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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis seqtoris sajaro zrdis strategiis SemuSavebis mizniT momsaxureba

oqtomberi 2007

Tbilisis municipaliteti

teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

saboloo angariSi

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

Sinaarsi 1. 2. amocanebi .................................................................................................................................... 5 Semajamebeli mimoxilva ....................................................................................................... 9 2.1. ZiriTadi daskvnebi.................................................................................................9 2.2. rekomendaciebi ........................................................................................................9 3. Tbilisis municipalitetis investiciebis marTvis politikisa da sxva finansuri sakiTxebis Sefaseba ................................................................................................ 11 3.1. wlis ganmavlobaSi proeqtis marTvidan warmoSobili sirTuleebi .......11 3.2. ganyofilebebs Soris dialogis ararseboba: sabuRaltro / ekonomikuri / teqnikuri / qonebis marTvis .......................................................................................15 3.3. jansaRi finansuri garemo SezRuduli avtonomiis pirobebSi .................17 3.3.1. jansaRi finansuri garemo ................................................................................ 17 3.3.1.1. Tbilisis finansuri mdgomareobis mimoxilva.......................................... 17 3.3.1.2. Semosavlebi ............................................................................................................ 18 3.3.1.2.1. Semosavlebis globaluri analizi........................................................... 18 3.3.1.2.2. sagadasaxado Semosavlebi (mTliani Semosavlebis 91%-dan 70%-mde) ................................................................................................................................ 18 3.3.1.2.3. arasagadasaxado Semosavlebi (mTliani Semosavlebis 2%- dan 9%mde) ................................................................................................................................ 19 3.3.1.2.4. kapitaluri Semosavlebi (mTliani Semosavlebis 3 dan 19%-mde)....... 23 3.3.1.2.5. transferebi, sesxebi da sxva Semosavali (mTliani Semosavlebis 23%-dan 1%-mde) ....................................................................................................................... 24 3.3.1.3. ........................................................................................................................................... 24 3.3.1.3.1. danaxarjebis globaluri analizi ........................................................... 24 3.3.1.3.2. mimdinare danaxarjebi (+9%) ......................................................................... 25 3.3.1.3.3. kapitaluri danaxarjebi (+ 91%).................................................................. 27 3.3.1.4. aqtivebi da valdebulebebi .............................................................................. 27 3.3.1.4.1. aqtivebi ................................................................................................................ 27 3.3.1.4.2. valdebulebebi .................................................................................................. 30 3.3.2. biujetis warmatebiT Sesruleba........................................................................ 33 3.3.2.1. danaxarjebis biujetis Sesruleba ............................................................... 33 3.3.2.2. Semosavlebis biujetis Sesruleba ............................................................... 33 3.3.3. SezRuduli avtonomia........................................................................................ 34 3.3.3.1. finansuri avtonomiis globaluri SezRudva ........................................... 34 3.3.3.2. gavlena Semosavlebis TiToeul kategoriaze........................................... 35 3.3.3.2.1. sagadasaxado Semosavlebi: gadasaxadebis raodenobis Semcireba ..... ................................................................................................................................ 35 3.3.3.2.2. arasagadasaxdo Semosavlebi: Tanxebi mocemulia maqsimaluri ganakveTiT ................................................................................................................................ 36 3.3.3.2.3. kapitaluri Semosavali: Tbilisis municipalitetis maqsimaluri ganakveTebi ............................................................................................................................... 37 3.3.3.2.4. gadasaxadebis/mosakreblebis administrireba da amoReba................ 38 3.3.3.2.5. municipaluri kompaniebi ............................................................................... 39 3.3.3.3. cvlilebebi: centralizaciisa da decentralizaciis politikasTan mimarTebaSi................................................................................................. 39 3.3.3.3.1. saSemosavlo gadasaxadi................................................................................ 40 3.3.3.3.2. transferebi da subsidiebi .......................................................................... 40 3.4. arasakmarisi finansuri procedurebi saerTaSoriso moTxovnebTan mimarTebaSi ........................................................................................................................41 3.4.1. saerTaSoriso finansuri procedurebis moTxovnebi faqtiur procedurebTan mimarTebaSi, FoxPro-s CaTvliT ........................................................ 41

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"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.4.1.1. "ssbass" (sajaro seqtoris butRalTruli aRricxvis saerTaSoriso standartebi) ............................................................................................. 41 3.4.1.1.1. standartis safuZveli ................................................................................... 41 3.4.1.1.2. standartis struqtura .................................................................................. 42 3.4.1.2. FoxPro ­ zogadi axsna-ganmartebebi........................................................... 42 3.4.1.2.1. moTxovnaTa gadamowmeba "ssbass" FoxPro-sTan mimarTebaSi da municipalitetis wesebi...................................................................................................... 42 3.4.1.2.2. daricxvis meTodi ............................................................................................ 47 3.4.2. Tbilisis municipalitetis buRaltruli aRricxvis praqtika.............. 48 3.4.2.1. Tbilisis municipalitetis saaRricxvo sistemis sami ZiriTadi aspeqti .................................................................................................................................... 48 3.4.2.2. biujetirebis procesis aRwera....................................................................... 48 3.4.2.2.1. biujetis momzadeba ......................................................................................... 49 3.4.2.2.2. biujetis damtkiceba municipalitetis mier.......................................... 50 3.4.2.2.3. biujetis Sesruleba ....................................................................................... 52 3.4.2.2.4. biujetis kontroli ........................................................................................ 54 4. kapitaluri xarjebis strategia: maRali kreditunarianoba............................... 61 4.1 finansuri analizis modelis wardgena..........................................................61 4.1.1 modelis aRwera ........................................................................................................ 61 4.1.2 modelis ganaxleba .................................................................................................. 62 4.2 momavali samwliani prognozis maxasiaTeblebi da daSvebebi...................63 4.2.1 Semosavali ZiriTadad fasdeba qveynis ekonomikuri zrdis maCveneblebis mixedviT........................................................................................................ 63 4.2.2 mimdinare danaxarjebTan dakavSirebiT moxda sami kategoriis maxasiaTeblebis identificireba .................................................................................... 64 4.2.3 saprognozo Sedegebis wardgena......................................................................... 67 finansuri prognozi ­ realisturi saprognozo gaTvlebi ................................. 67 4.2.4 danarCeni ori saprognozo scenari: pesimisturi da optimisturi........... ........................................................................................................................................ 68 4.3.1 sami saprognozo scenariT miRebuli Sedegebis Sedareba................. 71 · sesxis dafarvis vada periodis bolos sam wlamde izrdeba...................... 71 4.3.2 saprognozo scenari `a~ : realisturi saprognozo gaTvlebi............... 73 4.3.3 saprognozo scenari `b~ : otimisturi saprognozo gaTvlebi ............... 74 4.3.4 saprognozo scenari `g~ : pesimisturi saprognozo gaTvlebi ............... 75 5 investiciis aucilebloba da dafinansebis wyaroebi............................................. 76 5.1 fuladi saxsrebis mozidvis sxvadasxva SesaZlo strategia: Teoria.....76 5.1.1 obligacia (erovnuli/saerTaSoriso)........................................................... 76 5.1.1.1 qalaqis municipalitetis mier gamoSvebuli obligacia ...................... 76 5.1.1.2 evro_obligacia.................................................................................................... 77 5.1.1.2.1 evroobligacia _ zogadi mimoxilva ............................................................ 77 5.1.1.2.2 evro-obligaciaTa klasifikacia .................................................................... 77 5.1.2 vali ............................................................................................................................... 78 5.2 obligaciaTa emisiis gamartivebuli SesaZlebloba saqarTvelos bazarze...............................................................................................................................78 5.2.1 samarTlebrivi mxare............................................................................................... 78 5.2.1.1 maregulirebeli garemo: saqarTvelo........................................................... 78 5.2.2 bazris potenciali .................................................................................................. 80 5.2.2.1 gamartivebuli SesaZleblobebi saqarTvelos bazarze......................... 80 5.3 saxelmwifo valis sustad ganviTarebuli bazari saqarTveloSi ...........85 6 mosamzadebeli RonisZiebebi sakredito reitingis mosapoveblad..................... 87 6.1 sakredito reitingis moTxovnebi .....................................................................87

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

6.2 sakredito reitingis moTxovnebi TbilisSi arsebuli mdgomareobis pirispir..............................................................................................................................88 6.2.1 gareSe faqtorebi ................................................................................................. 88 6.2.2 Sida faqtorebi ......................................................................................................... 91 7 rekomendaciebi proeqtis menejmentisa da finansuri procedurebis gasaumjobeseblad......................................................................................................................... 92 7.1 mravalwliani sainvesticio gegmis marTvis kulturis damkvidrebis aucilebloba .......................................................................................................................... 94 7.2 mravalwliani sainvesticio politikis gansaxorcielebad aucilebeli berketebi ........................................................................................................ 95 7.2.1 angaSgeba proeqtebis Sesaxeb........................................................................... 95 7.2.2 proeqtis marTvis principebi ............................................................................... 95 7.2.3 pasuxismgebloba da resursebi ........................................................................... 96 7.2.4 proeqtis samoqmedo sfero ................................................................................... 96 7.2.5 mmarTvelobiTi CarCo.............................................................................................. 96 7.2.6 proeqtis riski, kompleqsuroba da ekonomia............................................. 97 7.2.7 proeqtis profili da riskis Sefaseba ....................................................... 97 7.3 mravalwliani sainvesticio gegmis Sesrulebis mizniT gasatarebel RonisZiebaTa erToblioba................................................................................................. 98 8 danarTebi ................................................................................................................................. 99 8.1 danarTi 1................................................................................................................99 8.2 danarTi 2 .............................................................................................................100 8.3 danarTi 3 ..............................................................................................................107 danarTi 8.5 ­ danarTi 5 ...............................................................................................110 8.6 ­ danarTi 6.................................................................................................................111 8.7 ­ danarTi 7.................................................................................................................112 8.8 danarTi 8....................................................................................................................113 8.9 danarTi 9 ..............................................................................................................115 8.10 danarTi 10 ............................................................................................................116 8.11 danarTi 11 ............................................................................................................118 8.12 danarTi 12 ............................................................................................................119 8.13 danarTi 14 ............................................................................................................122

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

1.

amocanebi 1.1. moduli 1

miznebi:

o o Tbilisis municipalitetis finansuri analizi kapitaluri danaxarjebis programis kreditunarianobis prognozi

ZiriTadi amocanebi:

1. finansuri angariSgebis saerTaSoriso standartebis Sesabamisi finansuri analizi.

SevasruleT amocanebi sajaro seqtoris buRaltruli aRricxvis saerTaSoriso standartebTan dawesebulebebi (ssbass) da rac mimarTebaSi maTTvis romlebsac iyeneben rasac saxelmwifo finansuri warmoadgens igives,

angariSgebis saerTaSoriso standartebi kerZo seqtorisaTvis.

2. finansuri analizi

finansuri

analizi

miznad

isaxavs

Tbilisis

finansuri

mdgomareobis

mimoxilvas gasuli wlebis tendenciaTa analizze dayrdnobiT. finansuri mdgomareobis codna metad mniSvnelovania finansuri prognozebisa da Sesabamisi finansuri strategiis SemuSavebisaTvis.

3.finansuri kreditunarianobis momdevno 3 wlis prognozi

ganxorcielda

momdevno

3

wlis

finansuri

prognozi

kreditunarianobis

tendenciaTa analizis mizniT.

4. mgrZnobelobis analizi finansuri modelis farglebSi

SemuSavebul

iqna

kidev

ori

scenari

tendenciaTa

ZiriTadi

elementebis

xazgasmisa da finansuri strategiis identificirebis mizniT. aRniSnuli scenarebi efuZneboda pesimistur Tu optimistur modelebs..

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

5. kapitaluri danaxarjebis strategiis scenarebi

warmodgenili scenarisTvis

finansuri

modelebis SesaZlo

gamoyenebiT kapitaluri

Cven

SevZeliT

TiToeuli globaluri

gangvesazRvra

danaxarjebis

Tanxa kreditunarianobasTan mimarTebaSi. warsadgeni masala:

biujetis analizis angariSi 3 wlis prognozi da kapitaluri programis SesaZleblobebis nawili 4.2 nawili 4.3 nawili 3 nawili 4.1 da 4.2

danaxarjebis ganxorcielebis mimoxilva finansuri Sedegebi simulaciis

modelis

kapitaluri danaxarjebis strategia

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

1.2. moduli 2

miznebi:

o o proeqtebis prioritetebis gansazRvra dafinansebis miznebis identifikacia

ZiriTadi amocanebi:

1. proeqtebis prioritetebis gansazRvra qalaqis meriis mier

qalaqis meria ganicdis proeqtebis marTvis gamocdilebis deficits. meriis mier ver iqna mowodebuli arsebuli proeqtebis CamonaTvali. imisaTvis, rom xeli SevuwyoT meriis mier proeqtebis identificirebisa da struqturirebis procesebis ganviTarebas, winamdebare dokumentis calkeuli nawili daeTmo proeqtebis marTvis sakiTxebs..

2. adgilobrivi da saerTaSoriso bazrebisa da instrumentebis mimoxilva

Tbilisis meriis mizans warmoadgens kerZo kapitalis bazris Sefaseba sakuTari SemosavlebiT da misaRebi xarjiT. infrastruqturis dafinansebis SesaZleblobis Semowmebis mizniT, Cven CavatareT yvela dadebiTi da uaryofiTi faqtoris analizi.

3. municipaluri infrastruqturis dafinansebis gegma

warsadgeni masala:

angariSi, adgilobrivi finansuri mimoxilvas municipaluri dafinansebis gegma infrastruqturis romelic da moicavs nawili 5

saerTaSoriso

bazrebis/instrumentebis

specialuri nawili 7

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

1.3. moduli 3

amocanebi:

o o municipalitetis momzadeba sakredito reitingis misaRebad ZiriTadi nabijebis gansazRvra

ZiriTadi miznebi: aRniSnul fazaSi municipaliteti momzadebul unda iqnas sakredito reitingis misaRebad Tbilisis finansuri mdgomareobis ganviTarebis mizniT. gvsurs xazi gavusvaT im faqts, rom Cven ar vaniWebT sakredito reitings. Cven SegviZlia warmovadginoT eqspertTa mosazrebebi da analizi, Tumca Cvens mier ar iqneba mowodebuli daskvna reitingis Taobaze. (ise rogorc es auditis dros xdeba).

1/ administraciuli da institucionaluri faqtorebis mimoxilva; 2/ ekonomikuri da socialuri faqtorebis analizi; 3/ sabiujeto da finansuri elementebis analizi; 4/ rekomendaciebi;

aRniSnuli saboloo angariSi moicavs municipalitetis mier misaReb zomebs sakredito reitingis misaRebad, kerZod:

-nebismieri sabuRaltro saxis mosamzadebeli samuSaoebi;, -saWiro treiningebi da kvalifikaciis amaRleba;, -mokle vadaSi misaRebi garkveuli zomebi;.

yvela aRniSnuli elementi da rekomendacia Seadgens sainformacio pakets. warsadgeni masala:

angariSi finansuri Tbilisis poziciis meriis Sesaxeb nawili 6

sareitingo saagentos kuTxiT;

davamateT da

proeqtebis

marTvasTan

specialuri nawili 7

finansur

procedurebTan

dakavSirebuli specialuri nawili;

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

2. Semajamebeli mimoxilva

2.1. ZiriTadi daskvnebi

Tbilisis merias gaaCnia myari finansuri mdgomareoba saqarTvelos biujetis kontrolis kuTxiT, da agreTve sesxebis dafarvis maRali potenciali. amgvari damakmayofilebeli finansuri tendencia mtkicdeba finansuri prognozebiTac. Tumca, Tu mxedvelobaSi miviRebT amgvar finansur poziciasa da saxelmwifos ganviTarebad mimarTulebebs, Tbilisis meriam unda gamonaxos investiciebis zrdis damatebiTi gzebi Tuki mosalodneli ar aris saxelmwifos mxridan specialuri mdgomareoba dafinanseba. amisaTvis, merias SeuZlia Seasustos vadis finansuri 3 wlamde momdevno

kontolirebad

farglebSi

valis

dafarvis

gazrdiT, rac saSualebas miscems aiRos damatebiTi vali 971 mln. laris odenobiT, romelic gamoyenebuli iqneba kapitalur danaxarjebze wlebis ganmavlobaSi (2008-2011). saqarTvelos mniSvnelovani ekonomikuri Tanxebis da sabazro pirobebis gaTvaliswinebiT, mxolod amgvari da

mozidva

SesaZlebelia

sesxebisa

obligaciebis gziT. obligaciebi nawilobriv saerTaSoriso bazrebze unda iqnas gamoSvebuli, rac warmoadgens erTaderT gzas mniSvnelovani dafinansebis misaRebad. moTxovnil unda iqnas ucxouri fuladi obligaciebi da saxelmwifo garantiebi. aRniSnuli miznis misaRwevad Tbilisis meriam unda miiRos

sakredito reitingi.

2.2. rekomendaciebi

ori · saxis gaumjobesebaa saWiro reitingis miRebamde Tu obligaciis

gamoSvebamde: proeqtebis marTvis unaris ganviTareba: o o saWiroa mravalwliani proeqti, raTa ganisazRvros politikuri prioritetebi, teqnikuri saWiroebebi da sakredito moTxovnebi; saWiroa Tbilisis meriis srulyofili marTvis programa: TiToeuli ganyofilebis mier momzadebul unda iqnas proeqtebi, romlebic gaerTiandebian sainvesticio gegmis Camoyalibebis mizniT;

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

o

Tbilisis mosaxleobas

merias da

SeuZlia finansur

aRniSnuli partniorebs

proeqti mxolod

warudginos mravalwliani

proeqtis WrilSi. ·

finansuri procedurebis gaumjobeseba: o o aRniSnuli gaumjobesebebi winaswar moTxovnil iqneba nebismieri sareitingo Tu finansuri dawesebulebis mier; momzadebul unda iqnas finansuri angariSgeba daricxvis meTodiT, sajaro seqtoris buRaltruli aRricxvis saerTaSoriso standartebis Sesabamisad; o Camoyalibebul unda iqnas Sida kontrolis meqanizmi finansuri sakiTxebis Sefasebis mizniT.

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3. Tbilisis

municipalitetis

investiciebis

marTvis

politikisa

da

sxva

finansuri sakiTxebis Sefaseba

Cvens

mier

finansuri gamoyofiT,

poziciis

diagnostika finansuri

iwyeba

rigi

organizaciuli didi nawilis

sakiTxebis

romlebic

aspeqtebis

mamoZravebel Zalas warmoadgenen.

3.1. wlis ganmavlobaSi proeqtis marTvidan warmoSobili sirTuleebi

pirveladi Sefaseba: biujetis miznebisTvis sainvesticio programebis Sedgena xdeba wliurad municipalitetis yvelaze ufro mniSvnelovani naklovaneba investiciebis

marTvis politikasTan mimarTebaSi gamomdinareobs im faqtidan, rom biujeti mxolod wliurad mzaddeba. meoresmxriv, proeqtebis marTva moiTxovs

mravalwlian investirebis programas iseT tradiciul sferoebTan mimarTebaSi, rogorebicaa infrastruqturis mSenebloba, ganaTlebis, jandacvisa Tu garemos dacvis sferoebis ganviTareba. amgvar proeqtebze gadawyvetilebis miRebisas

gaTvaliswinebul unda iqnas municipalitetis mravalwliani dafinanseba radgan mSenebloba da proeqtireba ZiriTadad ramdenime wels moiTxovs. qalaqis meriis mier ar xdeba amgvari mravalwliani gegmebis SemuSaveba. investirebis erTaderTi programa, romelic warmodgenil iqna CvenTvis, aris ekonomikuri da socialuri ganviTarebis programa (esgp), romelSic mwiri finansuri informacia aris warmodgenili.

ekonomikuri da socialuri ganviTarebis programis (esgp) aRwera

a) zogadi informacia yoveli wlis dasawyisSi, Tbilisis meriis ekonomikuri ganyofileba gamoscems ekonomikuri da socialuri ganviTarebis programas (esgp), romelic aRwers maRali prioritetis mqone ekonomikur sferoebs, romelTa ganviTarebac unda moxdes wlis ganmavlobaSi. es prioritetul sferoebi detalurad aris

gawerili specialur ganviTarebis programebSi, romlebic Teoriulad aRweren Tavad proeqtebs da gaTvaliswinebul arian municipalitetis wliur biujetSi.

