Closer to the European Union: Georgia prepares a new economic reform plan to meet European standards

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Read: 606     11:00     16 Ноябрь 2023    

The Georgian authorities have started developing the first package of economic reforms in accordance with EU standards ahead of receiving candidate status, Georgian Finance Minister Lasha Khutsishvili said.

On November 8, the European Commission recommended the European Council to grant Georgia candidate status with a reservation that the country has to take nine steps. On December 14-15, the European Council will make a final decision on enlargement policy and granting candidate status to Georgia based on the European Commission's conclusion. The decision must be supported by all 27 EU countries.

"At the moment Georgia is for the first time preparing a document of the EU economic reform plan according to the methodology developed for candidate countries", Khutsishvili said.

According to him, the authorities are working on combining Georgia's existing IMF GFSM 2014 accounting system with the EU's internationally compatible ESA 2010 accounting system.

In addition, they are working on the reform of investment project management.

As for the tax system, the Minister noted that in recent years, the system has been developing according to the principle of maximum compliance with European regulations, including VAT and excise taxes.

Georgia and EU

Georgia applied for EU candidate status on March 3, 2022, almost at the same time as Ukraine and Moldova.

In June 2022, Georgia was granted a "European perspective" and expressed readiness to grant EU candidate status when 12 conditions were met. The status was then granted to Ukraine and Moldova.

The Georgian authorities stated that it was an unfair decision to deny the country the status in 2022 and that Georgia was ahead of both Ukraine and Moldova in all criteria at that time.





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Closer to the European Union: Georgia prepares a new economic reform plan to meet European standards

2023/11/98451-1700117820.jpg
Read: 607     11:00     16 Ноябрь 2023    

The Georgian authorities have started developing the first package of economic reforms in accordance with EU standards ahead of receiving candidate status, Georgian Finance Minister Lasha Khutsishvili said.

On November 8, the European Commission recommended the European Council to grant Georgia candidate status with a reservation that the country has to take nine steps. On December 14-15, the European Council will make a final decision on enlargement policy and granting candidate status to Georgia based on the European Commission's conclusion. The decision must be supported by all 27 EU countries.

"At the moment Georgia is for the first time preparing a document of the EU economic reform plan according to the methodology developed for candidate countries", Khutsishvili said.

According to him, the authorities are working on combining Georgia's existing IMF GFSM 2014 accounting system with the EU's internationally compatible ESA 2010 accounting system.

In addition, they are working on the reform of investment project management.

As for the tax system, the Minister noted that in recent years, the system has been developing according to the principle of maximum compliance with European regulations, including VAT and excise taxes.

Georgia and EU

Georgia applied for EU candidate status on March 3, 2022, almost at the same time as Ukraine and Moldova.

In June 2022, Georgia was granted a "European perspective" and expressed readiness to grant EU candidate status when 12 conditions were met. The status was then granted to Ukraine and Moldova.

The Georgian authorities stated that it was an unfair decision to deny the country the status in 2022 and that Georgia was ahead of both Ukraine and Moldova in all criteria at that time.





Tags: