The Prime Minister of Georgia spoke today about a comprehensive State-Owned Enterprise (SOE) Reform and noted that SOE Reform Council is being created to develop the strategy of the referred reform agenda.

“Our Government is actively working on a comprehensive SOE Reform, which is aimed at the approximation with the highest standards of their corporate governance. This is a reform of European type, which is based on the best European standards and practice. The referred strategy and initiative is actively supported by the International Monetary Fund (IMF). Our other partner organizations, including the World Bank and Asian Development Bank (ADB), are also engaged in the process. SOE Reform is aimed at exiting the crisis caused by the pandemic and further economic growth of our country. We are establishing the SOE Reform Council with this exact aim to successfully implement the reform. It will design and develop the SOE Reform Strategy and an Action Plan, thereby ensuring and monitoring the implementation of the initiative at every stage.

We believe that SOEs in Georgia have a sufficient potential to play a leading role in the development of respective sectors of the economy. Reform will enable us to achieve a progress in the effectiveness of the SOE sector in the country to make an increased contribution to the economic performance, improvement of business climate, reduced pressure on fiscal space and risk reduction”, - said Irakli Garibashvili.