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

b) 2007 wlis "esgp" 2007 wlis "esgp" moicavda Semdeg maRalprioritetul ekonomikuri ganviTarebis sferoebs: · · · · · · qalaqis meriis infrastruqturis ganviTareba moqalaqeebis socialuri momsaxureba qalaqis iersaxis gaumjobeseba mmarTvelobis sistemis gaumjobeseba komunaluri momsaxurebis ganviTareba arsebuli ekonomikuri mdgomareobis gamyareba prioritetul sferoebze dayrdnobiT, proeqtebis

zemoTaRniSnul

ganxorcielebis gegmaSi, romlebic Sefasda daaxloebiT 382 milion larad, CarTul iqna Semdegi ganyofilebebi da saxelmwifo kompaniebi:

qvemoT aRwerilia calkeuli ganyofilebebis mier organizebuli proeqtebi da "esgp"-sTan dakavSirebuli Tanxebi. 2007 wlis biujeti Sedgenil iqna proeqtebze dayrdnobiT. TanxebSi Setanil iqna garkveuli koreqtirebebi, Tumca proeqtebis ZiriTadi struqtura ar Secvlila. ü aRniSnuli proeqtebis SemuSaveba xdeba yovelwliurad; ü mravalwliani programebi da Tanxebis gacemis grafiki ar aris gawerili; ü viTardeba mxolod maRali prioritetis mqone sferoebi rogorc aRwerilia zemoT. SeimCneva proeqtebis detaluri aRweris simcire; ü ar aris miTiTebuli proeqtebis dasrulebisaTvis saWiro dro: teqnikuri ganrigis ararseboba; ü ar à aris miTiTeba Tbilisis meriis Sesabamis finansur

SesaZleblobebze. Sesabamisad sakmaod rTulia prioritetebis gansazRvra.

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"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

à à

warmodgenili finansuri elementebi mcirea monacemebi arasrulia (ganrigi, proeqtis erTeulebi,

geografiuli monacemebi, amocanebi) à à warmodgenili ar aris ganrigi, romelSic mocemuli iqneboda sxvadasxva proeqtebis saorganizacio sakiTxebi "esgp" sakmaod gvian mzaddeba, TiTqmis Sua wels (2007 wlis ivlisSi), sakmaod mcirea momdevno wlis biujetis

SedgenasTan dakavSirebuli elementebi

g) ekonomikuri ganviTarebis ganyofilebis 2008 wlis biujetis proeqti "esgp"-s farglebSi dasufTavebis samsaxuri 1. Ria sanagve teritoriebis dasufTaveba da Semdgomi dabinZurebisgan dacva 2. Tbilisis quCebis dasufTaveba da sanagve bunkerebamde nagvis

transportirebis organizeba 3. im nagvis bunkerebis sadezinfeqcio samuSaoebi, romlebic ganTavsebulia sacxovrebeli korpusebis qveS raioni: gladni / naZaladevi 1. 3. sacxovreblad saSiSi binebis rekonstruqcia ganaTleba 2. raionis gamwvanebis samuSaoebi 4. stadionebis mSenebloba 5. socialuri programa: socialurad daucveli fenisaTvis ufaso

sasadiloebis organizeba 6. gzis safaris SekeTeba

raioni: isani/samgori 1. gamwvanebis samuSaoebi 2. kompensaciebi sacxovrebeli binebisaTvis 3. ganaTebis sistemis rekonstruqcia 4. gzis safaris SekeTeba 5. socialuri 6. ganaTleba programa: socialurad daucveli fenisaTvis ufaso

sasadiloebis organizeba

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.2. ganyofilebebs Soris dialogis ararseboba: sabuRaltro / ekonomikuri

/ teqnikuri / qonebis marTvis erT-erTi SesaZlo mizezi, ris gamoc iqmneba sirTuleebi mravalwliani

proeqtebis marTvis gamocdilebasTan mimarTebaSi, mdgomareobs Tbilisis meriis sxvadasxva kerZod es administraciul exeba ganyofilebebs ekonomikur, Soris dialogis da ararsebobaSi. marTvis

sabuRaltro,

teqnikur

qonebis

ganyofilebebs. amgvari dialogi gadamwyvetia mravalwliani proeqtebis marTvisaTvis.

informaciis xarisxis uzrunvelyofa, resursebis gacvla, monacemebis ganaxleba da saukeTeso praqtikisa da gamocdilebis gaziareba aris warmatebis ramdenime ZiriTadi faqtori mravalwliani sainvesticio politikis danergvaSi. amgvarma dialogma unda uzrunvelyos sainvesticio politikis gamWvirvaloba, rac

waadgeba rogorc Sida gadawyvetilebebis miRebis process, aseve demokratiul procesebs qveynis SigniT da dadebiTad imoqmedebs angariSvaldebulebze qveynis gareT.

dReisaTvis, biujetis Sesruleba da aqtivebis marTva Tbilisis meriis mier: - xorcieldeba sxvadasxva ganyofilebebis meSveobiT rac ar warmoadgens

unificirebul sistemas; - ar xorcieldeba erTian kompiuterul sistemaSi (FoxPro gamoiyeneba biujetis SesrulebisaTvis, "Excel" sabalanso angariSgebisaTvis, "Word" aqtivebisaTvis, a.S.); - ar aris Tavmoyrili erTian dokumentSi (ixileT sabalanso angariSgeba)

erTian sabalanso angariSgebaSi ar aris Tavmoyrili yvela finansuri elementi: biujetis Sesruleba xdeba finansuri ganyofilebis mier FoxPro-Si, sxvadasxva samsaxurebidan Tanxis gacemaze moTxovnis miRebisas,

romlebic warmoadgenen informaciis erTaderT wyaros momavalSi gadasaxdeli zusti Tanxis Taobaze (daricxvis meTodi). qonebis marTva xorcieldeba qonebis marTvis ganyofilebis mier "Excel"-is cxrilis meSveobiT, romelic paralelurad eqvemdebareba cvlilebebs. municipaluri dividendebis mier "Word"-Si.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 15

sawarmoebis

wilis

marTva (finansuri ekonomikuri

analizi +

politika) xorcieldeba

ganyofilebis

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

-

sesxis marTvis procesebi ar aris Tavmoyrili erTian dokumenSi finansuri ganyofilebis mier: calkeuli sesxi imarTeba

individualurad.

sabalanso

angariSgebis

Sedgenis

sirTule

dakavSirebul

mxareTa

da

sainformacio wyaroebis raodenobis gaTvaliswinebiT:

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

16

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3. jansaRi finansuri garemo SezRuduli avtonomiis pirobebSi

3.3.1. jansaRi finansuri garemo 3.3.1.1. Tbilisis finansuri mdgomareobis mimoxilva TbilisSi aris jansaRi finansuri garemo saqarTvelos biujetis kontrolis kuTxiT. SeimCneva sesxebis dafarvis maRali potenciali.

sesxis mTliani TanxiT (82,5 milioni lari) unda moxdes valis1 gadaxda maqsimum naxevar welSi, Sesabamisad, aRniSnuli miiCneva karg finansur mdgomareobad. à mTlianad Tbilisis finansuri mdgomareoba sakmaod myaria. valis Tanxa mcirea da ar arsebobs mimdinare deficiti.

1

arCeuli koeficienti (valis wlebSi dafarvis unari) agebulia imis gaTvaliswinebiT, rom municipalitets SeuZlia arCevanis gakeTeba kapitalur danaxarjebsa da valis dafarvas Soris, rac ufro martivia, vidre mimdinare danaxarjebi. aqedan gamomdinare, koeficienti gviCvenebs sesxis dasafarad saWiro wlebis raodenobas (ZiriTadi Tanxa + procenti) Tu prioriteti mieniWa vals da ara kapitalur danaxarjebs. Sesabamisad aRniSnuli koeficdienti miznad isaxavs municipalitetis valis dafarvis unaris Sefasebas da deficitis Taviadn acilebas.

17

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3.1.2.

Semosavlebi Semosavlebis globaluri analizi

3.3.1.2.1.

Tbilisis meriis Semosavlebi gaizarda 54 milioni lariT 2005 dan 2006 wlamde periodSi. es ZiriTadad gamowveulia saxelmwifo transferebis zrdiT, amave dros, kanonmdeblobis cvlilebasTan erTad Semcirda sagadasaxado

Semosavlebi. 2006-dan 2007 wlamde periodSi mTliani Semosavlebi gaizarda 83 milioni

lariT. amgvari zrda gamoiwvia arasagadasaxado Semosavlebis zrdam (saTamaSo biznesisa da dasufTavebis mosakrebeli) da kapitalurma Semosavlebma (saxelmwifo sakuTrebaSi arsebuli miwis, kerZod ki lisis tbisa da mimdebare teritoriebis gayidva).

3.3.1.2.2.

sagadasaxado Semosavlebi (mTliani Semosavlebis 91%-dan

70%-mde)

sagadasaxado Semosavlebi warmoadgens qalaqis Semosavlebis umetes nawils da Sesabamisad Seadgens 91%, 65% da 70% 2005-2007 wlis ganmavlobaSi. sagadasaxado Semosavlebi Semcirda 2006 wels da gaizarda 2007 wels, Tumca Seadgina 2007 wlis mTliani Semosavlebis ufro mcire nawili arasagadasaxado Semosavlebisa da kapitaluri Semosavlebis zrdis fonze.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

cvlilebebi: ü 2006: cvlilebebi: mogebis mTliani sagadasaxado gadasaxadi, romelmac Seadgina iqna 2005 wlis

Semosavlebis

40% gadatanil

saxelmwifo

biujetze da Canacvlebul iqna saxelmwifo transferiT. ü 2007: saTamaSo adgilobrivi biznesis gadasaxadi reklasificirebul mxolod iqna da rogorc qonebis

mosakrebeli,

Sesabamisad

mogebisa

gadasaxadebi warmoadgens sagadasaxado Semosavlis wyaros. sagadasaxado Semosavlebis zrda mosalodnelia 2007 wels 82,416 aTasi lariT. aRniSnuli tendenciiT. municipalitetis warmomadgenlebis (40%) ganmartebis mixedviT, moxdeba mogebis zrda ZiriTadad gamowveulia mogebis gadasaxadis mzardi

gadasaxadis zrda am gadasaxadis mkacri administrirebiT 2007 (60%) da agreTve sagadasaxado bazis zrdiT mzardi ekonomikis pirobebSi. momdevno

wlebSi, sagadasaxado Semosavlebis zrdis tendencia calsaxad ukavSirdeba qveynis ekonomikis ganviTarebas. 3.3.1.2.3. arasagadasaxado Semosavlebi (mTliani Semosavlebis 2%-

dan 9%-mde) 3 zogadi mimoxilva mTlian SemosavlebSi arasagadasaxado Semosavlebis wili SedarebiT mcirea 2005 da 2006 wels da Seadgens mTliani Semosavlebis mxolod 2%.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 19

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

aRniSnuli Semosavlebis zrda mosalodnelia 9%-iT 2007 wels, rac savaraudod Seadgens 48,540 lars da gamowveuli iqneba adgilobriv mosakreblebTan

dakavSirebuli kanonmdeblobis cvlilebiT, konkretulad ki yofili saTamaSo biznesis gadasaxadis adgilobriv mosakreblad klasificirebiT.

3 arasagadasaxado Semosavlebis analizi

a) saxelmwifo mosakrebeli saxelmwifo mosakrebeli warmoadgens arasagadasaxado Semosavlebis SedarebiT mcire nawils. amgvari gadasaxadi moicavs: Ø bunebrivi resursebis gamoyenebis mosakrebeli Ø sabaJo mosakrebeli Ø savaldebulo samxedro samsaxuris gadavadebis mosakrebeli

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 20

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

b) adgilobrivi mosakrebeli savaraudoa adgilobrivi mosakreblis mkveTri zrda 2007 wels, rodesac igi miaRwevs mTliani arasagadasaxado biznesisa da Semosavlebis dasufTavebis 72%-s. es ZiriTadad SemoRebiT. gamowveulia saTamaSo mosakreblis

aRniSnuli ori saxis gadasaxadis jami Seadgens 2007 wlisTvis dagegmili mTliani adgilobrivi mosakreblis 95%-s: saTamaSo biznesis mosakreblidan Tanxa Seadgens daaxloebiT 18 milion lars, xolo dasufTavebis mosakrebeli 14, 9 milion lars.

2005

wlis

Semdgom,

gare

vaWrobis

nebarTvis,

iseve

rogorc

reklamis,

sazogadoebrivi adgilebiT sargeblobis SezRudvis nebarTvis, arqiteqturuli obieqtis struqturul-funqciuri wyobisa da iersaxis Secvlis nebarTvis da avtotransportis parkirebis nebarTvis mosakreblebi gauqmebul iqna saqarTvelos adgilobrivi mosakreblebis Sesaxeb kanonis cvlilebiT. g) qonebis ijara am tipis Semosavali miiReba rogorc saxelmwifo sakuTrebaSi myofi miwisa da qonebis ijaridan, aseve im miwisa da qonebis ijaridan, romelsac marTavs Tbilisis meria da romelic ekuTvnis Tavad Tbilisis merias. aRniSnulma Tanxebma 2007 wels miaRwia mniSvnelovan zRvars - 2,8 milion lars. Tbilisis merias ar SeuZlia gaakeTos momavali wlebis prognozi, Tumca SesaZloa ijaridan miRebuli Semosavlis kleba 2008 wels mosalodneli miwis gayidvisa da privatizaciis procesis gamo.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

21

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

d) Semosavali gaweuli momsaxurebidan 2005 da 2006 wlebSi gaweuli momsaxurebidan Semosavlis didi nawili

ZiriTadad miRebulia ganaTlebis sferodan.

municipaliteti elis aRniSnuli Semosavlis wyaros mniSvnelovan Semcirebas. e) dividendebi sakuTari sawarmoebidan Tbilisis romelTa municipaliteti umetesoba warmoadgens rigi sawarmoebis zogi damfuZnebels, gascems

TviTdafinansebaze

imyofeba.

maTgani

dividendebs mflobelebze, rac 2007 welaTvis savaraudod Seadgens 562,000 lars. es dividendebi daangariSebulia martivi meTodiT: isini warmoadgenen kompaniis wminda mogebis 50%-s. ori kompania gascems yvelaze msxvil dividendebs qalaqis municipalitetze. esenia "TbilqalaqganaTeba" da "saniavRvre meurneoba". "TbilqalaqganaTebidan" miRebuli dividendebi Seadgens 296.9 aTas lars, rac warmoadgens 2006 wels dividendebidan miRebuli Semosavlebis daaxloebiT 48%s. municipaluri sawarmoebis raodenoba, romlebis gascemen dividendebs gaizarda 76-dan 89-mde 2005-dan 2006 wlamde periodSi da mcired gaizarda 2007 wels 93-mde. dividendebidan miRebuli mTliani Semosavali dramatulad ar Secvlila bolo wlebis ganmavlobaSi da ar aris mosalodneli maTi mniSvnelovani cvlileba 2007 wels. dividendebis CamonaTvali, romelTa miRebac mosalodnelia 2007 wels sawarmoTagan naCvenebia qvemoT cxrilSi (Tanxa larSi):

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

(SeniSvna: dividendi Sps.-dan "Tbilisis wyali" miiCneva nulis tolad)

aRniSnuli elementebi mocemulia qvemoT "aqtivebSi" .

v) saqarTvelos

jarimebi da sauravebi sagadasaxado, arasagadasaxado da kapitaluri Semosavlebis

biujetebs Soris ganawilebis Sesaxeb kanonis Sesabamisad, qalaqis meriis mier jarimebidan da sauravebidan miRebuli Tanxis nawili rCeba qalaqis biujetSi, maSin rodesac meore nawili gadairicxeba saxelmwifo biujetSi. 2006 wlis Semosavlebis yvelaze didi nawili ganekuTvneboda sagzao wesebis darRvevidan da samSeneblo saqmianobidan miRebul jarimebs. aRniSnuli kanonis Sesabamisad, sagzao wesebis darRvevisTvis jarimis Tanxis 60% da samSeneblo saqmianobis darRveviT warmoebisTvis jarimis Tanxis 100% gadairicxeba saxelmwifo biujetSi. z) Semosavali sesxidan, depozitidan, a.S. aRniSnuli Semosavlebi miRebulia saprocento Semosavlidan, romelic

daricxulia sabanko angariSebze saqarTvelos komerciul bankSi.

3.3.1.2.4. Tbilisis

kapitaluri Semosavlebi (mTliani Semosavlebis 3 dan 19%mde) moaxdina privatizaciis am procesis procesidan inicireba, miRebulma

municipalitetma

romelic sakmaod kargad ganviTarda 2006 wels.

Semosavalma Seadgina 44,9 milioni lars, rac warmoadgens 2006 wlis mTliani Semosavlebis 10%-s. mTliani kapitaluri Semosavlebi gaizarda 106.9 milion laramde 2007 wels, rac ZiriTadad gamoiwvia saxelmwifo sakuTrebaSi arsebuli miwis gayidvam (ZiriTadad lisis tbisa da mimdebare teritoriebis gayidvam). gasuli wlis kapitaluri Semosavlebis yvelaze didi nawili gamomdinareobs saxelmwifo sakuTrebaSi arsebuli qonebis gayidvidan, romelsac marTavs

Tbilisis municipaliteti. 2008 wels navaraudevia, rom saxelmwifo sakuTrebaSi

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 23

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

arsebuli

Tbilisis

arasameurneo

miwis

gayidvidan

miRebuli

Semosavali

Seadgens kapitaluri Semosavlebis yvelaze did nawils.

3.3.1.2.5.

transferebi,

sesxebi

da

sxva

Semosavali

(mTliani

Semosavlebis 23%-dan 1%-mde) saxelmwifo biujetidan miRebuli faqtiuri transferi 2005 wels Seadgenda 3.4 milion lars, rac 2006 wels gaizarda 105.9-mde. qalaqis 2007 wels ar ar aris

mosalodneli

saxelmwifo

transferi, radgan

meria

saWiroebs

specialur transfers deficitis dasafarad. imavdroulad, municipaliteti gzebis reabilitaciisaTvis. miiRebs sesxs aRniSnuli (kuveitis dafinanseba) qalaqis angariSgebaSi

sesxi

finansur

warmodgenilia Semosavalis saxiT vinaidan aRricxvisaTvis gamoiyeneba sakaso meTodi. transferebis, sesxebisa da sxva Semosavlebis CamonaTvali 2006 da 2007 wlebSi mocemulia qvemoT:

3.3.1.3. 3.3.1.3.1. danaxarjebis globaluri analizi

Tbilisis danaxarjebis buneba mniSvnelovnad Seicvala 2005 wlis Semdgom. mTliani danaxarjebi gaizarda 40%-iT 2005-dan 2007 wlamde periodSi. kapitaluri danaxarjebi mniSvnelovnad, 91%-iT gaizarda.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 24

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

mimdinare danaxarjebic gaizarda aRniSnuli periodis ganmavlobaSi (9%). es ZiriTadad gamowveulia ganaTlebis, sacxovrebeli da komunaluri xarjebis zrdiT da saxelfaso xarjis SemcirebiT. finansuri danaxarjebi gaizarda 10%iT, Tumca es warmoadgens mTliani Tanxis mcire nawils. kapitaluri da mimdinare danaxarjebis zrdis tendencia SesaZloa aixsnas imiT, rom qalaqSi mimdinareobs masStaburi sarekonstruqcio samuSaoebi.

Cven ver SevZeliT danaxarjebis detalurad ganxilva qalaqis meriis finansuri samsaxuris ufrosTan erTad.

