Tracking Progress - One Reform at a Time

Reform: Capital Market Development (2017-05-17)

The reform is implemented by the National Bank, Ministry of Finance and Ministry of Economy and Sustainable Development. The reform is guided by the "Capital Market Development Strategy" adopted in 2016.

According to the Stakeholders

The legal and regulatory system must be revised to provide a more supportive environment and also to approximate it towards EU. There must be a strong focus on building viable content for the system. Also, issuer transparency must be improved.

Each reform is evaluated, twice per year, by a group of stakeholders – at least 15 individuals not affiliated with the responsible agency, but directly affected by the reform.

The entire group of stakeholders are convened at ISET in order to review the results of the government survey, as well as objective data and information about reform outcomes, which are collected and analysed by the Project Team.

Each member of the group provides an anonymous quantitative assessment of the reform by answering the following questions:

1. What is your assessment of Georgia’s current performance in this area of reform?

2. Is the economic reform agenda progressing as expected?

3. Is the reform likely to deliver adequate results?

The total score for each reform is calculated as a simple average of individual assessments.

The overall assessment of the reform process is automatically provided through the ReforVerdict – a summary score, derived as a weighted average of scores assigned to each reform. The ReforVerdict score is adjusted on a monthly basis, following monthly stakeholder meetings.

  • Giorgi Khishtovani

    Ilia State University

  • Irakli Kirtava

    Galt & Taggart

  • Irakli Mekvabishvili

    EBRD

  • Yaroslava Babych

    ISET

  • Archil Bakuradze

    Crystal MFO

  • Marina Guledani

    CFS Investment Bank

  • Giorgi Tsutskiridze

    Association of Banks of Georgia

  • Vasil Revishvili

    Thales Investments

  • Giorgi Paresishvili

    Georgian Stock Exchange

  • Aieti Kukava

    JSC Alliance Group Holding

  • Efrem Urumashvili

    Nodia, Urumashvili and Partners

  • Mirian Gogiashvili

    Partnership Fund

  • Givi Korinteli

    Investment Fund Green Capital

Outcomes

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