Municipal Development Fund Loses The Opportunity To Receive Economic Benefits - State Audit

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27.Dec .2021 12:30

Municipal Development Fund Loses The Opportunity To Receive Economic Benefits - State Audit

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Author:Natia Taktakishvili

State Audit Office of Georgia released the audit report on the Ministry of Regional Development and Infrastructure last week. According to the report, the Municipal Development Fund does not spend more than GEL 23 million.

Namely, the Audit Office declares that the Fund owns the cash in the amount of GEL 23,376,544 generated as a result of repaying loans under the Renewable Energy Development Program, which has been accumulated since 2014.

"Contracts and agreements concluded within the framework of the project do not determine the future purpose of the returned amount. At the same time, the terms of the contract do not provide for the recognition of an obligation to the Ministry of Finance and there is no formal document restricting the fund from using this resource. It is noteworthy that the fund does not use monetary resources in its activities, so the opportunity to receive economic benefits is lost," the report reads.

The consolidated audit report includes the consolidated financial statements as of December 31, 2020.

Municipal Development Fund of Georgia