Semdegi sakiTxebis analizi moxda dokumentaciaze dayrdnobiT da ganxilul iqna calkeuli saoperacio samsaxurebis xelmZRvanelebTan. 3.3.1.3.2. mimdinare danaxarjebi (+9%)

mimdinare danaxarjebi izrdeba 22.5 milioni lariT 2005 dan 2007 wlamde periodSi, rac ZiriTadad gamowveulia sacxovrebeli da komunaluri xarjebis zrdiT (100 mln. lari), aseve sasoflo-sameurneo, satyeo, meTevzeobasTan da nadirobasTan dakavSirebuli danaxarjebiT (25 mln. lari). mimdinare danaxarjebis zrdasTan erTad mcirdeba TanamSromelTa raodenoba da xdeba funqciaTa gadanacvleba. aRniSnuli iwvevs: a) saxelfaso fondisa da dakavSirebuli gadasaxadebis Semcirebas (-35 da 7 mln. lari Sesabamisad) b) socialuri dazRvevis Taxis Semcirebas (-58 mln. lari) c) samedicino dazRvevis Tanxis Semcirebas (10 mln. lari)

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

saxelfaso Semcireba

fondis

SesamCnevad

Semcireba (-75 %), saxelfaso

gadasaxadebis

(-76 %) socialuri dazRvevis Tanxis Semcireba (-73%) gamowveulia

kadrebis SemcirebiT. Tbilisis meriam mniSvnelovnad Seamcira (-72%) TanamSromelTa raodenoba 20052007 wlebis ganmavlobaSi, ZiriTadad zogierTi funqciis SemcirebiT, romelic gaerTianda danaxarjebi saxelmwifos periodis funqciebSi. Sedegad, ganmavlobaSi xelfasebTan dakavSirebuli Tumca

proporciulad

Semcirda,

TanamSromlis saSualo Rirebuleba TiTqmis ucvleli darCa.

meoresmxriv, amgvari Semcirebis rogorebicaa: ü rogorc ukve aRiniSna,

proporciulad gaizarda

zogierTi xarji,

2005-2007

wlebSi

izrdeba zrda

sacxovrebeli aixsneba

da

komumaluri

momsaxurebis

xarji. aRniSnuli

saarCevno

periodSi proeqtebis ganviTarebiT. danaxarjebis aRniSnuli muxli 2006 wlis biujetSi-137, xolo 2007 wlis biujetSi daaxloebiT 148 mln. lars aRwevs. ü ganaTlebis xarji Seadgens 10 mln. lars.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 26

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3.1.3.3.

kapitaluri danaxarjebi (+ 91%)

kapitaluri danaxarjebis +142 mln. lariT zrda 2005-2007 wlebSi ZiriTadad aixsneba sacxovrebeli da komunaluri momsaxurebis msxvili kapitaluri danaxarjiT (127 mln. lari), sazogadoebriv saqmianobasTan da (12 mln. lari) da usafrTxoebasTan (9 MGEL) dakavSirebuli danaxarjebiT.

ar aris SemuSavebuli strategia momdevno wlebis kapitaluri danaxarjebis prognozirebisaTvis. finansuri samsaxuris xelmZRfvanelis TqmiT, amgvari

strategia samomavlod SemuSavebuli iqneba. 3.3.1.4. aqtivebi da valdebulebebi 3.3.1.4.1. o aqtivebi

ZiriTadi saSualebebi 2006 wlis 31 dekembris mdgomareobiT

2003 wlamde Tbilisis meria angariSvaldebuli iyo saqarTvelos finansTa saministros winaSe misi ZiriTadi saSualebebiT da maragebiT, ganyofilebebis da Sesabamisi sabiujeto dawesebulebebis CaTvliT. aRniSnulTan mimarTebaSi meria waradgenda wliuri samuSaoebis angariSs. Tumca, 2003 wlis Semdgom Seicvala angariSis wardgenis moTxovnebi finansTa saministros mier da meria aRar awarmoebs aRniSnul angariSebs.

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

o informacia

finansuri aqtivebi moipoveba mxolod finansuri aqtivebis Sesaxeb (saxelmwifo

sakuTrebaSi myofi dawesebulebebi). amgvari aqtivebis kategoriis mTliani Tanxa utoldeba 389 mln. lars. 2007 wels qalaqis meria flobda 225 kompaniis sakontrolo aqciaTa pakets. maT Soris Sps. "Tbilwyalkanali" da "Tbilisis metropoliteni" TbilisisTvis strategiuli mniSvnelobisaa. aRniSnuli kompaniebi sakuTari saqmianobiT

damoukideblebi arian qalaqis meriisgan da maTi iuridiuli formaa - "S.p.s.". kompaniebi imarTeba saqarTvelos "samewarmeo saqmianobis Sesaxeb kanonis" Sesabamisad (28/10/1994). kompaniebs ar SeuZliaT sesxis aReba Tbilisis meriis sakrebylos dasturis gareSe, radgan meria warmoadgens sakontrolo paketis mqone aqcioners. ufro metic, aRniSnuli kanonis Tanaxmad, Tbilisis meria ar aris

pasuxismgebeli am kompaniebis valdebulebebze da ar aris valdebuli dafaros maTi valebi likvidaciis SemTxvevaSi. Tumca, qonebis marTvis samsaxuris

finansuri angariSgebze dayrdnobiT, meria regulagulad gascems mniSvnelovan Tanxebs aRniSnul kompaniebze subsidiebis saxiT.

o Cven

Tbilisis wili informacia 225 sawarmos Sesaxeb, romelTac akontrolebs

movipoveT

Tbilisis meria 2007 wlis ganmavlobaSi. am kompaniebis umetesoba moRvaweobs jandacvis sferoSi saqarTveloSi. 225 kompaniidan2, pirveli 10 kompaniis aqtivebis mTliani Rirebuleba Seadgens 94 % -s meriis mier flobili kompaniebisa (ixileT cxrili qvemoT).

2

qarTul-avstriuli ss. gaiyida 2007 wlis maisSi daaxloebiT 62 mln. larad. 28

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

kontrolirebadi warmoadgens

sawarmoebis mTlianad

ZiriTadi

nawili

(211

sawarmo

225-dan,

rac meria

94%-s)

Tbilisis

meriis

mflobelobaSia.

warmoadgens 13 sawarmos Tanamflobels. TanamflobelobaSi myofi meToTxmete sawarmo, sadac Tbilisis meriis wili Seadgenda 102 mln. lars, gayidul iqna maisis TveSi.

o dividendis

dividendebi saxiT miRebulia 562,240 lari 2007 wlis ganmavlobaSi, rac

meriis flobelobaSi myofi kompaniebSi 390 mln. laris odenobis wilidan warmoadgens aqtivebis 1%-ze naklebs. aRniSnuli maCvenebeli Semcirda 2006 wels ganviTarebadi privatizaciis procesTan SedarebiT, Tumca mkveTrad gaizarda 2005 maSin welTan SedarebiT (+111 aTasi lari). zrda ricxvi, ZiriTadad gamowveulia sawarmoTa finansuri Sedegebis gaumjobesebiT. rodesac kontrolirebadi sawarmoebis romelTaganac miiReba dividendebi izrdeba 22%-iT 2005-2007 wlebSi, misaRebi dividendebis mTliani Tanxa izrdeba 25%-iT.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

dividendebi -

ZiriTadad

miiReba

10

kompaniidan,

rac

Seadgens

mTliani

dividendebis 73%-s. "TbilqalaqganaTebidan" miRebuli dividendebi Seadgens meriis mier miRebuli dividendebis 44%-s. jandacvis sferoSi moRvawe bevri kompania Sedis Tbilisis meriis mflobelobaSi myof 10 yvelaze momgebian kompaniaTa ricxvSi. maTgan dividendebi Seadgens 1-dan 2%-mde da moicavs pirvel aTeulSi myof 6 kompanias.

3.3.1.4.2.

valdebulebebi

qalaqis municipaliteti ar awarmoebs buRaltrul aRricxvas da Sesabamisad Cven ver miviReT informacia valdebulebebis Taobaze.

o Tbilisis

naRdi fuli municipalitetis sabuRaltro ganyofilebis fuladi mier mowodebuli sabanko Sesabamisad, 2007 wlis

informaciis

dasawyisSi

Tanxebi

angariSebze mcirea da Seadgens 1,288 aTas lars, rac warmoadgens erTi dRis angariSsworebisaTvis saWiro Tanxaze naklebs.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

o Tbilisis Tbilisis

sesxis valdebulebebi municipalitetis municipalitets finansuri gaaCnia samsaxuris sesxebi xelmZRvanelis 2005 TqmiT,

mimdinare

wlidan, rogorc

mocemulia qvemoT: (cxrili Sedgenilia ernst end iangis mier, municipalitetis

mier mowodebul monacemebze dayrdnobiT)

-

municipalitetma

2005

wels

xeli

moawera

ramdenime iqnas 11

sesxis wlis

xelSekrulebas. aRniSnuli -

sesxebi

dafarul

unda

ganmavlobaSi, xolo sesxis Tanxa 2007 wlis Semdgom 49,010 laria. 2005 wels xeli da moewera ganviTarebis sesxis xelSekrulebas Tbilisis evropis

rekonstruqciisa

fondTan

transportis

proeqtis dafinansebis mizniT. sesxi dafarul unda iqnas 6 wlis ganmavlobaSi. 2007 wlis Semdgom dasafari Tanxa Seadgens 8 061 aTas lars. gzebis rekonstruqciisaTvis kuveitidan sesxi miRebulia 2007 wels da dafarul unda iqnas 14 wlis ganmavlobaSi.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

zemoT moyvanili cxrilebi warmoadgens valebis dafarvis grafikebs (ZiriTadi Tanxa + procenti) wlebis mixedviT 2019 wlis CaTvliT. mocemulia kuveitidan miRebuli sesxis dafarvis prognozi, radgan am etapze ar aris Sedgenili am sesxis dafarvis grafiki. sesxis dafarvis winamdebare grafiki gviCvenebs momdevno 12 wels. sesxis didi nawili 2009-dan 2011 wlamde periodSi iqneba dafaruli. sesxis dafarvis grafiki larSi

Loan Repayme nt Schedule 12 000 10 000 in GEL 8 000 6 000 4 000 2 000 2007 2008 2009 2010 2011 2012 2013 Principal 2014 2015 Interest 2016 2017 2018 2019 2020

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3.2. biujetis warmatebiT Sesruleba warmatebiT muxlebi. 3.3.2.1. danaxarjebis biujetis Sesruleba sruldeba biujetis rogorc danaxarjebis aseve Semosavlebis

Tbilisis meriis finansuri angariSgeba xasiaTdeba biujetis warmatebiT SesrulebiT. 2005 wlis ganmavlobaSi, sxvaoba pirvelad biujetsa da

faqtobriv monacemebs Soris Seadgenda: o o mimdinare danaxarjebisaTvis 98%-ze naklebs kapitaluri danaxarkebisaTvis 92%-ze naklebs

igive tendencia SeimCneva 2006 wels. aRniSnuli ganakveTebi miuTiTebs pirveladi biujetis sworad Sedgenisa da Semdgomi kontrolis unarze da iwvevs ndobas municipalitetis samomavlo biujetirebis procesis mimarT. gansakuTrebuli yuradReba unda mieqces pirveladi biujetis gadaxedvis process, rodesac rogorc wesi izrdeba wlis biujeti da mcirdeba misi Sesrulebis albaToba.

3.3.2.2. Semosavlebis biujetis Sesruleba

2005 da 2006 wlebis mimdinare ganakveTebidan Cans biujetis 92%-iT an ufro metiT Sesrulebis potenciali momdevno wlebSi Semosavlebis TiToeuli kategoriisaTvis. 2007 wlis biujetis Sesrulebis prognozi efuZneba am saSualo ganakveTebs.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3.3. SezRuduli avtonomia 3.3.3.1. finansuri avtonomiis globaluri SezRudva aRniSnul dadebiT pozicias adgili aqvs SezRuduli finansuri avtonomiis pirobebSi. o Tbilisis Sesabamisi mimdinare Semosavlebis an ganzrda/Semcireba SesaZloa

ganakveTebis

mosakreblis

cvlilebiT. aRniSnuli

arasaodes yofila maRali TbilisSi da zrdis Semdgom Seadgens mTliani Semosavlebis 5%-ze naklebs. o meoresmxriv, gamyarda sagadasaxado Semosavlebis sistema. 2005-2006 wlebSi sagadasaxado Semosavali Semcirda 97%-dan 73%-mde, sadac 26% warmoadgenda transfers saxelmwifos mxridan. Seadgens 2006 wlis biujetSi sagadasaxado Semosavali mimdinare

Semosavlebis 70%-s.

amasTan, 2007 wlis biujetSi arasagadasaxado Semosavlebis zrdiT, Tbilisis municipaliteti kargavs axali Semosavlebis finansur marJas.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3.3.2. gavlena Semosavlebis TiToeul kategoriaze 3.3.3.2.1. sagadasaxado Semosavlebi: gadasaxadebis raodenobis Semcireba saqarTvelos sagadasaxado kodeqsis cvlilebis Sesabamisad, romelic ZalaSi 2005 wels Sevida, eqvsi saxis adgilobrivi gadasaxadidan ZalaSi darCa ori. (saTamaSo biznesis gadasaxadi da da qonebis gadasaxadi). Soris da sagadasaxado ganawileba kapitaluri

Semosavlebis gansazRvrulia

centralur saqarTvelos

adgilobriv

mTavrobas

sagadasaxado,

arasagadasaxado

Semosavlebis biujetebs Soris ganawilebis Sesaxeb kanoniT. 2005 fiskaluri wlis ganmavlobaSi Tbilisis biujetSi Sevida Semosavali mogebis, iqonies saSemosavlo, Tbilisis qonebis da saTamaSo biznesis gadasaxadis da saxiT. Sedegad

aRniSnul kanonSi Sevida ori mniSvnelovani cvlileba, romelTac gavlena municipalitetis sagadasaxado Semosavlebze

mxolod saSemosavlo da mogebis gadasaxadebi rCeba municipalitetis biujetSi. Ø 2005 wlis 17 ivnisis cvlilebebi (ZalaSi Sesvlis TariRia 2006 wlis 1 ianvari) - mogebis gadasaxadi gadavida saxelmwifo biujetSi; Ø 2006 wlis 29 dekembris cvlilebebi (ZalaSi Sesvlis TariRia 2007 wlis 1 ianvari) ­ saTamaSo biznesis gadasaxadi Seicvala da ewoda mosakrebeli, romelic ekuTvnis adgilobriv TviTmmarTvelobis biujets.

saSemosavlo da mogebis gadasaxadebis sagadasaxado ganakveTebi regulirdeba saqarTvelos sagadasaxado kodeqsiT da ar Secvlila 2005 wlis 1 ianvris Semdgom.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

35

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3.3.2.2.

arasagadasaxdo

Semosavlebi:

Tanxebi

mocemulia

maqsimaluri ganakveTiT

Tbilisis arasagadasaxado Semosavlebis did nawils bolo wlebis manZilze adgilobrivi mosakrebeli warmoadgenda. amgvari mosakrebeli (misi buneba da maqsimaluri (ZalaSi zRvari) gansazRvrulia saqarTvelos kanoniT adgilobrivi

mosakreblebis Sesaxeb, romelic Seicvala 2006 wlis 29 dekembris mdgomareobiT Sesvlis TariRi 2007 wlis 1 ianvari). am didi kanonis ukanaskneli Semcirda da

cvlilebebiT

licenziebidan

mosakreblebis

raodenoba

warmodgenil iqna axali tipis mosakreblebi. 2006 wlis 29 dekembers miRebul iqna agreTve axali kanoni saTamaSo biznesis mosakreblis Taobaze, romliTac ganisazRvra am adgilobrivi mosakreblis buneba da ganakveTebi.

saqarTvelos adgilobrivi TviTmmarTvelobis organoebi uflebamosilni arian daakisron farglebSi. adgilobrivi sakrebulos mosakrebeli mier saqarTvelos aqtebis mosakreblebis Sesabamisad Sesaxeb Tbilisis Semdegi kanonis Sesabamisad da daadginon amgvari mosakreblis ganakveTebi kanonis miRebulia municipalitetisaTvis ganakveTebiT. ganakveTebi maqsimaluria, rac am tipis Semosavlis gazrdis potencials ar tovebs ganisazRvra yvela adgilobrivi mosakrebeli

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

36

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

sxva

arasagadasaxado

Semosavlebi,

romlebic

saxelmwifo da

biujetSi

Sedis

saqarTvelos

sagadasaxado,

arasagadasaxado

kapitaluri

Semosavlebis

biujetebs Soris ganawilebis Sesaxeb kanonis Sesabamisad Semdegia: Ø saxelmwifo mosakrebeli Ø qonebis ijara Ø gaweuli momsaxuebidan miRebuli Semosavali Ø kerZo sawarmoTa dividendebi Ø jarimebi da sauravebi Ø Semosavali sesxidan, depozitidan, a.S. 3.3.3.2.3.

kapitaluri

Semosavali:

Tbilisis

municipalitetis

maqsimaluri ganakveTebi

bolo periodSi kapitaluri Secvlili saqarTvelos biujetebs sagadasaxado, arasagadasaxado Sesaxeb da

Semosavlebis

Soris

ganawilebis

kanonis

Sesabamisad, qalaqis meriis kapitaluri Semosavali SesaZloa miRebul iqnas qonebisa da miwis gayidviT, romelic SesaZloa iyos Tbilisis municipalitetis 100% mflobelobaSi an Seicavdes saxelmwifos wils.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

37

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

saxelmwifo rac

sakuTrebaSi

myofi

qonebis

(romelsac mier

marTavs

Tbilisis

municipaliteti) gayidvidan miRebuli Semosavali 2006 wels sakmaod didi iyo, ukavSirdeba ekonomikis saministros inicirebul privatizaciis

process. ver xerxdeba samomavlo tendenciis gansazRvra, radgan arc qalaqis municipalitetis da arc finansTa saministros mier xdeba privatizaciis gegmis Sedgena. aRniSnul mniSvnelovan naklovanebasTan erTad, municipalitets ar

gaaCnia misi aqtivebis bolo periodis Sefaseba (ixileT qvemoT).

3.3.3.2.4.

saqarTvelos

gadasaxadebis/mosakreblebis administrireba da amoReba

Sesaxeb kanonis Sesabamisad, adgilobrivi saxazino angariSze

sabiujeto sistemis organoebis

TviTmmarTvelobis iricxeba. gadasaxadebis organoebi

Semosavlebi

saxelmwifo

administrirebaze

pasuxismgebelni

adgilobrivi

sagadasaxado Tbilisis

arian.

mosakreblebis

administrireba

ekisrebaT

municipalitetis Sesabamis erTeulebs (dasufTavebis uflebis administrireba xdeba dasufTavebaze licenziis pasuxismgebeli administrireba erTeulis xdeba mier, sazogadoebrivi pasuxismgebeli

transportis

transportze

erTeuli mier, a.S.) yvela gadasaxadi da mosakrebeli iricxeba saxelmwifo saxazino angariSze da moTxovnisamebr xdeba maTi gadatana municipalitetis angariSze.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.3.3.2.5.

municipaluri kompaniebi

2007 wlis maisis mdgomareobiT Tbilisis municipalitetis mier dafuZnebulia 225 sawarmo. aRniSnuli kompaniebis 90%-ze mets 100%-iT floben adgilobrivi gamgeobebi, aRniSnul xolo kompaniaTa am darCenili nawils sawarmoebi SeuZlia ar inyofebian municipalitetis gacema Tbilisis miRebuli nawilobriv mflobelobaSi. dividendebis gaaCnia

municipalitetze.

ukanasknels

sawarmoebidan

dividendebis zrdis globaluri politika. 3.3.3.3.

cvlilebebi:

centralizaciisa

da

decentralizaciis

politikasTan mimarTebaSi adgilobriv TviTmmarTvelobis erTeulebSi biujetis Sedgenis, damtkicebis, Sesrulebisa da koreqtirebis procesebi regulirdeba Semdegi kanonebiT: § § §

saqarTvelos organuli kanoni adgilobrivi TviTmmarTvelobis Sesaxeb saqarTvelos kanoni adgilobrivi TviTmmarTveli erTeulis biujetis Sesaxeb saqarTvelos kanoni saqarTvelos dedaqalaqis Tbilisis Sesaxeb

centralizaciisa da decentralizaciis politika erTmaneTTan

mTavrobis

konfliqtSi modis. saqarTvelom xeli moawera adgilobrivi TviTmmarTvelobis evropuli qartias da amJamad misi ganxorcielebis procesSia. dRevandlamde Tbilisis municipalitets hqonda faqtobrivad mxolod

adgilobrivi Semosavlebis imedi biujetTan mimarTebaSi. dedaqalaqis Sesaxeb kanonisa da saqarTvelos Semosavlebi sagadasaxado Sedgeba kodeqsis Tanaxmad, Tbilisis anu

municipalitetis

damokidebuli

Semosavlebisgan,

saxelmwifo gadasaxadebisgan, romelTac 2004 wels Tbilisis municipalitetis Semosavlebis Sesabamisad, 90% Seadgines, da agreTve damoukidebeli damokidebuli Semosavlebisgan. saxelmwifo

municipaliteti

finansurad

rCeba

gadasaxadebis wilze da ara SeTanxmebul grantebze, romlebzec mas sruli ufleba gaaCnia.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

39

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

am

konfliqtis

Sedegad

saxelmwifom

2006

wels

gadawyvita

gaemyarebina

adgilobrivi TviTmmarTvelobebis damokidebuleba centralur mTavrobaze da gaamkacra iuridiuli da administraciuli winapirobebi municipalitetebisaTvis sesxis aRebasTan mimarTebaSi, iseve rogorc moaxdina gadasaxadebis centralizacia (saSemosavlo gadasaxadi) da maTi transferiT Canacvleba. 3.3.3.3.1. amJamad,

saSemosavlo gadasaxadi mTavroba muSaobs saSemosavlo axal kanonze, romlis wlidan mixedviTac saSemosavlo

saqarTvelos iqneba

centralizebul

gadasaxadi. 2008

gadasaxadi amoRebul iqneba municipalitetis biujetidan da gadatanil iqneba saxelmwifos centralur biujetze. Sesabamisad, saxelmwifo biujetSi Seva saSemosavlo gadasaxadis 100%. saSemosavlo gadasaxadi Seadgens municipalitetis biujetis Semosavlis did nawils. 2007 wlis biujetSi man Seadgina mTliani sagadasaxado Semosavlebis 86% da mTliani mimdinare Semosavlebis 75%. rac Seexeba mogebis gadasaxads, is saxelmwifo biujetze gadatanilia 2006 wlis ianvris mdgomareobiT.

