29.Nov .2021 13:00

We Are Launching The PF Reform – PM

We Are Launching The PF Reform – PM
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We are launching the reform of the Partnership Fund, - Georgian Prime Minister Irakli Gharibashvili said before the government meeting.

According to him, the legislative changes on the restructuring of the State Investment Fund will be registered this December.

"We are launching the reform of the Partnership Fund. The fund will be restructured and the relevant legislative changes will be registered in the parliament this December," - said the Prime Minister.

Former Prime Minister Giorgi Gakharia was considering the Partnership Fund reform since the summer of 2019, after former Minister of Economy Giorgi Kobulia noted at the Parliament that the Partnership Fund was ineffective and inefficient.

The Fund is managed by Davit Saganelidze from 2015, the PF has suffered a loss of GEL 1.17 million between 2015-2019.

Until 2020, the "Partnership Fund" included companies from the energy sector, ESCO and the State Electric System, but as a result of the reform, these companies were transferred directly to the Ministry of Economy. Currently, the main companies under the Partnership Fund are the systematically loss-making Georgian Railway and the Georgian Oil and Gas Corporation, which has relatively better financial results.