The State Audit Office has submitted its conclusion on the upadated draft budget for 2022.
Ekaterine Ghazadze, Deputy Auditor General, said that the loss of state-owned enterpises can exceed GEL 3 billion the case of foreign exchange shocks.
"The updated Fiscal Risk Analysis Document includes a section on the Sensitivity Analysis of State-Owned Enterprises, which presents the results of the six largest state-owned enterprises and analyzes the impact of various macroeconomic shocks on them. In order to take into account the accuracy of the obtained results and the sectorization component, it is advisable to gradually increase the number of state-owned enterprises included in this analysis.
Given the negative financial consequences of state-owned enterprises, a significant portion of their assets are financed by liabilities, which is one of the most important sources of fiscal risks to the state. According to the analysis, in case of foreign exchange shocks, the loss of the enterprises can exceed GEL 3 billion,” said Ekaterine Ghazadze.
The financial situation in the state-owned enterprises is deplorable, as these companies constantly have a loss.
In 2020, the losses of state-owned enterprises amounted to more than GEL 1 billion, GEL 237 million was their loss in 2019, GEL 816 million - in 2018; GEL 732 million - in 2017; GEL 535 million - in 2016 and GEL 786 million - in 2015.