3.3.3.3.2. zemoxsenebuli cvlilebis biujetidan.

transferebi da subsidiebi gadasaxadis ganawilebis Sesaxeb kanonis

saSemosavlo (ixileT

Tanaxmad

zemoT), gaizrdeba xelmZRvanelobas

transferebi ar SeuZlia

saxelmwifo gansazRvros

municipalitetis

transferis zusti Tanxa, Tumca gegmavs danaxarjebis igive proporciiT dacvas. Sesabamisad, saSemosavlo SegviZlia vivaraudoT, Tanxas rom transferis Tanxa am uaxlovdeba daSvebidan

gadasaxadis

umniSvnelo

sxvaobiT.

gamomdinare, SegviZlia ganvsazRvroT 2008 wlis transferis savaraudo Tanxa 2005, 2006 wlebis faqtiuri da 2007 wlis biujetis monacemebiT: 295,000 lari.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.4. arasakmarisi

mimarTebaSi

finansuri

procedurebi

saerTaSoriso

moTxovnebTan

3.4.1. saerTaSoriso

finansuri

procedurebis

moTxovnebi

faqtiur

procedurebTan mimarTebaSi, FoxPro-s CaTvliT 3.4.1.1. (sajaro

"ssbass"

seqtoris

butRalTruli

aRricxvis

saerTaSoriso standartebi)

3.4.1.1.1.

buRaltrerTa

standartis safuZveli

federacia standartebi standartebad ­ sajaro seqtoris komiteti

saerTaSoriso aRniSnuli

SeimuSavebs buRaltruli aRricxvis standartebs sajaro seqtorSi moRvawe subieqtebisaTvis. aRricxvis sajaro seqtoris buRaltruli komitets ("ssbass")

saerTaSoriso

iwodebian.

mniSvnelovnad miaCnia finansuri informaciis Tanmimdevruloba da Sesadarisoba iurisdiqciebs Soris da Tvlis, rom "ssbass" mniSvnelovan rols Seasrulebs aRniSnuli miznis miRwevaSi. "ssbass"-s miReba gaaumjobesebs sajaro seqtoris mier wardgenili finansuri informaciis rogorc xarisxs aseve Sesadarisobas. "ssbass" momzadebulia im sawarmoTaTvis, romelnic iyeneben buRaltruli

aRricxvis daricxvis meTods da sakaso meTods. komiteti aRiarebs saxelmwifosa daadginon da adgilobrivi standartebis wesebi da

maregulirebelTa

uflebas,

finansuri

angariSgebis

buRaltruli aRricxvis standartebi. komiteti miiCnevs, rom amgvari standarti mniSvnelovani Sesadarisobis meTodTan win gadadgmuli nabijia finansuri angariSgebisa aRricxvis da misi xarisxis gasaumjobeseblad da waaxalisebs am buRaltruli standartis sakaso

mimarTebaSi

miRebas. finansuri

angariSgeba miCneul unda iqnas "ssbass"-s SesabamisobaSi myofad mxolod im SemTxvevaSi, Tu is SesabamisobaSia "ssbass"-s yvela moTxovnasTan (ixileT qvemoT).

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.4.1.1.2.

standartis struqtura

sawarmom unda moamzados da warmoadginos zogadi daniSnulebis finansuri angariSgeba Semdegi komponentebiT: 1) fuladi nakadebis angariSgeba, sadac a) aRiarebulia naSTebi; b) calkeul c) mocemulia SeniSvnebi; 2) sawarmos biujeti, mier Sedgenili sajarod xelmisawvdomi da damtkicebuli Tanxebis muxlad aris aRiarebuli politikebi sawarmos da saxeliT mesame sawarmos nebismieri Tanxis miReba, gadaxda da

mxareTa mier ganxorcielebuli gadaxdebi; saaRricxvo axsna-ganmartebiTi

romelSic

mocemulia

biujetisa

faqtiuri

Sedareba calkeuli damatebiTi finansuri angariSgebis an biujetis calke grafis saxiT. 3.4.1.2. FoxPro ­ zogadi axsna-ganmartebebi FoxPro warmoadgens specialur kompiuterul programas, romelSic Tavs iyris biujetTan dakavSirebuli masala. aRniSnuli programa gamoiyeeba biujetis

Sedgenisa da ganaxlebis mizniT, yoveldRiuri operaciebisaTvis (Sesruleba) da angariSgebisaTvis (kvartaluri da wliuri finansuri angariSgebis Sedgena). Cvens mier moxda aRniSnuli programis "ssbass"-sTan Sedareba naklovanebaTa gamovlenis mizniT. 3.4.1.2.1. moTxovnaTa gadamowmeba "ssbass" FoxPro-sTan mimarTebaSi

da municipalitetis wesebi qvemoT moyvanili cxrili saSualebas gvaZlevs SevafasoT, Tu ramdenad

SesabamisobaSia FoxPro "ssbass"-s moTxovnebTan:

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

42

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

"ssbass"-s moTxovnebi 1) fuladi nakadebis angariSgeba sakaso finansuri informacias meTodiT angariSgeba awvdis momzadebuli mkiTxvels Fox

FoxPro-s Sesabamisoba

Pro-s

SeuZlia romelsac

im

informaciis biujetis

periodis Sejameba, Tanxebis naSTebis

igi

ganmavlobaSi miRebuli fulis wyaros Sedgenis procesSi daamuSavebs. Sesaxeb, TariRisaTvis

3

gaxarjuli fuladi

miznobriobis Sesaxeb da saangariSgebo Sesaxeb. (ixileT danarTi 1) aRniSnuli meTodi moiTxovs: · miRebuli danawilebas: grantebi, · sesxebi, Semosavlebi, sxva mTliani gaSifrvas transferebad, danaxarjebad, sesxis saoperacio xarjebis · kapitalur ZiriTad Tanxebis klasebad · programaSi Semosavlebis "ssbass"-s Sesabamisad programaSi xarjebis, SesaZlebelia transferebis, xdeba fuladi moTxovnaTa klasificireba

sagadasaxado, kapitaluri

danaxarjebad,

kapitaluri danaxarjebis, sesxis ZiriTadi Tanxisa da procentis Sejameba da calkeul muxlad

Tanxad da procentad.

·

naRdi

fulis

matebis/klebis

warmoadgena.

ganmartebas sawyis da saboloo naSTebTan mimarTebaSi.

·

programas ar SeuZlia mimdinare saangariSgebo periodSi fuladi nakadebis dakavSireba. sawyis naSTTan

2) sawarmom aRricxvis

unda

moamzados da

da axsna-

warmoadginos politika

buRaltruli

ganmartebebi.

sawarmom

aRniSnuli

finansuri

angariSgebis SeniSnebSi unda:

3

im saangariSgebo periodis bolo dRe, romlisTvisac mzaddeba finansuri angariSgeba 43

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

a) wamoadginos safuZvlisa saaRricxvo romelic da

informacia FoxPro-s specialuri amzadebs iqna warmodgena

monacemebze biujetis

dayrdnobiT, xelmZRvaneloba analitikur

finansuri angairSgebis Sedgenis municipalitetis politikis gamoyenebul

Sesaxeb, mimoxilvas, Tumca ar xdeba SeniSvnebis finansuri mniSvnelovan

mniSvnelovani operaciebis dros; angariSgebis/biujetis da muxlebze. damatebiTi romelic ar aris

b) warmoadginos

informacia, magram fuladi finansuri

asaxuli finansur angariSgebaSi, aucilebelia nakadebis sawarmos utyuarad SeniSvnebi

warmoadgenisaTvis. angariSgebis

wamodgenil unda iqnas sistematurad. fuladi muxlze nakadebis unda angariSgebisa iyos SeniSvnis Tu sxva finansuri angariSgebis nebismier miTiTeba nomerze.

dakavSirebuli

(ixileT danarTi 2) 3) biujetisa da faqtiuri Tanxis a) FoxPro-Si aris miTiTeba biujetze biujetis Sesrulebis dros. sawarmom, romelic sajarod b) FoxPro-Si naCvenebia aris mis naCvenebi mxolod sawyisi xelmisawvdoms xdis mis damtkicebul biujets, unda warmoadginos biujetisa da faqtiuri Tanxebis calkeuli angariSgebis saxiT, Sesabamisi an Sesadarisi damatebiTi biujetis aRniSnuli fuladi angariSgeba finansuri calke standartis

Sesadarisi angariSgeba

biujetis koreqtirebuli Tanxebi da ar Tanxebi standartul

"biujetis Sesrulebis formaSi". Sesabamisad, programa ar axdens angariSgebas romelTac biujetis biujetis damatebul grafa. unda adgili sxvaobebze, hqondaT

grafis

nakadebis angariSgebaSi. biujetisa da faqtiuri monacemebis Sedareba saTanadod cal-calke unda aRwerdes:

koreqtirebisas. Sesrulebis iqnas formaSi amgvari

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

a) biujetis Tanxebs; b) faqtiuri

sawyis

da

saboloo c) biujetis Semosavlebis muxli klasificirebulia "ssbass"-s

Tanxebis

biujetTan

Sedarebas; da c) TandarTuli saxiT sxvaobebis xelmisawvdom faqtiur aris axsna-ganmartebis arsebiTi sajarod da Taobaze Tanxebs

Sesabamisad. (ixileT danarTi 4, "ssbass"-s Semosavlebis Sesaxeb) biujetis xarjebis muxli 1. formati: klasifikacia 2. formati: ekonomikuri klasificikacia klasifikaciis yvela saxis dros gaweuli CamoTvlilia xolo dros danaxarjebis moTxovnebi klasificirebis

ganmartebebs

biujetsa Soris,

Tuki Foxpro xarjebs aRricxavs ori meTodiT: danaxarjebis funqcionaluri

amgvari ganmartebebi CarTuli ar finansur angariSgebasTan sxva ar sajarod da aris dokumentebSi dakavSirebul xelmisawvdom maTze (Sesadarisi

miTiTeba

TandarTul SeniSvnebSi . finansuri angariSgebis ekonomikuri magaliTisTvis ixileT danarTi 3)

saoperacio da kapitaluri danaxarji, funqcionaluri aRniSnuli funqciaTa klasifikaciis danaxarjebi (sferoebis)

Sejamebulia mixedviT.

funqcionaluri akmayofilebs Sesabamis xarjebis

klasifikacia "ssbass"-s . (ixileT

klasifikacias.

danarTi

xarjebis Taobaze)

5,

"ssbass"-s zogadi

moTxovnebi klasifikaciis

Tumca FoxPro-Si SesaZlebelia biujetis Sesrulebis da angariSis orgvarad warmodgena danaxarjebis ekonomikurad funqcionalurad klasificirebis

gziT.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

45

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

biujetis

Sesruleba

(ekonomikurad danaxarjebi) xarjis CamoTvlili

klasificirebuli warmoadgens TiToeuli · · · · qvemoT

monacemebs

kategoriisaTvis: wliuri biujeti periodis valdebulebebi4 faqtiuri

5

koreqtirebuli

manZilze

koreqtirebuli biujeti

danaxarjebi,

standartuli da winaswar dafaruli6 · · daricxuli danaxarjebi7 mTliani standartuli, danaxarjebis jami (ixileT danarTi 6) biujetis Sesruleba (funqcionalurad klasificirebuli xarjebi) yofs danaxarjebs funqciebad da monacemebs Semdegnairad ajgufebs: · · wliuri biujeti periodis mimdinare da ganmavlobaSi biujeti kapitaluri cal-calke koreqtirebuli danaxarjebi, winaswar

dafaruli da daricxuli

koreqtirebuli danaxarjebis warmodgeniT

5

valdebulebebi-periodis valdebulebebi xelmowerili Sekrulebebis safuZvelze. standartuli danaxarji: samuSao Sesrulebulia, Sesabamisi dokumentacia xelmisawvdomia da valdebuleba Camowerilia. 6 winaswar gadaxdili Tanxebi: samuSao jer ar dawyebula, arsebobs mxolod kontraqti da Tanxa winaswar aris gadaxdili. 7 daricxvebi: samuSao Sesrulebulia, arsebobs Sesabamisi dokumentacia, Tumca municipalitets Tanxa jer ar gadauricxavs.

4

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

46

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

·

naRdi mimdinare

angariSsworeba, da kapitaluri cal-calke

danaxarjebis warmodgeniT

3.4.1.2.2.

daricxvis meTodi

angariSgebis daricxvis meTodis gamoyenebisas saxelmwifo/sajaro struqturis ekonomikuri movlenebis aRiareba xdeba imisda miuxedavad Tu rodis hqonda fulad operacias aRiareba adgili. xdeba zogad ideas warmoadgens xarjebTan is, rom ekonomikuri (Sejerebis

movlenis

Semosavlebis

SejerebiT

principiT) drois im monakveTSi, rodesac adgili aqvs operacias da ara maSin, rodesac moxda gadaxda (an Tanxis miReba). aRniSnuli meTodi saSualebas iZleva erToblivad aisaxos mimdinare da samomavlo fuladi nakadebi, raTa ufro zustad iqnas danaxuli kompaniis mimdinare finansuri pozicia. buRaltruli aRricxvis daricxvis meTodi miiCneva standartul sabuRaltro praqtikad mravali kompaniisTvis garda iseTi kompaniebisa romelTac aqvT Zalian mcire moculobis operaciebi. aRniSnuli meTodi warmoadgens ufro zust mimdinare suraTs. sakaso meTodis dros ki piriqiT, operaciis aRiareba xdeba mxolod fuladi operaciis Semdgom. es ar aris "ssbass"-s winapiroba, Tumca "ssbass"-iT miiCneva, rom sakaso meTodis dros TandarTuli unda iyos ufro meti SeniSvna grZelvadian sakiTxebTan mimarTebaSi (sesxi, kontraqti). Tbilisis municipalitetis mier ar xdeba am SeniSvnebis warmodgena.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

47

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

3.4.2. Tbilisis municipalitetis buRaltruli aRricxvis praqtika 3.4.2.1. Tbilisis municipalitetis saaRricxvo sistemis sami ZiriTadi aspeqti Tbilisis xasiaTdeba: (i) (ii) (iii) buRaltruli aRricxvis sakaso meTodi daricxvaTa meTodis nacvlad ara cxadi gansxvaveba kapitalur da mimdinare danaxarjebs Soris sabalanso angariSgebis ararseboba 3.4.2.2. biujetirebis procesis aRwera adgilobrivi TviTmmarTvelobis erTeulebis biujetis damtkicebis, municipalitetis saaRricxvo praqtika sami ZiriTadi aspeqtiT

Sesrulebisa da cvlilebebis Setanis procesebs aregulirebs: Ø saqarTvelos kanoni saqarTvelos sabiujeto sistemis Sesaxeb Ø saqarTvelos Sesaxeb Ø saqarTvelos kanoni adgilobrivi TviTmmarTvelobis erTeulis organuli kanoni adgilobrivi TviTmmarTvelobis

biujetis Sesaxeb Ø saqarTvelos kanoni saqarTvelos dedaqalaqis Tbilisis Sesaxeb Ø qalaq Tbilisis sakrebulos gadawyvetileba q. Tbilisis biujetis Sedgenis, Sesaxeb ganxilvis, miRebisa da Sesrulebis droebiTi wesis

zemoTaRniSnuli struqtura:

kanonebis

Tanaxmad,

Tbilisis

biujets

gaaCnia

Semdegi

adgilobrivi TviTmarTveli erTeulis biujetis sakuTari Semosulobebia: Ø adgilobrivi dagasaxadebi Ø adgilobrivi mosakreblebi da daricxvebi Ø kapitaluri Semosavali Ø gamoTanabrebuli transferi Ø granti Ø sxva adgilobrivi TviTmarTveli erTeulis biujetis arasakuTari saxsrebia:

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 48

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

Ø specialuri transferebi Ø miznobrivi transferebi Ø miznobrivi subsidiebi TviTmmarTvelobis organoebis danaxarjebis struqtura Semdegia: Ø mimdinare danaxarjebi ­ xelfasebi, saqonelsa da momsaxureobaze gaweuli xarjebi, mimdinare transferebi da subsidiebi, dasafari procenti, a.S. Ø kapitaluri danaxarjebi ­ kapitaluri aqtivebis SeZeba, kapitaluri transferebi, a.S. administraciulma danaxarjebis 10%-s. wlis bolos qalaqis sakrebulo sabolood amtkicebs momdevno wlis biujets. biujetis Sedgenisa da Sesrulebis Sesaxeb kanoni gawers, rom biujetirebuli monacemebis faqtobrivTan Sedareba unda xdebodes kvartalurad da wliurad. danaxarjebma ar unda gadaaWarbos Tbilisis mTliani

3.4.2.2.1.

pirveli kvartlis

biujetis momzadeba

bolos maTi (marti) konkretuli saoperacio seqtoris erTeulebi (romelnic

pasuxismgebelni ekonomikurad

arian

ganviTarebaze) amzadeben romelTac adgens

wliur biujetSi gasaTvaliswinebeli proeqtebis sias. proeqtebi ganisazRvreba prioritetuli seqtorebis mixedviT, ekonomikuri politikis saqalaqo samsaxuri. aRniSnuli samsaxuri yoveli wlis dasawyisSi gamoscems ekonomikuri da socialuri ganviTarebis programas (esgp), romelSic gawerilia prioritetuli sferoebi romelTa ganviTarebac igegmeba wlis ganmavlobaSi. (esgp) gadaecema saoperacio erTeulebs, romlebic proeqtebis organizebas am dokumentis farglebSi gegmaven. saoperacio samsaxuris yoveli erTeuli amzadebs proeqts specialur formatSi, romelic miRebulia municipalitetis ekonomikuri samsaxuris mier. arsebobs formatis sami saxe, romelTaganac SeirCeva erTi, proeqtis bunebidan da dafinansebis moTxovnidan gamomdinare. saboloo proeqti gadaecema ekonomikuri politikis saqalaqo samsaxurs

romelic mas afasebs ZiriTadad "esgp"-s farglebSi prioritetulad miCneul sferoebTan mimarTebaSi. damatebiT mxedvelobaSi miiReba mravali faqtori,

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

49

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

rogorebicaa saWiro Tanxa, dro da proeqtis dasamtkiceblad aucilebeli sxva maCveneblebi. proeqtebis gadatana xdeba "eqselis" formatSi da aseTi saxiT gadaecema

samsaxurs, romelic amtkicebs maT. xdeba biujetis TiToeuli muxlis detaluri ganxilva da saWiroebis SemTxvevaSi koreqtireba. am procesis gavlis Semdgom, wliuri biujeti gadaecema sakrebulos dasamtkiceblad. qalaqis sakrebulo afasebs, ganixilavs (saWiroebis SemTxvevaSi) da amtkicebs biujets. biujetis saboloo versia gadaecema romlis biujetis Sedgenaze da Sesrulebaze biujeti

pasuxismgebel

samsaxurs,

operator-specialistsac

Seaqvs

kompiuterul programaSi FoxPro. yvela operator-specialisti pasuxismgebelia specialuri seqtorze saoperacio erTeulSi. FoxPro warmoadgens specialur kompiuterul programas, romelSic biujetTan dakavSirebuli Sesrulebis, monacemebia ganaxlebis, Tavmoyrili. yoveldRiuri programa gamoiyeneba biujetis da

operaciebis

(Sesruleba)

angariSgebisaTvis (kvartaluri da wliuri finansuri angariSgebis momzadeba).

wliuri biujetis momzadeba xdeba ori saxiT: 3. formati: danaxarjebis funqcionaluri klasifikacia 4. formati: danaxarjebi ekonomikuri klacifikacia

3.4.2.2.2.

biujetis damtkiceba municipalitetis mier

adgilobrivi TviTmmarTvelobis organoebis biujetirebis procesi saxelmwifo biujetis Sedgenis procesis nawilia, romelsac aregulirebs saqarTvelos TviTmmarTvelobis adgilobriv sxva Sesaxeb saqarTvelos organuli aqvs kanonis sakuTari kanoni sabiujeto sistemis Sesaxeb. adgilobrivi

Tanaxmad, TiToeul biujeti,

TviTmmarTvelobis TviTmmarTvelobis

organos organoebis,

damoukidebeli

saqarTvelos

mTavrobisa da avtonomiuri respublikis biujetebisgan. aRmasrulebeli pirebi pasuxismgebelni arian gansaxilveli biujetis Sedgenaze da damtkicebuli biujetebis Sesrulebasa da kontrolze. rac Seexeba Tbiliss, amgvari pasuxismgebloba ekisreba qalaqis merias, maSin rodesac Tbilisis sakrebulo pasuxismgebelia pirveladi biujetis damtkicebaze da cvlilebebze

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

50

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

wlis

ganmavlobaSi. Tbilisis

meria

da

raionuli

samTavrobo

erTeulebi

(gamgeobebi) pasuxismgebelni arian biujetis Sesrulebasa da damtkicebaze. adgilobrivi TviTmmarTvelobis organoebis biujetis Sedgenis procesi iwyeba winamorbedi wlis 1 marts da pirveli gansaxilveli proeqti mzad aris daaxloebiT ivlisis TveSi.

