Source Pravda.Ru

Georgia denied tranche from World Bank

Georgia will not receive a 40m-dollar tranche from the World Bank in 2003, this information contained in a letter of the World Bank regional director for the South Caucasus sent to Georgian officials yesterday. In comparison with other South Caucasian and Central Asian states, Georgia has been showing an aggravation of its governing processes recently. A high level of corruption remains the country's number one problem, compared to Azerbaijan and Armenia that have reported a 50 percent decline. According to World Bank experts, incorrect management of government expenditures led to the situation, when even reportedly insignificant government resources of Georgia still get misappropriated.

At the same time, Georgian Minister Avtandil Djorbenadze believes that his country will manage to have the World Bank change its position by assuming additional obligations.

Today is the first day of an official visit of the World Bank regional director for the South Caucasus to Tbilisi. She is expected to hold talks with Georgian President Eduard Shevardnadze, Parliament Speaker Nino Burdzhanadze as well as the economic block of the Cabinet.

© &to=http://www.rbc.com' target=_blank>RBC

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