Steps of PSO Process ............................................................................................................ 16Table 3 SOE Ownership in Georgia – Detailed Functions.......................................................................... 29 Annexes Annex I. SOE Reform Action Plan 2025-2026 ............................................................................................ 46Annex II. SOE Board Selection and Appointment ...................................................................................... 48Annex III. Proposed List of Grounds for...................................................................................................... 53Annex IV. Outline of the Remuneration Setting .......................................................................................... 55 Abbreviations and Acronyms EUEuropean UnionFADFiscal Affairs DepartmentFRMDFiscal Risks Management DepartmentFRSFiscal Risks StatementGDPGross Domestic ProductGELGeorgian LariGGEGeneral Government EntitiesGMSGeneral Meeting of ShareholdersIFRSInternational Financial Reporting StandardsIMFInternational Monetary FundJSCJoint Stock CompanyKPIKey Performance IndicatorsLLCLimited Liability CompanyMOESDMinistry of Economy and Sustainable DevelopmentMOFMinistry of FinanceNASPNational Agency for State PropertyOECDOrganization for Economic Co-operation and DevelopmentPSOPublic Service ObligationsQFAQuasi-Fiscal ActivitiesSCIStatement of Corporate IntentSECOSwiss Secretariat for Economic Affair