2007 wlidan, qalaqis meriam unda Seadginos agreTve momdevno 4 wlis biujeti, romelic ganxilul unda iqnas Sesabamis saxelmwifo organoebSi (2008-2011). biujetis Sedgenis procesis ZiriTadi nabijebi, rogorc aRwerilia Tbilisis sakrebulos aqtSi Tbilisis biujetis Sedgenis, ganxilvis, miRebisa da Sesrulebis droebiTi wesis Sesaxeb, warmoadgenilia qvemoT.

rogorc diagramazea naCvenebi, qalaq Tbilisis meriis saqalaqo samsaxurebi da regionaluri gamgeobebi amzadeben biujetis pirvelad programas pirvel maisamde, rac Semdgom igzavneba ekonomikuri politikis saqalaqo samsaxurSi gansaxilvelad. kerZod, ekonomikuri politikis saqalaqo samsaxuri amowmebs aRniSnuli biujetis programis Sesabamisobas Tbilisis meriis ZiriTad

gegmasTan, ZiriTad prioritetebTan da socialur-ekonomikur mimarTulebebTan, romlebic winaswar sakrebulos mier aris damtkicebuli. amgvari mimoxilvis

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

Semdgom

dokumenti

igzavneba

safinanso

samsaxurSi

1

ivnisamde,

romelic

amzadebs qalaqis pirvel gansaxilvel biujets 1 ivlisamde. qalaq Tbilisis premieri sakrebulos safinanso-sabiujeto komisiasTan erTad warmoadgens pirveladi biujetis gansaxilvel proeqts sakrebulos komisiaze. safinanso-sabiujeto komisia xelmZRvanelobs ganxilvis process, Seaqvs

komentarebi da SeniSvnebi da biujetis proeqts agzavnis qalaqis premierTan 1 seqtembramde. saboloo gansaxilveli proeqti sakrebulos dasamtkiceblad

gadaecema araugvianes 15 noembrisa.

3.4.2.2.3.

1.

biujetis Sesruleba

biujetis Sesrulebis zogadi meTodi biujetis damtkicebis Semdgom, Sesyidvebis ganyofileba Sesabamis

wliuri

saoperacio erTeulTan erTad iwyebs momwodeblebTan, kontraqtorebTan da sxva sawarmoebTan muSaobas, romlebic proeqtis ganxorcielebaSi arian CarTuli (kapitaluri organizebas danaxarjebi). molaparakeba da xelSekrulebebs ZiriTadad gulisxmobs tenderebis (xelSekrulebis

gamarjvebul

kompaniebTan

gareSe ar xdeba samomavlo urTierTobebis damyareba). meriasa da kontraqtors Soris ZiriTadi pirobebi regulirdeba oficialuri xelSekrulebiT. Semdegi

xelSekrulebebTan procedurebiT: a. kontraqtorTan b. xelSekruleba o o

dakavSirebuli

urTierTobebi

regulirdeba

xelmowerilia wardgenilia

xelSekruleba,

romelSic pasuxismgebel

gawerilia finansur

ZiriTadi pirobebi valdebulebebze samsaxurSi, romelsac Sehyavs Semdegi monacemebi FoxPro-Si: xelSekrulebis unikaluri kodi kontraqtis Tanxa, romliTac warmoiSva valdebuleba (ixileT

detalebi qvemoT) c. rodesac samuSao mTlianad an nawilobriv aris dasrulebuli, warmoadgens (damokidebulia

xelSekrulebis

pirobebze) kontraqtori

angariS-faqturas (an miReba-Cabarebis aqts). d. valdebulebebze ganyofilenasTan pasuxismgebeli erTad ikvlevs finansuri samuSaos samsaxuri xarisxs da Sesyidvebis moipovebs

52

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

mtkicebulebas, rom samuSao Sesrulebul iqna xelSekrulebis pirobebis dacviT. e. angariS-faqturas da miReba-Cabarebis aqts xels awers orive mxare (meria da kontraqtori). f. dakavSirebuli dokumentacia gadaecema valdebulebebze dokumentaciaze xelSekrulebidan dayrdnobiT pasuxismgebel (Tu da

ganyofilebas. miRebul valdebulebis nawili,

valdebuleba Camoiwereba

gamomdinare)

gadatanil iqneba biujetis Sesrulebis nawilSi FoxPro-Si. (valdebulebis Camoweris detalebisTvis ixileT qvemoT: yoveldRiuri operaciebi

biujetis Sesrulebis nawilSi). 2. yoveldRiuri operaciebi biujetis Sesrulebis nawilSi biujetis finansuri biujetis momzadebisa angariSgebis Sesruleba da Sesrulebis maregulirebeli kanoni wlis moiTxovs bolos.

momzadebas iwyeba

kvartalurad da yoveli aRebiT

valdebulebebis

kontraqtorebTan

xelmowerili xelSekrulebebis safuZvelZe: a. valdebulebebis dasamtkicceblad saWiro forma mzaddeba pasuxismgebeli samsaxuris mier da xdeba monacemebis Setana FoxPro-Si. b. valdebulebebis forma mtkicdeba (xelmoweriT da beWdiT) da gadaecema safinanso saqalaqo samsaxuris saxazino ganyofileba. c. safinanso saqalaqo samsaxuris saxazino ganyofileba axdens monacemebis FoxPro-sTan Sedarebas da amtkicebs (xelmoweriT da beWdiT). d. yoveli dRis bolos saxazino ganyofileba amzadebs valdebulebebis reestrs, romelic gawers yvela valdebulebas, romelic municipalitetma dRis ganmavlobaSi aiRo. anu, aRebul igi ajamebs yvela xelSekrulebas, valdebulebaTa

romlebze

dayrdnobiTac

iqna

valdebuleba.

reestrs yoveldRiurad xels awers Tbilisis meri. e. rodesac samuSao dasrulebulia da Sesabamisi dokumentebi miRebulia, xdeba valdebulebis Camowera specialur formaSi. aRniSnuli formis damtkiceba xdeba safinanso ganyofilebis ufrosis mier. f. valdebulebis Camoweris formaze dayrdnobiT operator-specialistebi Camoweren valdebulebebs FoxPro-Si. g. valdebulebebis Camoweris forma sagadasaxado davalebasTan erTad

miewodeba saxazino samsaxurs, romelic axdens valdebulebis Camoweras.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 53

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

h. yoveli dRis bolos xdeba bankis amonaweris Sedareba FoxPro-Si naCveneb

xarjebTan deficitTan mimarTebaSi. yoveldRiurad FoxPro aRricxavs biujetis Sesrulebis dros ganxorcielebul operaciebs. i. yoveli Tvis bolos meria adgens angariSs finansTa saministrosaTvis, romelSic xdeba biujetis Sedareba faqtiur danaxarjebTan. angariSs xels awers municipalitetis finansuri samsaxuris ufrosi.

SeniSvna: meria axdens valdebulebebis klasificirebas Semdeg tipebad: o valdebulebebi xelmowerisas o gadaxdili avansebi (xelSekruleba iTvaliswinebs winaswar dafarvebs aRricxuli kontraqtorebTan xelSekrulebebis

rodesac kontraqtori iwyebs samuSaos) o daricxuli valdebulebebi (kontraqtoris mier moxda samuSaos dasruleba, arsebobs saTanado dokumentacia, Tumca municipalitetis mier ar momxdara Tanxis gadaxda)

3.4.2.2.4.

biujetis kontroli

biujetis

kontroli

mimarTulia

biujetis

ZiriTadi

elementebisken:

sesxi,

transferi, informacia kontrolis mTavari principia is, rom biujetSi ar unda arsebobdes deficiti anu sakuTari SemosavlebiT daifaros xarjebi. 1. areali

biujeti mzaddeba finansTa saministrosTan urTierTobis safuZvelze. saxelmwifo biujetis SedgenisTvis iZleva garkveul informacias: ü ekonomikis saministro acxadebs mosalodnel Semosavlebs

saxelmwifo sakuTrebaSi myofi qonebisa da kompaniebis gayidvidan ü finansTa Semosavlis danaxarjebis saministro naSTebs. Tbilisis Tanxas merias ar awvdis adgens sagadasaxado danaxarjebis

mosalodnel

da amowmebs

Semosavlebisa da

saministro

prioritetebs, Tumca, amtkicebs sesxebs da SesaZlo transferebs. Tuki kanoni biujetis Sesaxeb ar aris miRebuli sabiujeto wlis dasawyisamde periodSi, aRmasrulebeli organo uflebamosilia kanonis ZalaSi Sesvlamde gamoyos Tanxebi adre nakisr valdebulebaTa Sesasruleblad, rac ar unda

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 54

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

aRematebodes wina wels gaxarjuli Sesabamisi Tanxebis 1 ¤12 (erT meTormeteds) TveSi. i. sesxis damtkiceba meria valdebulia, sesxis damtkiceba sTxovos saxelmwifos. swored saxelmwifo warmoadgens saerTaSoriso sesxebis miRebis garants, amdenad, igi informirebuli unda iyos TiToeuli sesxis Sesaxeb. saxelmwifo amowmebs meriis gadaxdisunarianobas. saerTaSoriso xangrZlivia. saWiroebis mier. 3. transferi rogorc ukve aRvniSneT, kanoni `adgilobrivi TviTmmarTveli erTeulis finansTa SemTxvevaSi, sesxis sesxis misaRebad proeqtis aucilebeli sesxis analizi procedura sxvadasxva xorcieldeba ufro mxareebs. rogorc

saministro

amowmebs

saerTaSoriso urTierTobaTa departamentis, aseve, sabiujeto departamentis

biujetis Sesaxeb~ adgens sami saxis transfers:

ü gamoTanabrebuli organoebis uzrunvelyofis saxelmwifo adgilobrivi gamoTanabrebuli transferi mizniT, biujetidan transferis _ adgilobrivi mTavroba pirdapir dgindeba TviTmmarTveli ganviTarebis axorcielebs transfers biujetebSi. specialuri

Tanabari

socialur-ekonomikuri saqarTvelos saxrsebis moculoba

TviTmmarTveli

erTeulebis

formulis mixedviT, adgilobrivi TviTmmarTveli erTeulis mier Sida Semosavlebis dagrovebis potencialisa da mosaxleobisa da ltolvilTa raodenobis safuZvelze. gamoTanabrebuli tranferis mimarTulebebs damoukideblad gansazRvravs adgilobrivi TviTmmarTvelobis warmomadgenlobiTi organo. ü miznobrivi transferi ­ delegirebul biujetis uflebamosilebaTa mier saxelmwifo

gansaxorcieleblad

TviTmmarTveli

biujetidan finansuri daxmarebis saxiT miRebuli saxsrebi. 2007 wlis biujetis mixedviT, ar igegmeba miznobrivi transferi. ü specialuri transferi _ adgilobrivi TviTmmarTveli erTeulis biujetisaTvis ekologiuri da sxva stiqiuri movlenebis Sedegebis salikvidaciod, agreTve, konkretuli kapitaluri da sxva

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

55

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

aucilebeli

xarjebis

dasafinanseblad

saxelmwifo

biujetidan

finansuri daxmarebis saxiT gamoyofili saxsrebi. specialuri transferi, rogorc wesi, adgilobrivi TviTmmarTveli erTeulis biujetis deficitis Sesavsebad gamoiyeneba, Tumca ar arsebobs kanonmdeblobiT dadgenili gansakuTrebuli formula, an kriteriumi specialuri transferis moculobis dasadgenad. specialuri transferis principi saministros mier ase ganimarteba: adgilobrivi TviTmmarTvelobis mier deficitis dasafarad

transferiT Sesabamisobis

sargeblobis

Tavidan

acilebisa

da

saxelmwifos ki,

mier Soris

municipalitetis municipalitetis gansazRvruli ganaxorcielos danaxarjebis, Semcirebis an

deficitis dasamyareblad. sabanko

dafinansebis Warbi rCeba.

valdebulebas saWiroebis

Semosavlebi

piriqiT,

angariSze

SemTxvevaSi, Tanaxmaa, saxis amgvari

molaparakebebis specialuri proeqtis 2007

safuZvelze, transferi

saxelmwifo gansakuTrebuli agreTve, ar hqonia

dasafinanseblad, wels

Semosavlebis

sakompensaciod.

Tbiliss

tranferis miRebis saWiroeba. Tumca, es ar niSnavs imas, rom aseTive mdgomareoba 2008 welsac SenarCundeba.

`saqarTvelos

saqarTvelos

sabiujeto

wliuri

sistemis

biujetis

Sesaxeb"

kanonis

mixedviT,

parlamenti,

damtkicebisas,

gansazRvravs

avtonomiuri respublikebisa da adgilobrivi TviTmmarTveli organoebisaTvis gadasaricxi finansuri saxsrebis odenobas. finansTa saminitros dasabuTebuli cnobiT, saxelmwifo biujetSi yovelTvis arsebobs sarezervo fondi amgvari saxis specialuri transferis gansaxorcieleblad Sesabamisi proeqtis ganxilvis Semdgom.

3.4.2.2.5 finansuri angariSgebis momzadeba

yoveli kvartlis bolos municipaliteti amzadebs finansur

angariSgebas FoxPro-s programuli uzrunvelyifis saSulebiT miRebul monacemTa safuZvelze. finansuri angariSgebis momzadebis procesi Semdegia: a. kvartlis bolos municipalitetis safinanso samsaxuri iwyebs finansuri angariSgebis ganyofilebebi: momzadebas. procesSi uSualod monawileobs Semdegi

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

1) xazina 2) biujetis momzadebisa da Sesrulebis ganyofileba. finansuri angariSebi FoxPro-Sia damuSavebuli. igi moicavs klasificirebulia rogorc ekonomikuri, aseve funqcionaluri yoveldRiur kategoriis

sabiujeto tranzaqciebs. finansur angariSgebaSi warmodgenili danaxarjebi mixedviT (ixileT: danarTi 7). b. finansuri angariSgebis garda, FoxPro-Si mocemulia sxva angariSgebebi Semosavlebisa da danaxarjebis Sesaxeb, romlebic klasificirebulia funqcionaluri da ekonomikuri kategoriis mixedviT. ixileT: danarTi 8: biujetis Sesruleba (danaxarjebi ekonomikuri klasifikaciis

mixedviT) danarTi 9: biujetis Sesruleba (danaxarjebi funqcionaluri klasifikaciis mixedviT) danarTi 10: finansuri angariSgebani (Semosavlebi) g. FoxPro-s mixedviT finansuri angariSgebebis momzadebis Semdeg, xazina asrulebs sabanko amonawerebisa da finansuri angariSgebis Sejerebas sabanko angariSebis naSTis misaRebad. d. cdomilebis ararsebobis SemTxvevaSi, finansur angariSgebas xels awers safinanso samsaxuris ufrosi da gadascems mas finansTa saministros. e. finansuri angariSgebis Semowmeba xdeba wlis ganmavlobaSi

municipalitetis sakrebulos specialuri ganyofilebis mier. aRniSnuli ganyofileba axorcielebs finansur angariSgebaSi arsebuli monacemebis monitorings. 3.4.2.3 gansxvaveba kapitalur, mimdinare da finansur danaxarjebs Soris

3.4.2.3.1 Teoriuli elementebi

a) kapitaluri danaxarjebi kapitalur danaxarjebSi Sedis grZelvadiani (kapitaluri) aqtivebis

SeZenis xarji. grZelvadian aqtivs ganekuTvneba iseTi aqtivi, romelic xSirad gamoiyeneba sawarmoo procesSi da misi sargeblianobis periodi erT weliwads aRemateba. aqtivis Rirebuleba warmoadgens mTlian gasayid fass. aqtivis gayidvidan miRebuli Semosavlis daqviTva ar xorcieldeba.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 57

kapitaluri

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

b) mimdinare, anu saoperacio danaxarjebi mimdinare danaxarjebSi Sedis wlis ganmavlobaSi gamoyenebul

saqonelsa da miRebul momsaxurebaze gaweuli xarji, rac atarebs ganmeorebiT xasiaTs da gamowveulia sawarmos normaluri funqcionirebis uzrunvelyofis saWiroebiT. garda amisa, mimdinare xarjebSi Sedis gansazRvruli saxis aRWurvilobaze gaweuli danaxarjic, romelic ar aRemateba dadgenil zRvars. mimdinare danaxarjebSi magaliTad Sedis, gadaxdili qonebis gadasaxadi, subsidia da sxva mimdinare transferi (magaliTad: socialuri dazRvevis, socialuri , sapensio da sxva daxmarebebi). g) gansxvaveba kapitalur da mimdinare danaxarjebs Soris kerZo danaxarjebis moklevadiani seqtoris sawarmoTa msgavsad, saxelmwifo seqtorSic

klasifikacia moicavs `mimdinare" da `kapitalur danaxarjebs". sargeblobis erTeulebis SesaZenad, romlebic gamoiyeneba

mimdinare danaxarji ganmeorebiT xasiaTs atarebs. mimdinare xarji gaiweva saqonlisa da momsaxurebis Seuferxebeli warmoebis uzrunvelyofis mizniT. samTavrobo erTeulis SemTxvevaSi, mimdinare danaxarjebad xdeba saxelfaso, sakancelario, samkurnalo (preparatebi, bintebi) xarjebis aRiareba. kapitaluri danaxarjebi ki, piriqiT, iseT aqtivTa SesaZenad gamoiyeneba, romlebic xasiaTdeba sargeblobis xangrZlivi vadiT da eqvemdebareba xSir gamoyenebas saqonlisa da momsaxurebis Seuferxebeli warmoebis mizniT. samTavrobo erTeulis SemTxvevaSi, kapitalur danaxarjad aRiardeba is xarji, romelic gaweulia axali saavadmyofos mSeneblobaze, axali kompiuteruli danadgarebis momsaxurebaze. gansakuTrebiT mniSvnelovania im gansxvavebis aRqma, romelic arsebobs aRniSnuli ori tipis xarjebs Soris. kapitaluri danaxarji xangrZliv zegavlenas axdens ekonomikaze da dadebiTad moqmedebs mis efeqtianobasa da produqtiulobaze. axali saavadmyofo, magaliTad, gacilebiT ufro efeqtiani iqneba da uzrunvelyofs meti pacientis mkurnalobas grZelvadiani perspeqtiviT. garda amisa, adgili aqvs kapitaluri danaxarjebis amortizacias. amis sapirispirod, mimdinare xarji ar xasiaTdeba grZelvadiani efeqtiT. aseT SemTxvevaSi, daxarjuli fulis Sedegad erTob xanmoklea. warmoqmnili zegavleba ekonomikaze an qselis SeZenaze, axali gzebis dagebasa da analogiur

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

58

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

aRniSnuli

mdgomareoba

grafikulad

gamosaxulia

sawarmoo

SesaZleblobis mrudze. `a" wertilsSeesbameba didi moculobis mimdinare da mcire moculobis kapitaluri xarji. ekonomikis zrdis donec am wertilSi Sesabamisad dabalia. `b" erTeuli ki, piriqiT, doniT da, xasiaTdeba amdenad, saxelmwifo grZelvadian kapitaldabandebis gacilebiT maRali

perspeqtivaSi uzrunvelyofs ufro did ekonomikur zrdas.

amrigad, meria udidesi pasuxismgeblobiT unda moekidos kapitaluri da mimdinare danaxarjebis dabalansebis sakiTxs. d) finansuri danaxarjebi finansuri xarjebisagan. procentis gadaxda xdeba gansazRvruli finansuri aqtivebiT (saxelmwifo/saerTaSoriso obligaciebi an valebi) sargeblobisaTvis. gadaxda warmoebs winaswar dagegmil dRes, xolo misi ganakveTi finansuri aqtivis nominaluri Rirebulebis fiqsirebuli procentuli odenobiT ganisazRvreba. aseTi saxis xarjSi ZiriTadad sesxis saprocento ganakveTi igulisxmeba. garda amisa, finansur danaxarjad xdeba gamowveuli zaralis aRiareba. valutis kursis cvlilebiT danaxarjebi Sedgeba gadaxdili procentebisa da msgavsi

3.4.2.3.2 municipalitetis Sesabamisoba wesebTan - analizi Tbilisis meria danaxarjebis saxeobaTa Soris arsebul gansxvavebas FoxPro-s saSualebiT amuSavebs. Tumca, adgili aqvs arevas danaxarjebis ekonomikur dayofasTan. danarTi 11 gviCvenebs, rom xarjTaRricxva warmoebs 17 svetis mixedviT (15 ­ mimdinare danaxarjisaTvis, 1 ­ sesxis danaxarjisaTvis, xolo 1 ­ kapitaluri danaxarjisaTvis).

