Tracking Progress - One Reform at a Time

Reform: Capital Market Development Reform (2023-12-19)

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Second assessment of the Capital Market Development Reform was conducted on December 20, 2023. Attendees of the public-private dialogue discussed the main activities planned within the Capital Market Development Strategy 2023-2028 and action plan for 2023-2024. The stakeholders engaged in a discussion about the objectives of the strategy and the ways to achieve them. 

According to the Government

According to the government survey, 35.9% of the proposed reform activities have been completed. Among the survey components, the legislative framework has demonstrated the highest progress, reaching 51.8%. Positive evaluations were also given to activities related to institutional setup and capacity development. However, the indicator concerning infrastructure and budget, which includes only two planned activities for 2024, indicated a low level of performance.

Governmental surveys evaluate progress in reform implementation across four domains:

  • the legal framework;
  • infrastructure and budget;
  • institutional setup;
  • and capacity development.

This survey measures the government’s distance from the stated reform objectives on a scale of 0% (no action has taken place) to 100% (all the desired systems have been fully implemented, monitored, and evaluated)

According to the Stakeholders

The Stakeholders assessed the reform with an overall score of 6 out of 10, showing moderate performance of the reform. As presented below,  only one assessment dimension of the reform, Content and Adequacy was evaluated with strong performance, while the Current Performance, Progress and Expected Outcome were assessed as moderate. Notably, there is a decline in scores across all aspects compared to the stakeholder assessment conducted during the first public-private dialogue in June 2023.

Stakeholder surveys assess reform progress across four dimensions:

  • reform content and adequacy;
  • current performance;
  • reform progress;
  • and the expected outcomes.

Members of the stakeholder group (excluding implementing governmental stakeholders) set scores on a scale of 1 (poor performance) to 10 (strong performance) for each dimension.

  • Nikoloz Gagua

    Vice-Governor, National Bank of Georgia

  • Davit Abesadze

    Chief Specialist, National Bank of Georgia

  • Ana Khinchiashvili

    Economist, National Bank of Georgia

  • Irakli Kvirkvelia

    Chief Expert, National Bank of Georgia

  • Giorgi Gurgenidze

    Head of the Capital Market Development and Pension Reform Department, Ministry of Economy and Sustainable Development of Georgia

  • Tamar Kordzakhia

    Consultant, Ministry of Economy and Sustainable Development of Georgia

  • Nino Manteshashvili

    Lawyer, Ministry of Economy and Sustainable Development of Georgia

  • Mariam Rusishvili

    Consultant, ADB

  • Giorgi Esakia

    Leading Specialist, Sector Economy and Economic Policy Committee, Parliament of Georgia

  • Giorgi Loladze

    CEO, Caucasus Capital

  • Giorgi Arveladze

    Member of the Supervisory Board, Crystal

  • Irakli Gurgenidze

    Chief Risk Officer, Foresight Investments

  • Rati Morchiladze

    Investment Officer, Foresight Investments

  • Elene Tskhadaia

    Head of Global Banking Business Direction, Bank of Georgia

  • Teona Eristavi

    Bank of Georgia

  • Kakhaber Davitaia

    Director of Treasury, Bank of Georgia

  • Irakli Kirtava

    Director, Galt & Taggart

  • David Nishnianidze

    Head of Brokerage, Galt & Taggart

  • Ekaterine Gvetadze

    Head of Back Office, Galt & Taggart

  • Nino Kurdiani

    Acting CEO, Georgia Stock Exchange (GSE)

  • Lia Otarashvili

    Chief Specialist, Georgian Registrar

  • Nino Gvinianidze

    Chief Specialist, Georgian Registrar

  • Giorgi Jugeli

    Legal Expert, Investors Council

  • Marina Guledani

    Founding Partner, Caucasus Financial Sevices (CFS)

  • Levan Pavlenishvili

    Director, Operational Research Institute (ORI)

  • Maka Chitanava

    Consultant, Operational Research Institute (ORI)

  • Aleksandra Shalibashvili

    Consultant, Operational Research Institute (ORI)

  • Tina Simonishvili

    VP, DCM, TBC Capital

  • Davit Rusia

    Analytical Director, Banking Association of Georgia

Outcomes

Objective and quantitative data reflects reform outcomes to be used as a proxy for reform effectiveness.