Georgia Public Expenditure Review

World Bank

Georgia Public Expenditure Review

Autores

World Bank

Editor

Washington, DC

Descripción

Georgia has an impressive growth record but social vulnerabilities persist. It remains a challenge to tackle social vulnerabilities within a sustained macroeconomic framework. This programmatic public expenditure review (PER) assesses the alignment of selected fiscal programs with the government’s social objectives. Building on the analysis and recommendations of the 2014 PER, this PER analyzes the impact of recent reforms including the social programs that were either introduced or scaled up in 2013. It gives an overview of the recent macroeconomic and fiscal developments, including the fiscal implications of the social programs in chapter one. It addresses three questions in the rest of the report: (1) has the realignment of spending toward social sectors resulted in better distributional outcomes; (2) have the agriculture support programs been targeted at productivity growth to support real incomes in poor rural regions; and (3) what is the fiscal and equity impact of the ongoing decentralization process? The first question is addressed by combining micro household survey data with administrative fiscal data to analyze the distributional impact of both taxes and government spending on poverty and inequality in Georgia in chapter two. The second question is addressed by comparing the cost of new agriculture programs with their estimated impact on agricultural productivity in chapter three. Finally, the issue of regional inequalities is partially addressed by discussing three different aspects of the current decentralization process: the expected fiscal impact of decentralization, the need to rationalize current capital grant programs to make public investment more effective, and the implications of introducing free preschool education administered at the local government level in chapter four.

Palabras clave

CREDIT PROGRAM, INCOME TAX EXEMPTION, MONETARY POLICY, NATIONAL SAVING, EQUIPMENT, ACCOUNTING, CHECKS, WAREHOUSE, GOVERNMENT CAPACITIES, DISABILITY PENSIONS, INTEREST, PUBLIC INVESTMENTS, GOVERNMENT REVENUES, OPTION, REMITTANCE, DEVELOPING COUNTRIES, EXPORTERS, REVENUES, PORTFOLIO, FISCAL POLICY, CAPACITY BUILDING, LOAN, BUDGET CONSTRAINTS, GOVERNMENT SUPPORT, PUBLIC REGISTRY, ALLOCATION OF CREDIT, OIL PRICES, ALLOCATION OF CAPITAL, BENEFICIARY, MARKET REFORMS, CURRENCY, EXPORT GROWTH, COMMERCIAL BANK, CAPITAL GAINS, CAPITAL FORMATION, INCOME INEQUALITY, MONETARY FUND, FINANCIAL INSTITUTIONS, DEBT, LOCAL GOVERNMENT, PUBLIC FINANCE, LAND OWNERSHIP, CREDIT PROGRAMS, CAPITAL INVESTMENTS, INVENTORY, FISCAL DEFICIT, INVESTMENT DECISIONS, LAND‐HOLDERS, MARKET ECONOMY, COMMERCIAL BANK LENDING, HUMAN CAPITAL, INTEREST PAYMENTS, GOOD, GOVERNMENT BUDGET, TRANSPARENCY, MARKET CONDITIONS, FUTURE, MOBILE PHONE, FOREIGN DIRECT INVESTMENT, FIXED CAPITAL, GOVERNMENT EXPENDITURE, INVESTMENT PROJECTS, ISSUANCE, LOAN PORTFOLIO, TAX RATES, COMMERCIAL LOANS, INSTITUTIONAL CAPACITY, SHARES, INVESTMENT CHOICES, POLITICAL UNCERTAINTY, PUBLIC DEBT, TREASURY, HOLDINGS, INSURANCE, CAPITAL GRANTS, CURRENCIES, MICROFINANCE, ECONOMIC DEVELOPMENT, FISCAL AUTONOMY, TAX CODE, BANK LOAN, LOAN OFFICERS, RATES OF RETURN, COMMERCIAL BANKS, FINANCIAL SUPPORT, CONSUMER PRICE INDEX, LENDING, TRUST FUND, MARKET REFORM, PUBLIC SECTOR DEBT, GOVERNMENT INVESTMENT, INSTITUTIONAL CAPACITIES, CAPITAL INVESTMENT, PUBLIC SPENDING, REMITTANCES, LAND HOLDINGS, CREDIT HISTORY, FISCAL DECENTRALIZATION, CREDIT MARKET, INVESTING, HOUSEHOLD INCOMES, LIVING STANDARDS, DEFICIT, GOVERNMENT EXPENDITURES, TAX EXEMPTION, VARIABLE COSTS, FINANCIAL MANAGEMENT, STOCK, FISCAL DEFICITS, INFORMATION SYSTEM, DOMESTIC BORROWING, LOAN PERFORMANCE, GUARANTEES, GOVERNMENT SPENDING, INTEREST RATE, EXCHANGE, LOCAL GOVERNMENTS, TAX COLLECTION, GOVERNMENT BUDGETING, DISABILITY PENSION, TAX, INCOME TAX, REFERENDUM, BUDGETING, BENEFICIARIES, INFLATION, PENSION, DEVELOPING COUNTRY, BANK LENDING, BUDGET, MATURITY, MACROECONOMIC STABILITY, FISCAL POLICIES, AGRICULTURAL LOAN, ACCESS TO FINANCING, PERSONAL INCOME, TRADING, CORPORATE INVESTMENTS, TAX EXEMPTIONS, INTEREST RATES, OPTIONS, HOUSEHOLD INCOME, PRIVATE INVESTMENT, DEFICITS, RETURN, LENDERS, DIRECT INVESTMENT, LOANS, TAX COLLECTIONS, INVENTORIES, RESERVES, GROSS DOMESTIC PRODUCT, CASH TRANSFERS, FINANCE, PUBLIC INVESTMENT, TAXES, EXPENDITURE, INFRASTRUCTURE INVESTMENT, EQUITY, INCOME TAXES, FOREIGN EXCHANGE RESERVES, TAX RATE, AGRICULTURAL LOANS, CAPITAL GRANT, FINANCIAL CRISIS, PENSIONS, CAPITAL GRANT ALLOCATIONS, BUDGETS, INTEREST RATE CAPS, WORKING CAPITAL, CONTRACT, GOVERNMENT REVENUE, REPAYMENT, EXPENDITURES, PROPERTY, PROPERTIES, MARKET, FOREIGN EXCHANGE, LEVY, LAND TITLE, MARKET RISKS, INFRASTRUCTURE INVESTMENTS, GRANT ALLOCATIONS, INTERESTS, GOODS, FIXED ASSETS, BANK LOANS, SECURITY, TRANSFER PAYMENTS, INVESTMENT, NATIONAL BANK, SHARE, TAX SYSTEM, COLLATERAL, INTEREST COSTS, POVERTY, TANGIBLE ASSETS, DECENTRALIZATION, REVENUE, EXTERNAL DEBT, PROFIT, INVESTMENTS, CHECK, INTEREST RATE RISK, EXCHANGE RATE, INSTRUMENT, REPAYMENT RISK, GUARANTEE