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 59

aRniSnuli gansxvavebis

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

Tbilisis municipalitetTan dakavSirebiT unda aRiniSnos, rom Cven ar mogveca Segrovil monacemTa maRal xarisxsa da saimedoobaSi darwmunebis saSualeba. aRniSnuli elementebi dRemde arc dajgufebulia da arc Tavmoyrili erTi dokumentis saxiT: sabalanso uwyisis warmoeba pirvelad 2007 wels unda dawyebuliyo.

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

4. kapitaluri xarjebis strategia: maRali kreditunarianoba mizani: gansazRvra 4.1 finansuri analizis modelis wardgena modelis aRwera arsebuli finansuri mdgomareobisa da samomavlo tendenciebis

4.1.1

modelis SemuSavebis mizans arsebuli finansuri mdgomareobis Seswavla da momavali sami wlisaTvis prognozis SemuSaveba warmoadgenda. Cvens mier SemuSavebuli finansuri modeli gvaZlevs imis saSualebas, rom: · · vimuSaoT meriis sakuTar monacemTa bazasTan; ganvsazRvroT mogeba-zaralis angariSgeba qvejamebis doneze (sasesxo

valdebulebis dafarvisa da adgilobriv doneze generirebuli fuladi saxsrebis gamoyenebis potenciali); · · TiToeul scenarTan dakavSirebiT ganvaxorcieloT arsebuli da

samomavlo elementebis integrireba; ganvaxorcieloT sajaro seqtorSi buRaltruli aRricxvis

saerTaSoriso standartebis (ssbass) integrireba. mogeba-zaralis adgilobrivi maCveneblebs. angariSgebis qvejamebis doneze analizi moicavs Sesabamis

mmarTveli

erTeulebis

finansuri

sijansaRis

mimdinare saerTo danazogi (C) ­ mimdinare faqtiuri Semosavlis faqtiur mimdinare wminda daricxuli gansazRvravs sasesxo xarjebze nameti. aRniSnuli maCvenebeli gansazRvravs danazogis odenobas. danazogi (E) _ danazogi saangariSgebo (procentis) im periodis

mimdinare menejmentis

ganmavlobaSi is rac

finansuri mimdinare valdebulebis da

danaxarjebis danaxarjebSi dafarvis doneze

gadaxdisSemdeg. arsebobas,

potencialis

sainvesticio programebis dafinansebis saSualebas iZleva. potenciali: generirebuli daufaravi finansuri sasesxo saxsrebis valdebulebisa adgilobriv

gamoyenebis potencialis maCvenebeli. aRniSnuli maCvenebeli miuTiTebs imaze, Tu ramdeni weliwadia saWiro sesxis dasafarad im SemTxvevaSi, Tu adgilobriv doneze generirebuli fuladi saxsrebis gamoyeneba mxolod am mimarTulebiT moxdeba.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 61

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

A

B C=A-B D

E=C-D F G1

G2 G3 H=FG1,2,3 J=E-H K L=L wina wlis +K-D

Tbilisis meria - milioni lari mTliani mimdinare Semosavali sagadasaxado Semosavali arasagadasaxado Semosavali transferi da sxva Semosavali mTliani mimdinare danaxarji mTliani mimdinare danazogi finansuri danaxarji procenti mimdinare sesxebze axali sesxebi - procentebi wminda danazogi kapitaluri Semosvali kapitaluri danaxarji axali kapitaluri danaxarji mimdinare sesxebis kapitaluri dafarva axali sesxis kapitaluri dafarva kapitalis siWarbe naRdi fuli (axali sesxis miRebamde) axali sesxebi mTliani dasafari sesxi

2007 w. prognozi 443,1 387.0 48,5 7,6 267,7 175,4 6.0 6.0 169,4 126,9 280,3

6.0

-153,4 16.0 82,5

valis gadaxdis periodi (weli)

0,47

4.1.2

modelis ganaxleba

modelis danergvisa monacemTa mixedviT: ü FoxPro ­s

Semdeg, aucilebeli iqneba misi ganaxleba Semdeg

monacemebi,

romlebic

exeba mimdinare

danaxarjebs, Excel-is

kapitalur danaxarjebsa da Semosavals;

aRniSnul

monacemTa 17

moZieba

SesaZlebelia kategoriis

FoxPro-s

dokumentebSi. kapitaluri

ekonomikuri

mixedviT

warmodgenili mimdinare

xarjebi unda gancalkevdes. martivadaa SesaZlebeli finansuri da danaxarjebis identificireba; aucilebelia danaxarjebis gaerTianeba.

ü safinanso da sasesxo ganyofilebis mier momzadebuli monacemebi sesxebisa da dividendebis Sesaxeb.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

62

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

4.2

momavali samwliani prognozis maxasiaTeblebi da daSvebebi

Cvens

mier

ganxilul modelis sami

iqna

is

maxasiaTeblebi, Sedegad, romlebsac

romelTa SemuSavda pirobiTad

mixedviTac sami `a~, `b~

moxda da `g~

prognozireba scenari

saSualebiT. wlisaTvis,

saprognozo

momavali

scenarebi ewoda. 4.2.1 Semosavali ZiriTadad fasdeba qveynis ekonomikuri zrdis

maCveneblebis mixedviT ü mTliani o Semosavlebis 91%-ze meti modis saSemosavlo da mogebis

gadasaxadze, romelic uSualo kavSirSia qveynis ekonomikur zrdasTan. aRniSnuli Semosavlis pirobebSi, zrdis ganakveTi dadginda EBRDis makroekonomikuri prognozis safuZvelze8, romelic exeba qveynis sxvadasxva aspeqtebs (ix. qvemo cxrili). realisturi saprognozo gaTvlebiT, zrdis ganakveTi miaRwevs 4%-s, optimisturi gaTvlebiT _ 6%-s, xolo yvelaze pesimisturi gaTvlebiT ki _ 3%-s. o realisturi saprognozo scenarSi erTaderTi gamonaklisi aris is, rom 2008 wlisTvis 6%-iani zrdis ganakveTia aRebuli.

2006 nominaluri mSp (% erT sulze) realuri mSp zrda (%) samomxmareblo fasTa indeqsi (% cvlileba, saSualo wliuri) nom xelfasi ($ Tviurad) realuri xelfasis zrda US sfi (%, wliuri saS) EU sfi (% wliuri saS) EURO/USD (wliuri saS) 123 8.0 3.6 2.3 0.80 1,735 9.0 9.2

2007 2,061 7.5 7.5

2008 2,221 6.0 6.0

2009 2,425 4.0 5.0

2010 2,648 4.0 5.0

2011 2,892 4.0 5.0

2012 3.158 4.0 5.0

2013 3.449 4.0 5.0

2014 3,766 4.0 5.0

2015 4,112 4.0 5.0

147 8.0 2.9 2.4 0.76

161 8.0 2.5 2.1 0.73

179 6.0 2.5 1.9 0.71

200 6.0 2.5 1.9 0.71

222 6.0 2.5 1.9 0.70

247 6.0 2.5 1.9 0.70

275 6.0 2.5 1.9 0.70

306 6.0 2.5 1.9 0.69

341 6.0 2.5 1.9 0.69

wyaro:EBRD

TiToeuli scenaris wliuri prognozis Sesaxeb daSvebebi scenari a b g realisturi optimisturi pesimisturi Semosavlebi Semosavlebi sagadasaxado Semosavali 4% 6% 3% qonebis gadasaxadi 4% 6% 3% arasagadasaxado 4%

8

EBRD, Base Case Scenario Georgia (realisturi prognozi saqarTvelosaTvis), 2007 63

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

Semosavlebi saxelmwifo mosakreblebi adgilobrivi mosakreblebi qonebis saijaro qira gaweuli momsaxurebis anazRaureba jarimebi sesxisa da depozitidan Semosuli amonagebi

ü sxva saxis

4% 4% 4% 4% 4% 4%

6% 6% 6% 6% 6% 6%

3% 3% 3% 3% 3% 3%

mosakreblebisa

da

arasagadasaxado

Semosavlebis

yovelwliuri zrda identuri ganakveTiT xdeba; ü dividendebi detaluradaa Seswavlili: o realisturi done o ü aseve o da optimisturi wyalis~ gaTvlebiT, mTeli periodis saprognozo pesimisturi ganmavlobaSi SenarCundeba dividendebis 2007 wels dafiqsirebuli (`Tbilisis gamoklebiT, optimisturi 2%-iT iklebs gaTvlebis mixedviT) dividendebis wliuri ganakveTi saprognozo gaTvlebis mixedviT. CaTvlilia, rom meria ar miiRebs transfers ganxiluli

periodis ganmavlobaSi. Cven ar gamovricxavT, rom qalaqis municipaliteti momavalSi kidev miiRebs transfers saxelmwifo biujetidan gansazRvruli saxis danaxarjebis dasafinanseblad. Tumca, Cven miviCnieT, rom aseT SemTxvevaSi transferi daabalansebs axal danaxarjebs. ü saprivatizacio amonagebidan miRebuli kapitaluri Semosavali TbilisSi mcirdeba. 2008 wels SenarCundeba 2007 wels dadgenili done, Tumca 2009 wlis Semdeg aRar igegmeba saprivatizacio RonisZiebaTa ganxorcieleba. o swored aRniSnulis safuZvelze, arc `a~, arc `b~ da arc `g~ saprognozo gegmaSi ar ganixileba saprivatizacio Semosavlebis miRebis sakiTxi 2010 wlis Semdgomi periodisaTvis. 4.2.2 mimdinare danaxarjebTan dakavSirebiT moxda sami kategoriis

maxasiaTeblebis identificireba

ü saxelmwifo

marTva,

ganaTleba,

sayofacxovrebo

da

komunaluri

momsaxureba, garemos dacva, ekonomikuri saqmianoba ­ gasuli wlebis tendenciebis mixedviT, dafiqsirda 4%-iani wliuri zrda, rac uxeSi

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 64

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

gaTvlebiT utoldeba qveynis ekonomikuri zrdis maCvenebels, romelic dafiqsirebulia EBRD-is saprognozo gaTvlebiT. o realisturi saprognozo gaTvlebiT, aRniSnuli maCveneblis

ganakveTi utoldeba 4%-s; o optimisturi saprognozo gavlebiT, aRniSnuli maCveneblis

ganakveTad miCneulia 3%; o pesimisturi saprognozo gaTvlebiT, aRniSnuli maCveneblis

ganakveTi utoldeba 5%-s.

scenari

xarji mimdinare xarji saxelmwifo marTva ganaTleba sayofacxovrebo da komunaluri momsaxureba soflis meurneoba, satyeo meurneoba, meTevzeoba ekonomikuri saqmianoba

TiToeuli scenaris wliuri prognozis Sesaxeb daSvebebi a b g realisturi optimisturi pesimisturi xarji 4% 4% 4% 4% 4% 3% 3% 3% 3% 3% 5% 5% 5% 5% 5%

ü xelfasi

da

gadasaxadebi SezRuduli

_

Cveni

gaTvlebi

efuZneba Cven

xelfasebis ar vicodiT,

globalurad

progresirebis

ganakveTs;

apirebda Tu ara qalaqis municipaliteti momavalSi axali adamianuri resursebis daqiravebas. swored amitom: o realisturi saprognozo gaTvlebiT, mosalodnelia umniSvnelo

savaraudo zrda wliuri 1%-is odenobiT o optimisturi saprognozo gaTvlebis mixedviT, xelfasebi da

gadasaxadebi daiklebs wliuri 1%-iT kadrebis Semcirebis xarjze zrdis periodis ganmavlobaSi; o pesimisturi gadasaxadebi saprognozo izrdeba gaTvlebis 8%-iT mixedviT, mzardi xelfasebi inflaciis da gamo, doneze

wliuri

TanamSromelTa

msyidvelunarianobis

analogiur

SenarCunebis mizniT.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

65

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

TiToeuli scenaris wliuri prognozis Sesaxeb daSvebebi scenari a b g realisturi optimisturi pesimisturi xarji xarji mimdinare xarjebi 1% -1% 8%

ü sxva xarjebi (Tavdacva, usafrTxoeba, janmrTelobis dacva, socialuri dacva, sporti, kultura da religia), romlebic ukanaskneli sami wlis ganmavlobaSi meryevi klebadi tendenciiT xasiaTdeba, savaraudod Semdeg maCveneblebs gautoldeba:

TiToeuli scenaris wliuri prognozis Sesaxeb daSvebebi scenari a b g realisturi optimisturi pesimisturi SeniSvna xarjebi xarjebi wliuri meryeoba xelfasisa da gadasaxadebis gareSe aris 4% mimdinare xarjebi Tavdacva 3% 2% 5% -33% usafrTxoeba 3% 2% 5% -18% jandacva 3% 2% 5% -19% socialuri dacva 3% 2% 5% -24% sporti, kultura 3% 2% 5% -16% da religia gauTvaliswinebeli 0% 0% 10% xarjebi (mimdinare xarjebis %)

o 3% realisturi saprognozo gaTvlebiT, rac 1%-iT naklebia zrdis saprognozo maCvenebelze; o o ü 2% _ otpmisturi saprognozo gaTvlebiT; 5% - pesimisturi saprognozo gaTvlebiT.

specialuri danaxarjebi : o realisturi mxedvelobaSi da ar optimisturi iqna saprognozo gaTvlebis dros

miRebuli

gauTvaliswinebeli

xarjebis

konkretuli odenoba; o pesimistur saprognozo gaTvlebSi gaTvaliswinebul odenoba; iqna

gauTvaliswinebeli

xarjebis

konkretuli

Sesabamisma

wliurma maCvenebelma Seadgina mTliani xarjebis 10%.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 66

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

modelTan

dakavSirebuli

ukanaskneli

daSveba

ukavSirdeba

kapitaluri

danaxarjebis specialuri saprognozo gegmis ararsebobis faqts. aRniSnuli danaxarjebis koreqtireba momavalSi im SemTxvevaSi moxdeba, Tu saWiro iqneba sxva danaxarjebTan arCevanis gakeTeba . swored amitom, Cvens saqarTvelos saprognozo municipaluri sabiujeto kanonmdeblobis Sesabamisad,

gaTvlebSi, anu scenarebSi, naRdi fuli nuls utoldeba, xolo kapitaluri danaxarjebis moculoba izrdeba an mcirdeba balansis miRwevis mizniT. amdenad, qalaqis meriis kreditunarianobis analizi ganxorcielda kapitaluri danaxarjebisa da sasesxo valdebulebaTa dafarvis potencialis Sefasebis safuZvelze.

4.2.3

saprognozo Sedegebis wardgena finansuri prognozi ­ realisturi saprognozo gaTvlebi

2007 prognozi 443,1 387 48,5 7,6 267,7 175,4 6 6 169,4 126,9 280,3 6 -153,4 2008 prognozi 461,6 410,2 51,4 0 281,7 179,9 4,7 4,7 175,2 126,9 296 6,2 -175,2 2009 prognozi 480,1 426,6 53,4 0 292,1 187,9 4 4 183,9 63,5 240 6,8 -183,9 2010 prognozi 500,2 443,7 56,5 0 303 197,3 3,2 3,2 194 0 186 7,5 -194 2011 prognozi 521,1 461,4 59,6 0 314,2 206,9 2,4 2,4 204,5 0 197 7,6 -204,5 sul 20082011 1963

Tbilisis meria - milioni lari mTliani mimdinare Semosavali sagadasaxado Semosavali arasagadasaxado Semosavali transferi da sxva Semosavali mTliani mimdinare danaxarji mTliani mimdinare danazogi finansuri danaxarji mimdinare sesxis procenti wminda danazogi kapitaluri Semosavali kapitaluri danaxarji mimdinare sesxis kapitaluri anazRaureba kapitalis siWarbe naRdi fuli (axali sesxis aRebamde) mTliani gadasaxdeli sesxi sesxis gadasaxadelad saWiro periodi (K+i) , gamoxatuli wlebSi

1191 14

920

-758

16 82,5

0 71,6

0 60,7

0 49,9

0

0,47

0,4

0,3

0,3

0,2

saprognozo mosalodnelia

elementebis finansuri

gaTvaliswinebis mdgomareobis

safuZvelze,

2007-2011

wlebSi Tu ar

umniSvnelo

gaumjobeseba,

gaizrdeba kapitaluri danaxarjebi. kerZod:

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 67

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

ü gaizrdeba wminda danazogi; ü kapitaluri danaxarji periodis ganmavlobaSi gautoldeba daaxloebiT 900 milion lars; ü Semcirdeba vali da 2011 wels 40 milion lars gautoldeba; ü mniSvnelovnad Semcirdeba sasesxo valdebulebis dafarvis periodi (0,2 weli). TiToeuli koeficienti damakmayofileblad iTvleba.

sxva koeficientebi:

Semosavali erT sul mosaxleze, lari gadasaxdeli vali/Semosavali administraciuli xarji / mimdinare danaxarji kapitaluri danaxarji erT sul mosaxleze vali erT sul mosaxleze

4.2.4

354 19% 8% 221 65

368 16% 7% 234 56

383 13% 7% 190 47

398 10% 7% 147 38

414 8% 7% 154 30

danarCeni ori saprognozo scenari: pesimisturi da optimisturi

saprognozo scenarebis SemuSavebis procesSi gaTvaliswinebul iqna rogorc gaumjobesebuli, aseve, gauaresebuli mdgomareoba: periodis ganmavlobaSi warmoqmnili kapitaluri danaxarjebi meryeobs 728 milionidan 1 001 milion laramde; sasesxo valdebulebis dafarvis vada meryeobs 0,16-dan 0,29 wlamde.

orive SemTxvevaSi, finansuri mdgomareoba damakmayofilebelia.

0,5 0,4 0,3 0,2 0,1 0,0

0,47 0,470,47

Capacity to reimburse debt (in year) 0,47 0,42 0,40 0,40 0,35 0,30 0,30 0,30 0,24 0,20 0,29 0,16

A - Base case Scenario

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

07 20

08 20

B - Optimistic Scenario

09 20

C- Pessimistic Scenario

10 20

11 20

68

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

1200 1000 800 600 400 200 0 280280280 296297267

Capital expenditures (MGEL)

1001 919 728

240253199

186213 132

197238 130

07 20

08 20

09 20

10 20

11 20 l ta To

1 01 -2 08 20

A - Base case Scenario

B - Optimistic Scenario

C- Pessimistic Scenario

finansuri prognozi ­ scenari b ­ optimisturi gaTvlebi

2007 prognozi 443,1 387 48,5 7,6 267,7 175,4 6 6 169,4 126,9 280,3 6 -153,4 2008 prognozi 461,6 410,2 51,4 0 281 180,6 4,7 4,7 175,9 126,9 297 6,2 -175,9 2009 prognozi 489,3 434,8 54,5 0 288,4 200,9 4 4 196,9 63,5 253 6,8 -196,9 2010 prognozi 519,6 460,9 58,7 0 296 223,6 3,2 3,2 220,3 0 213 7,5 -220,3 2011 prognozi 551,6 488,6 63 0 303,9 247,7 2,4 2,4 245,3 0 238 7,6 -245,3 sul 20082011 2022

Tbilisis meria - milioni lari mTliani mimdinare Semosavali sagadasaxado Semosavali arasagadasaxado Semosavali transferi da sxva Semosavali mTliani mimdinare danaxarji mTliani mimdinare danazogi finansuri danaxarji mimdinare sesxis procenti wminda danazogi kapitaluri Semosavali kapitaluri danaxarji mimdinare sesxis kapitaluri anazRaureba kapitalis siWarbe

1169 14

1001

naRdi fuli (wminda nameti) mTliani gadasaxdeli sesxi

16 82,5

0 71,6

0 60,7

0 49,9

0 39,9

sesxis gadasaxadelad saWiro periodi (K+i) , gamoxatuli wlebSi

0,47

0,4

0,3

0,22

0,16

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

69

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

finansuri prognozi ­ scenari g ­ pesimisturi gaTvlebi

2007 prognozi 443,1 387 48,5 7,6 267,7 175,4 6 6 169,4 126,9 280,3 6 -153,4 2008 prognozi 461,6 410,2 51,4 0 310,3 151,3 4,7 4,7 146,6 126,9 267 6,2 -146,6 2009 prognozi 475,4 422,5 52,9 0 329,2 146,2 4 4 142,2 63,5 199 6,8 -142,2 2010 prognozi 489,7 435,2 54,5 0 346,5 143,1 3,2 3,2 139,9 0 132 7,5 -139,9 2011 prognozi 504,3 448,3 56,1 0 364,5 139,9 2,4 2,4 137,5 0 130 7,6 -137,5 sul 20082011 1931

Tbilisis meria - milioni lari mTliani mimdinare Semosavali sagadasaxado Semosavali arasagadasaxado Semosavali transferi da sxva Semosavali mTliani mimdinare danaxarji mTliani mimdinare danazogi finansuri danaxarji mimdinare sesxis procenti wminda danazogi kapitaluri Semosavali kapitaluri danaxarji mimdinare sesxis kapitaluri anazRaureba kapitalis siWarbe

1351 14

728

naRdi fuli (wminda nameti) mTliani gadasaxdeli sesxi sesxis gadasaxadelad saWiro periodi (K+i) , gamoxatuli wlebSi

16 82,5

0 71,6

0 60,7

0 49,9

0 39,9

0,47

0,47

0,42

0,35

0,29

4.3 finansuri mdgomareobis gauaresebis daSveba

mixedviT male qalaqis merias ufro da meti

samive saprognozo scenaris

investicia farglebSi

dasWirdeba dauSvas

finansuri finansuri igulisxmeba balansi Sedegebis

mdgomareobis mizniT. merias mdgomareobis

daregulirebisa SeeZleba gauareseba.

sazogadoebrivi mosazrebaSi davuSviT, Cven farglebSi

saqmianobis ZiriTadad rom

gafarToebis

kontrolis aRniSnul Cven

investiciis donisa da sasesxo valdebulebis dafarvis potencialis Sedareba. prognozis SenarCunebuliyo mgrZnobiarobis gauaresebis dros. Cven yvelaze saintereso Sedegi miviReT, rodesac davuSviT, rom sesxis dafarvis vada 2011 wels aseT SemTxvevaSi, 3 wlamde TiToeuli gaizrdeboda. saprognozo scenariT gaTvaliswinebuli SemuSavebisas yvela dasadgenad angariSTa testi doneze. kontrolis SevimuSaveT

finansuri

mdgomareobis

kapitaluri danaxarji sul mcire 1000 milioni lariT izrdeboda momavali oTxi wlis ganmavlobaSi.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 70

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

4.3.1 · sesxis

sami saprognozo scenariT dafarvis vada

miRebuli Sedegebis Sedareba bolos sam wlamde izrdeba.

periodis

3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0

07 20

Capacity to reimburse debt (in year)

A - Base case Scenario B - Optimistic Scenario C- Pessimistic Scenario

08 20

09 20

10 20

11 20

·

fansuri o o

mdgomareobis

gauareseba

qalaqis

municipalitets

aZlevs

kapitaluri xarjebis wliuri zrdis saSualebas: + 653 milioni laridan +1148 milion laramde 4 wlis ganmavlobaSi; es ki imas niSnavs, rom realisturi gaTvlebiT kapitaluri danaxarjebis mTliani moculoba gautoldeba 920 milion lars, pesimisturi saprognozo gaTvlebiT _ 1 169 milion lars, xolo optimisturi saprgnozo gaTvlebiT ki _ 1 802 milion lars.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

71

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

Capital expenditures (MGEL) 2000 1800 1600 1400 1200 1000 800 600 400 200 0 1802 1588 1169

280280280

446448382

388425302

358427 242

502 395 244

A - Base case Scenario

B - Optimistic Scenario

C- Pessimistic Scenario

·

mniSvnelovania tendencia: o o

rogorc

kapitaluri

xarjis,

aseve

To ta l2 00 8

sesxis

-2 01 1

20 07

20 08

20 09

20 10

20 11

zrdis

aRniSnuli gulisxmobs wliurad 100 lariT meti kapitaluri xarjis gaRebas Tbilisis erT sul mosaxleze; garda amisa, igulisxmeba sesxis mniSvnelovani zrda.

scenari a scenari b scenari g

kapitaluri danaxarji erT sul mosaxleze (lari) 2007 2008 2009 2010 221 353 307 283 221 351 329 328 221 299 234 185

2011 312 381 185

scenari a scenari b scenari g

2007 65 65 65

vali erT sul mosaxleze (lari) 2008 2009 2010 169 262 363 170 280 412 142 204 263

2011 471 564 319

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

4.3.2

saprognozo scenari `a~ : realisturi saprognozo gaTvlebi

4.3.2 scenari a: realisturi gaTvlebi 2007 2008 prognozi 461,6 410,2 51,4 0 281,7 179,9 30.2 4,7 25.5 149.6 126.9 270 176 6.2 6.3 -325.7 2009 prognozi 480,1 426,6 53,4 0 292,1 187,9 57.9 4 53.8 130.1 63,5 187 201.4 6,8 14.3 -331.5 2010 prognozi 500,2 443,7 56,5 0 303 197,3 92.9 3,2 89.7 104.4 0 97 261.4 7.5 25.7 -365.8 2011 prognozi 521,1 461,4 59,6 0 314,2 206,9 136.5 2,4 134.2 70.3 0 63 332.6 7.6 41.3 -402.9 sul 20082011 1963

A

B C=AB D

Tbilisis meria - milioni lari mTliani mimdinare Semosavali sagadasaxado Semosavali arasagadasaxado Semosavali transferi da sxva Semosavali mTliani mimdinare danaxarji mTliani mimdinare danazogi finansuri danaxarji mimdinare sesxis procenti axali sesxi - procenti wminda danazogi kapitaluri Semosavali kapitaluri danaxarji axali kapitaluri danaxarji mimdinare sesxis kapitaluri anazRaureba axali sesxis kap. anazRaureba kapitalis nameti naRdi fuli (axali sesxis aRebamde) axali sesxi (kapitals + procenti)

prognozi 443,1 387 48,5 7,6 267,7 175,4 6 6 169,4 126,9 280,3

1191

318

E = C -D F G1 G2 G3 H=FG1,2,3 J = E-H K L=L wina per + K -D

617 971.5

} 1588

6 -153,4

16

-176 176.1

-201 201.4

-261 261.4

-333 332.6

mTliani gadasaxdeli sesxi sesxis gadasaxadelad saWiro periodi (K+i) , gamoxatuli wlebSi

82,5

215.9 1.2

338.3

473.5

620.7

0,47

1.8

2.4 73

3

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

4.3.3

saprognozo scenari `b~ : otimisturi saprognozo gaTvlebi 4.3.3 scenari b: optimisturi gaTvlebi 2007 Tbilisis meria - milioni lari mTliani mimdinare Semosavali sagadasaxado Semosavali arasagadasaxado Semosavali transferi da sxva Semosavali mTliani mimdinare danaxarji mTliani mimdinare danazogi finansuri danaxarji mimdinare sesxis procenti axali sesxi - procenti wminda danazogi kapitaluri Semosavali kapitaluri danaxarji axali kapitaluri danaxarji mimdinare sesxis kapitaluri anazRaureba axali sesxis kap. anazRaureba kapitalis nameti naRdi fuli (axali sesxis aRebamde) axali sesxi (kapitals + procenti) prognozi 443,1 387 48,5 7,6 267,7 175,4 6 6 169,4 126,9 280,3 2008 prognozi 461,6 410,2 51,4 0 281,7 180.6 30.4 4,7 25.7 150.2 126.9 271 177 2009 prognozi 489.3 434.8 54.5 0 288.4 200.9 62 4 58 138.9 63,5 195 229 2010 prognozi 519.6 460.9 58.7 0 296 223.6 104.9 3.2 101.6 118.7 0 111 316 2011 prognozi 551.6 488.6 63 0 303.9 247.7 161.2 2.4 158.8 86.5 0 79 423 sul 20082011 2022

A

B C=A-B D

1169 359

E = C -D F G1

656 1146

} 1802

G2 G3 H=FG1,2,3

6 -153,4

6.2 6.3 -327.4

6,8 15.4 -386

7.5 28.8 -435

7.6 48.1 -509.8

J = E-H K L=L wina

16

-177 177.2

-229 229.1

-316 316.3

-423 423.4

per + K D

mTliani gadasaxdeli sesxi sesxis gadasaxadelad saWiro periodi (K+i) , gamoxatuli wlebSi

82,5

216.8 1.2

361.6

536.6

743.1

0,47

1.8

2.4

3 74

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

4.3.4

saprognozo scenari `g~ : pesimisturi saprognozo gaTvlebi 4.3.4 scenari g: pesimisturi gaTvlebi

Tbilisis meria - milioni lari mTliani mimdinare Semosavali sagadasaxado Semosavali arasagadasaxado Semosavali transferi da sxva Semosavali mTliani mimdinare danaxarji mTliani mimdinare danazogi finansuri danaxarji mimdinare sesxis procenti axali sesxi - procenti wminda danazogi kapitaluri Semosavali kapitaluri danaxarji axali kapitaluri danaxarji mimdinare sesxis kapitaluri anazRaureba axali sesxis kap. anazRaureba kapitalis nameti

naRdi fuli (axali sesxis aRebamde) axali sesxi (kapitals + procenti)

2007 prognozi 443,1 387 48,5 7,6 267,7 175,4 6 6 169,4 126,9 280,3

2008 prognozi 461,6 410,2 51,4 0 310.3 151.3 24.2 4,7 19.5 127.1 126.9 248 134 6.2 4.8 -261.3

-134 134.2

2009 prognozi 475.4 422.5 52.9 0 329.2 146.2 43.5 4 39.4 102.7 63,5 159 142 6,8 10.5 -245.2

-142 142.4

2010 prognozi 489.7 435.2 54.5 0 346.5 143.1 66.1 3.2 62.9 77 0 69 172 7.5 18.2 -249.3

-172 172.2

2011 prognozi 504.3 448.3 56.1 0 364.5 139.9 92.2 2.4 89.8 47.7 0 40 204 7.6 28.1 -251.6

-240 203.9

sul 20082011 1931

A

B C=AB D E = C -D F G1

1351 226

517 653

} 1169

G2 G3 H=FG1,2,3 J = E-H K L=L wina per + K D

6 -153,4

16

mTliani gadasaxdeli sesxi sesxis gadasaxadelad saWiro periodi (K+i) , gamoxatuli wlebSi

82,5

181.5 1.2

263.2

343.5

419.6

0,47

1.8

2.4

3

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

75

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

5

investiciis aucilebloba da dafinansebis wyaroebi Cven ukve ganvsazRvreT qalaqis meriis mier axali investiciis dafinansebis

SesaZlebloba, Tu mis mier kontrolis farglebSi moxdeba finansuri mdgomareobis gauareseba. amjerad dafinansebis wyaros identificirebis droa. dafinansebis wyarod iTvleba sesxi, agreTve, adgilobrivi da saerTaSoriso obligacia. 5.1 fuladi saxsrebis mozidvis sxvadasxva SesaZlo strategia: Teoria 5.1.1

obligacia (erovnuli/saerTaSoriso) qalaqis municipalitetis mier gamoSvebuli obligacia

5.1.1.1

saxelmwifo fasiani qaRaldebis msgavsad, municipalitetis fasiani qaRaldebic klasificirdeba mokle, saSualo da grZelvadian fasian qaRaldebad. municipaluri sasesxo fasiani qalRaldebi SeiZleba iyos: nominaluri, warmomdgenze, mokle an grZelvadiani, SezRuduli an SeuzRudavi (damokidebulia brunvis pirobebze), qonebis giravnobiT an giravnobis gareSe, procentiT (kuponiT an procentis (nulovani kuponiT), fiqsirebuli an mcuravi procentiT, vadamde gamosyidvis uflebiT an aRniSnuli uflebis gareSe da sxva. saerTaSoriso praqtikis mixedviT, municipaluri dakreditebis instrumentebi intensiurad meSveobiT. municipaluri fasiani qaRaldebi warmoadgens sasesxo fasian qaRaldebs, romelic gamoSvebulia municipalitetis mier sesxis mozidvis mizniT Sida bazarze9. viTardeba sabazro fasiani qaRaldebis axal saxeobaTa gaCenis

tradiciulad ikveTeba municipaluri fasiani qaRaldebis Semdegi saxeobebi:

·

saerTo sesxisa

valdebulebis da procentis Tumca,

obligaciebi gadaxdis saerTo

gamoSvebulia saerTo mier

uzrunvelyofis gadasaxadebis

gareSe,

pasuxismgeblobiT. obligaciebis

valdebulebis dawesebis gansazRvrul

Sesruleba

damokidebulia

municipalitetis

SesaZleblobaze.

valdebulebis

9

arsebobs municipaluri fasiani qaRaldebis sxva saxe, romlis mizani sesxis mozidvaa sagareo fasiani qaRaldebis bazarze (magaliTad, evro-obligacia). aseTi fasiani qaRaldebi, rogorc wesi, gamoxatulia ucxour valutaSi da ekuTvnis sagareo valis municipalur sasesxo fasian qaRaldebs. "ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 76

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saxeobaTa garanti aramxolod emitentis sagadasaxado potencialia, aramed sxva sagareo fuladi Semosavlebi. · saerTo valdebulebis obligacia SezRuduli garantiiT dabegvris potencialis kuTxiT. gamoSvebulia, rogorc uzrunvelyofis gareSe, sesxisa da procentis gadaxdis saerTo pasuxismgeblobiT. mier aramed emitentis valdebulebis gadasaxadebis gansazRvruli daawesos Sesruleba dawesebis saxis specifiuri ar aris farTo saxis damokidebuli SesaZleblobaze, wyaroebze gadasaxadebi. · saSemosavlo pirobiT). gamoSvebiT · obligacia Sedegad (sasesxo fasiani qaRaldi konkretuli saSemosavlo konkretuli Semosavlis proeqtis proeqtis obligaciis da municipalitetis

damokidebulia

sagadasaxado

SesaZleblobaze,

valdebulebis miRebuli

Sesruleba miRebuli fuladi

uzrunvelyofilia konkretuli SemosavlebiT. mxolod

ganxorcielebis

saxsrebi

ganxorcielebisaTvis gamoiyeneba. garantirebuli, anu dazRveuli municipaluri fasiani qaRaldebi. valdebulebis Sesruleba uzrunvelyofilia mesame mxaris mier. garantia zrdis aseTi tipis obligaciaTa saimedoobis xarisxs. obligaciaTa dafarva SesaZloa uzrunvelyofil iqnas bankis mierac. 5.1.1.2 evro_obligacia

5.1.1.2.1

saxelmwifos

evroobligacia _ zogadi mimoxilva

msgavsad, municipaliteti uflebamosilia evroobligaciis

emisiaze, romelic TavisTavad sagareo sesxs warmoadgens. evro-obligacia sasesxo fasiani qaRaldia, romelic gamoxatulia ucxour (emitentis qveyanaSi arsebuli valutisagan gansxvavebul) valutaSi da ganTavsebulia gare finansur bazrebze saemisio sindikatis saSualebiT. evro-obligaciebis bazarze garigebaTa umetesoba xorcieldeba singapuris, modis). londonis (meoradi sabazro evro-obligaciebis niu-iorkisa da ¾), tokios hong-kongis, finansuri

karibis

auzis

zogierTi

qveynis,

centrebis meSveobiT (niu-iorksa da tokioze garigebaTa SedarebiT mcire masStabi

5.1.1.2.2

evro-obligaciaTa klasifikacia

evro-obligaciebi sam jgufad klasificirdeba: · fiqsirebuli saprocento ganakveTiT (yvelaze gavrcelebuli jgufi)

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· ·

mcuravi saprocento ganakveTiT (ZiriTadad 1970 wlidan ganviTarda) Cveulebriv aqciad konvertirebadi (aRniSnuli obligaciebi gamoiyeneba

korporatiuli evro-obligaciebis mimarT). 5.1.2 vali investiciaTa dafinansebis aReba meore, SedarebiT klasikuri an meTodi:

arsebobs saprocento institutidan.

sargebliT

valis

SesaZlebelia

bankidan,

safinanso

dRes saqarTvelos municipalitetebis vali mcirea da ZiriTadad aRebulia saerTaSoriso organizaciebidan (evropis rekontruqciisa da ganviTarebis banki, msoflio banki) an saxelmwifo fondidan. adgilobriv bazars uWirs moTxovnilebis sruli dakmayofileba; garda amisa, sesxis saprocento ganakveTi aRemateba obligaciis saprocento ganakveTs. amrigad, investiciis dasafinanseblad gamoyenebuli unda iqnas sesxisa da obligaciis racionaluri Sefardeba. 5.2 obligaciaTa emisiis gamartivebuli SesaZlebloba saqarTvelos bazarze 5.2.1 samarTlebrivi mxare maregulirebeli garemo: saqarTvelo investiciis maregulirebeli normebi saqarTveloSi Zalian

5.2.1.1 ucxouri

liberaluria. qveyanaSi ar xorcieldeba ucxouri valutis an kapitalis kontroli; ucxour valutaSi gadaxdis gansaxorcieleblad ar aris saWiro saxelmwifos, an erovnuli bankis Tanxmoba. sabanko saqmianobas aregulirebs da keTilgonivrulad zedamxedvelobs saqarTvelos erovnuli banki. saqarTvelos fasiani qaRaldebis bazari regulirdeba saqarTvelos fasiani qaRaldebis saxelmwifo komisiis mier, fasiani qaRaldebis bazris Sesaxeb arsebuli kanonis safuZvelze, romelic SemuSavebul iqna amerikeli eqspertebis daxmarebiT da ZiriTadad Seesabameba saerTaSoriso standartebs.

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5.2.1.2

ruseTis gamoSvebuli

maregulirebeli garemo: ruseTi

federaluri fasiani kanonmdeblobis Tanaxmad, fasian municipalitetis qaRaldebad saxeliT

qaRaldebi

municipalur

ganixileba10.

municipaluri fasiani qaRaldebis emitenti (gamomSvebi) municipaluri struqturis aRmasrulebeli organoa. ufro metic, municipaluri fasiani qaRaldebis gamoSveba, iseve, rogorc saxelmwifo fasiani qaRaldebisa, SesaZlebelia obligaciebis federaluri kanondeblobiT gansazRvruli sxva fasiani qaRaldebis saxiT. an am

SemTxvevaSi, mowmdeba mflobelis ufleba, miiRos gamomSvebis fuladi saxsrebi. aRniSnuli SesaZloa damokidebuli iyos fasiani qalRaldebis pirobis mixedviT gansazRvruli periodis ganmavlobaSi. municipaluri saxsrebis asrulebs wesebi da TviTmmarTvelobis fasiani fasiani qaRaldebis ganTavsebis federaluri organoebis pirobaTa Sedegad kanonebiTa mier. mixedviT. aqtis moziduli da fuladi gaxarjva ganisazRvreba adgilobrivi valdebulebas pirobebi gamoSvebis pirobebze, qonebaze, nominaluri Rirebulebis procentze, an sxva qonebriv uflebebze emisiis

warmomadgenlobiTi qaRaldebis emisiis

emitenti

aRniSnuli saxiT

cnobilia, rogorc municipaluri fasiani qaRaldebis emisiisa da brunvis zogadi warmodgenilia federaciis normatiul-samarTlebrivi saxelmwifo da TviTmmarTveli qaRaldebis erTeulis aRmasrulebeli organos mier (SemdgomSi `zogad wesebad~ wodebuli) (ruseTis kanoni municipaluri fasiani gamoSvebisa da brunvis specifikis Sesaxeb, 1998 wlis 29 ivlisi, muxli 8). aRniSnuli normatiul-samarTlebrivi aqtis registraciaze pasuxismgebelia ruseTis federaciis finansTa saministro.

a) municipaluri sasesxo fasiani qaRaldebis gamoSvebis ZiriTadi mizani municipaluri disbalansis fasiani qaRaldebis gamoSvebis specialuri ZiriTad mizans warmoadgens da danaxarjebsa da sagadasaxado Semosavlebs Soris arsebuli sezonuri da droebiTi dafarva, grZelvadiani programebis dafinanseba mimdinare garigebaTa Sedegad gamowveuli xangrZlivi sabiujeto deficitis Sevseba.

b) municipalur fasian qaRaldebTan dakavSirebuli savaluto valdebuleba municipaluri fasiani qaRaldi Sida sesxs warmoadgens. amdenad, igi gamoxatuli da gadaxdil unda iqnas ruseTis federaciis oficialuri valutiT.

10

ruseTis federaciis kanoni saxelmwifo da municipaluri fasiani qaRaldebis gamoSvebisa da brunvis specifikis Sesaxeb, 1998 wlis 29 ivlisi, muxli 2, punqti 1. "ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 79

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g) ucxoel investorTa monawileoba ucxoeli investori SeuzRudavad axorcielebs municipaluri sasesxo fasiani qaRaldebis investirebas. d) sasesxo fasiani qaRaldebis Tavdapirveli ganTavseba auqcionebi da damatebiTi ganTavsebebi warmoadgens ganTavsebis Zalzed gavrcelebul formebs, romlebsac iyeneben bazarze municipaluri sasesxo fasiani qaRaldebis ganTavsebisaTvis. Tumca, zogierTi msesxebeli upiratesobas ganTavsebis konsorciul formas aniWebs. e) emitentis valdebulebis dazRveva ruseTis uflebamosilia, federaciis daazRvios samoqalaqo sakuTari kanonmdeblobis zogadi mixedviT, wesebis emitenti mixedviT valdebuleba

gansazRvrul SemTxvevebSi an uzrunvelyos valdebulebis Sesruleba konkretul fasian qaRaldebTan dakavSirebiT emisiis pirobebis mixedviT (ruseTis federaciis kanoni saxelmwifo da municipaluri fasiani qaRaldebis gamoSvebisa da brunvis specifikis Sesaxeb, 1998 wlis 29 ivlisi, muxli 14, punqti 1).

5.2.2

bazris potenciali gamartivebuli SesaZleblobebi saqarTvelos bazarze fasiani qaRaldebis bazari ganviTarebis adreul etapze imyofeba, saerTo

5.2.2.1 saqarTvelos Tumca masSi

warmodgenilia

iseTi

saerTaSoriso

aspeqtebi,

rogoricaa

valdebulebebi, fasiani qaRaldebi... miuxedavad aRniSnulisa: · · ar arsebobs municipalur obligaciebTan dakavSirebuli praqtika 2005-2006 wlebSi gauCinarda saxelmwifo sasxesxo valdebulebis bazaric ki.

finansuri bazrebi saqarTveloSi fiqsirebuli Semosavlis mqone fasiani qaRaldebi (obligaciebi) saxelmwifo fasiani qaRaldebidan miRebuli saSualo Sewonili Semosavali 2005 wlis pirvel naxevarSi (2005 wlis meore naxevarSi ar gayidula saxazino obligaciebi) miaxlovebuli iyo adgilobrivi bankebis

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mier depozitebze SeTavazebul saprocento ganakveTTan ­ 11.17%. 2004 wlis pirvel naxevarSi analogiuri maCvenebeli 21.27%-s Seadgenda, xolo 2003 wels ki _ 45.65%-s. daufaravi saxazino obligaciebis (2.0 milioni lari Rirebulebis, 364-dRiani obligacia gaiyida da 18.5% mogeba moutana pirvelad dilers) ukanaskneli tranSi 2006 wlis 17 ivniss dasrulda. 2006 wlis bolos saqarTvelos erovnulma bankma gayida ramdenime SedarebiT grZelvadiani saxelmwifo obligacia 13%-iani kuponiT, yvelaze xangrZlivi dafarvis vadiT 2009 wlis martamde. saxazino obligaciebis emisiis ganaxleba ar aris mosalodneli uaxloes momavalSi, ramdenadac saxelmwifos winaSe ar dgas dafinansebis mozidvis saWiroeba gazrdili sagadasaxado Semosavlebisa da privatizaciidan miRebuli mniSvnelovani Semosavlebis wyalobiT.

1) erovnuli bankis obligaciebi kuponiT

2006 wels saqarTvelos erovnulma bankma pirvelad gayida SedarebiT grZelvadiani warmoebda saxelmwifo obligaciebi obligaciebis 13%-iani kuponiT ; gadaxda 1,000 kvartalurad. nominaluri Rirebuleba

lariT ganisazRvra da gaiyida 13%-iani erovnuli bankis mimarT mTavrobis mier

SemosavlianobiT. obligaciaTa aRebuli saxelmwifo valis

emisia finansTa saministros konstruqciuli gegmis nawils warmoadgenda uzrunvelsayofad. erovnuli bankis monacemebis mixedviT, 48 milioni lari nominalis obligaciebi yovelwliurad gaiyideba 2010 wlamde, xolo amis Semdeg ki wliuri nominali gauTanabrdeba 40 milion lars. obligaciebis dafarvis vada xuTi wliT ganisazRvra. obligaciebiT vaWroba warmoebs saqarTvelos erovnuli bankis eleqtronuli auqcionis sistemiT. banks, saxelmwifo obligaciebis SeZena SeuZlia nebismier komerciul

rezident da ararezident fizikur pirs da iuridiul pirs (ixileT danarTi 13, daufaravi kuponiani obligaciebis cxrili).

2) korporaciuli obligaciebi saxelmwifo sasesxo valdebulebis bazari 2005-2006 wlebSi TandaTan da SeumCnevlad gauCinarda. saqarTvelos komerciulma bankebma gamoiyenes aRniSnuli SesaZlebloba da gamouSves sakuTari obligaciebi. 2005 wlis seqtembridan 2006 wlis Tebervlamde saqarTvelos bankma gayida 2 milioni lari Rirebulebis orwliani obligaciebi (romlebic gamoSvebuli iyo vadamde gamosyidvis uflebiT) adgilobriv da ucxoel investorebze 11%-

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iani SemosavlianobiT. es gaxldaT korporaciuli obligaciebis pirveli emisia saqarTveloSi, dafarvis yvelaze didi xangrZlivobiT. saqarTvelos prokredit banki meore banki aRmoCnda, romelmac gamouSva korporaciuli sasesxo obligaciebi mas Semdeg, rac gayida erTwliani ukupono (nulovani kuponis bankma mqone) obligaciebi 5,926,000 2005 wlis noemberZiriTadad dekemberSi. prokredit gayida 14%-ni nominalis erTwliani

diskontirebuli

obligaciebi

SemosavlianobiT

adgilobriv investorebze da 5 milioni Rirebulebis nulovani kuponis mqone obligaciebi 15%-ni SemosavlianobiT. 2007 wlis TebervalSi saqarTvelos bankma gayida 200 milioni aSS

dolaris Rirebulebis 5-wliani evroobligaciebi 9%-iani SemosavlianobiT, daamkvidra Semosavlis maCvenebeli qveynisaTvis (romelic iseTive doneze fasdeba, milion rogorc aSS banki) da sxva qarTul 100-ze kompaniebs metma gza gauxsna saerTaSoriso sasesxo kapitalis bazrebisaken. moTxovnis zeda zRvarma 600 dolars gadaaWarba. institucionalurma investorma didi britaneTidan, Sveicariidan, italiidan, saberZneTidan da evropisa da aziis sxva qveynebidan ganaxorciela SeTavazeba. Sedegad ki, saqarTvelos dolaridan bankma 200 gazarda aSS garigebaTa dolaramde. moculoba 2007 150 milioni 23 aSS milion wlis Tebervlis

mdgomareobiT, saqarTvelos bankis obligaciebiT vaWroba xdeboda 101-ze 8.74% amonagebiT. fulis bazrebi (sadepozito serTifikatebi) erovnuli bankis sadepozito serTifikatebi 2006 wlis seqtemberSi saqarTvelos TiToeuli erovnulma bankma gamouSva sadepozito serTifikatebi. sadepozito serTifikatis

nominaluri Rirebuleba 1,000 lariT ganisazRvra da gaiyida nominaluri Rirebulebis diskontirebiT. sadepozito serTifikatebi warmodgenilia erovnul qaRalds. valutaSi (larSi), gamocemulia banki eleqtronuli formiT da warmoadgens erovnuli bankis mier uzrunvelyofil kvazisuverenul fasian saqarTvelos erovnuli acxadebs auqcionis TariRs, pirobebs, gamoSvebis moculobas, da TiToeuli sadepozito serTifikatis maqsimalur Semosavlianobas. auqcionSi monawileobis miReba SeuZliaT mxolod saqarTvelos komerciul bankebs.

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erovnuli bankis mier gamoSvebuli sadepozito serTifikatebis gadaxdis periodi ganisazRvra 5, 7, 8, 14, 28, 31, 56, 91, 126, 154, 182 dRiT. maRali moTxovniT gamoirCeva 28-dRiani sadepozito serTifikati ­ aRniSnuli vadis mqone sadepozito 2006 wels serTifikatebis 11.98%-s udrida, saSualo xolo Sewonili 2007 wlis Semosavlianoba

dasawyisisaTvis ki 4.13%-mde daeca. dRes misiT vaWroba xdeba 7%-iani amonagebiT. garda amisa, SedarebiT stabiluri moTxovniT xasiaTdeba 91dRiani da 7-dRiani sadepozito serTifikatebi, 10 milions romelTa utoldeba saSualo (ixileT Sewonili Semosavlianoba Sesabamisad 9% da 3.5%-s udris. TiToeuli auqcionisaTvis gamoSvebis moculoba danarTi 12, sadac warmodgenilia daufaravi sadepozito serTifikatebi). risk-faqtorebi ganviTarebadi bazris riski investori, Sedis ra ganviTarebad bazarze, informirebuli unda iyos imis Sesaxeb, rom ganviTarebadi bazari xasiaTdeba riskis meti xarisxiT, vidre ganviTarebuli bazari. risk-faqtorSi zogierT SemTxvevaSi igulisxmeba mniSvnelovani politikuri, ekonomikuri da samarTlebrivi riskebi. garda amisa, icvleba mocemuli, obligaciis da investorma isic unda gaiTvaliswinos, winamdebare CaiTvalos. arsebuli da rom ganviTarebadi ekonomika (magaliTad, saqarTvelos msgavsi) Zalian swrafad amdenad, SesaZloa, informacia, male romelic kvlevaSia zogadad, riskebis finansur moZvelebuladac srulad gaivlis aRiqvams Tavis

ganviTarebad bazarSi investireba racionaluri iqneba mxolod gamocdili investorisaTvis, investori romelic mniSvnelobas. investirebis Sesaxeb informaciis miRebamde, kargi iqneba, Tu konsultacias iuridiul mrCevelebTan. samarTlebrivi riskebi zogierT qveyanaSi kanonebis dacvis sakiTxi saeWvoa. asea saqarTveloSic, sadac kanonSemoqmedeba yovelTvis ver uwyobs nabijs sabazro moTxovnebs. miuxedavad imisa, rom ukanasknel periodSi Zalisxmeva aravis dauSurebia saqarTvelos saqmianoba aspeqtebi garemosagan. da kanonmdeblobis samarTlebrivi arsebiTi da elementebis evrokavSiris normebis rigi normebTan SesabamisobaSi mosayvanad, saqarTveloSi arsebuli komerciuli maregulirebebeli sxva qveynebis mniSvnelovnad gansxvavdeba samarTlebrivi

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fasiani qaRaldebis bazris riski saqarTvelos fasiani qaRaldebis bazari ganviTarebis adreul safexurze imyofeba. saqarTvelos prokredit bankis aqtiuri meoradi bazari SesaZloa arc amisa, ganviTardes, rac gadaavadebs fasiani ki obligaciis mflobelebis mier s prokredit bankis obligaciebSi axali investiciis ganxorcielebas . garda saqarTvelos xolo normebi qaRaldebi Zalian mwiria xasiaTdeba bazris ganviTarebul SezRuduli efeqturi bazrebTan likvidurobiT, maregulirebebli fasiani qaRaldebis

SedarebiT. Sedegad , saqarTvelos fasiani qaRaldebis fasze arsebiTad zemoqmedebs vaWrobis SedarebiT mcire masStabi da presis saSualebiT xelsayreli an araxelsayreli informaciis gavrceleba.

korporaciuli obligaciebis ganviTareba daiwyo ukanasknel periodSi: · saqarTvelos daiwyes. ­ 2007 wlamde bazarze ganTavsebul iqna mxolod 40 milioni Rirebulebis obligacia. 2006 wels, saqarTvelos erovnulma bankma ganaxorciela SedarebiT grZlevadiani saxelmwifo obligaciebiT vaWroba 13%-iani amonagebiT, romelic kvartalurad unda gadaxdiliyo. komerciulma bankebma isargebles saxelmwifo

obligaciebis gauCinarebiT da sakuTari obligaciebis gamoSveba

Fitch reitingis zemoqmedeba saprocento ganakveTze

rogorc wesi, saprocento ganakveTi iklebs qveynis saerTaSoriso reitingis zrdasTan erTad, Tumca, aucilebelia yuradRebis gamaxvileba im ganakveTebze, romlebic zemoqmedebs gansxvavebiT. Semcirdeba, dadgenilia obligaciis xasiaTs rac Tumca Seexeba ar fiqsirebul instrumentebze, atarebs, sabanko aRmoCndeba saSemosavlo ramdenadac fasian qaRaldebsa vaWroba isic (obligaciebze) da bankis sakredito produqtebze. Fitch reitingi pirdapir obligaciebiT saerTaSoriso sabanko sakredito aseTi sakredito produqtis produqtebisagan procents, sabanko

mgrZnobiare,

ramdenadac

produqti adgilobrivi produqtia da ar ganicdis saerTaSoriso reitingis iseTive Zlier zemoqmedebas, rogorsac obligacia.

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ü namdvilad ikveTebapozitiuri tendenciebi, rac gaanalizebas saWiroebs: · bazars SesaZloa aRmoaCndes adeqvaturi instrumenti, magram ar aRmoaCndes bazarze) · · 13%-ni amonagebi sakmaod maRali saprocento ganakveTia obligaciaTa Canacvleba mxolod sesxiT SeuZlebelia, ramdenadac saqarTvelos bankebi kredits ar gascemen municipalitetebze da Tanac ar gaicema aseTi didi moculobis korporaciul sesxi (200 milioni wliurad). ü erTaderTi gamosavali saerTaSoriso bazari iqneba, qalaqis municipalitetis mier. magram mxolod gamoSvebuli obligaciebis aTvisebis potenciali (dRemde sul 40 milioni laris obligaciebia gayiduli erovnul

Semdegi formiT: evro-obligacias + reitingi + savaluto riskis marTva

daufaravi saxelmwifo obligaciebis gamosyidvis kalendari gamoSvebis TariRi gamosyidvis TariRi saSualo Semosavlianoba moculoba (milioni lari)

vada 281 dRe 369 dRe 458 dRe 545 dRe 816 dRe 546 dRe

8 dek. 06 11 dek. 06 13 dek. 06 18 dek. 06 20 dek. 06 18 ivnisi. 07 sul

15 seq. 07 15 dek.07 15 marti 08 15 ivnisi 08 15 marti 09 15 dek 08

13% 13% 13% 13% 15% 13%

10 10 10 10 8 5 53

5.3

saxelmwifo valis sustad ganviTarebuli bazari saqarTveloSi

saqarTvelos saxelmwifo valis bazris analizis Sedegad cxadi gaxda, rom Tbilisis meriam unda mimarTos saerTaSoriso bazars, rogorc dafinansebis saukeTeso wyaros. 2005 wlis pirvel naxevarSi saxelmwifo fasiani qaRaldebis saSualo Sewonili amonagebis (2005 wlis meore naxevarSi ar gayidula saxazino obligaciebi)

85

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

maCvenebeli ganakveTs­ Seadgenda,

uaxlovdeboda 11.17%. xolo 2004 2003

adgilobrivi pirvel ki _

bankebis

mier

SeTavazebul saxazino

sadepozito 21.27%-s

wlis wels

naxevarSi 45.65%-s.

analogiuri

maCvenebeli

daufaravi

valdebulebis

ukanaskneli tranSi 2006 wlis 7 ivniss dasrulda. 2006 wlis bolos saqarTvelos erovnulma bankma gayida ramdenime SedarebiT grZelvadiani saxelmwifo obligacia 13%-iani kuponiT, yvelaze xangrZlivi dafarvis vadiT 2009 wlis martamde. saxazino obligaciebis ramdenadac emisiis ganaxleba winaSe ar ar aris dgas mosalodneli dafinansebis uaxloes momavalSi, saxelmwifos mozidvis aucilebloba

gazrdili sagadasaxado Semosavlebisa da privatizaciidan miRebuli mniSvnelovani Semosavlebis wyalobiT.

daskvna: mniSvnelovani moculobis fuladi saxsrebis misaRebad aucilebelia rogorc saxsrebis obligaciis sesxis, aseve obligaciebis moculobis romelic miReba. gamoyeneba. amdenad, iqneba obligaciebiT aucilebeli ucxour vaWroba iseTi da ganxorcieldeba saerTaSoriso bazarze ­ mxolod am gziTaa SesaZlebeli fuladi mniSvnelovani gamoSveba, iqneba gamoxatuli valutaSi

uzrunvelyofili iqneba saxelmwifo garantiiT. amdenad, meriam unda gaiTvaliswinos savaluto kursis cvlilebis SesaZleblobac.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

6

mosamzadebeli RonisZiebebi sakredito reitingis mosapoveblad Cven ukve davasabuTeT obligaciaTa saerTaSoriso doneze gamoSvebis

aucilebelobis sakiTxi. rac Seexeba sakredito reitings, unda aRiniSnos, rom misi mopoveba aucilebelia kreditoris informirebulobis donis gasazrdelad da saprocento ganakveTis Sesamcireblad. 6.1

sakredito reitingis moTxovnebi ü adgilobrivi da regionaluri mmarTveli erTeulis ZiriTad mizans warmoadgens masTan gaweuli sayofacxovrebo xarjis momsaxurebis donisa da dakavSirebuli dabalanseba, infrastruqturis miznebs

ganviTarebis dafinanseba arsebuli SemosavlebiT, saWiroebisamebr sesxis aReba. am TvalsazrisiT, sakredito reitingi Semdeg akmayofilebs: · · · ucxoel kreditors uzrunvelyofs aucilebeli informaciiT sesxis damtkicebis Sesaxeb gadawyvetilebis misaRebad; zrdis municipalitetis mier investiciis ganxorcielebis

potencials; Seesabameba moqalaqeTa deklarirebul moTxovnas

gamWvirvalobis uzrunvelyofis Taobaze. ü sakredito reitingi ukavSirdeba piris mier sasesxo valdebulebis dafarvis unars. ü umaRlesi reitingi ganisazRvreba AAA-Ti, xolo udablesi ki _ DTi. ü sakredito reitingi dgeba finansuri, farTo ekonomikuri speqtris da

intitucionaluri

faqtorebis

detaluri

xarisxobrivi da raodenobrivi analizis Sedegad (analizi moicavs im qveynis reitingis zemoqmedebis Sefasebasac, sadac funqcionirebs adgilobrivi da regionuli mmarTveli erTeulebi) ü sakredito kategoriebs. kategoriebi: .. · gareSe: Tbilisis municipaliteti ver zemoqmedebs reitingis analizi efuZneba cxrilSi warmodgenil Semdegi

analitikur

kategoriebad

ganixileba

Sedegobriv monacemebze;

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

87

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

·

Sida:

Tbilisis

municipaliteti

zemoqmedebs

Sedegobriv

monacemebze. 1 gareSe faqtorebi 1. ekonomika 2. insitutucionaluri potenciali 2 Sida faqtorebi 1. sistemis mxardaWera da prognozi marTvis 2. finansuri moqniloba 3. sabiujeto Sesruleba 4. likviduroba da sesxis marTva 5. sasesxo valdebuleba 6. arasabalanso valdebulebebi

6.2

sakredito reitingis moTxovnebi TbilisSi arsebuli mdgomareobis pirispir 6.2.1

gareSe faqtorebi

gareSe faqtorebi Tbilisis municipalitetis kontrolis miRma arsebobs da saqarTvelos aRniSnuli ekonomikuri da politikuri mdgomareobiTaa ar ganpirobebuli. zemoqmedebis faqtorebis WrilSi municipalitets SeuZlia

ganxorcieleba sakuTar sakredito reitingze. Tumca, Tavad es faqtorebi axdens zegavlenas municipalitetis sakredito reitingze. sxva sityvebiT rom vTqvaT, suverenuli reitingi axdens zegavlenas adgilobrivi da regionaluri mmarTveli erTeulebis reitingze. ü Fitch Rating-is mixedviT, saqarTvelos mieniWa grZelvadiani ucxouri da adgilobrivi valutis emitentis defoltis suverenuli BB- reitingi ü aRniSnuli gulisxmobs TbilisisTvisac amave reitingis arsebobas ü problema: saerTaSoriso obligaciebis gamomSvebTa umetesobis reitingi sul mcire BBB-ia .

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

1. ekonomika

2. institucionaluri marTvis potenciali

Fitch reitingis ZiriTadi daskvnebi saqarTvelosaTvis (2007 wlis ivlisi) dadebiTi mxareebi: mcire da klebadi sasesxo valdebuleba mcire saxelmwifo vali ukanasknel periodSi mTliani Sida produqtis zrdis maRali tempi da pozitiuri perpeqtivebi struqturuli reformebi investiciis maRali ganakveTi da ucxouri pirdapiri investiciebi stabiluri xelSewyoba saerTaSoriso sazogadoebis mxridan uaryofiTi mxareebi: mimdinare angariSTa mniSvnelovani deficiti da sagareo dafinansebis miRebis saWiroeba mwiri ekonomikuri da saeqsporto baza, maRali mgrZnobeloba Sokuri movlenebis mimarT sakmaod maRali inflaciis done. dolarizaciis maRali done sustad ganviTarebuli saSinao sakredito bazari mSp-s simcire erT sul mosaxleze normirebul ganakveTTan SedarebiT mniSvnelovani politikuri riskebi valis restruqturizacia ukanasknel periodSi. - Tbilisis meriis ekonomikuri politikis udidesi nawili saxelmwifos mier kontrolirdeba. Tbilisi ar warmoadgens iseT erTeuls, romelic Tavad axorcielebs ekonomikis administrirebas (magaliTad, sesxis damtkiceba saxelmwifos kompetenciaa). - mniSvnelovani politikuri riski iwvevs meriis ekonomikur da sakadro arastabilurobas (centralizacia decentralizaciis pirispir) - Tbilisis municipalitetis biujeti TiTqmis mTlianadaa damokidebuli erovnul Semosavlebze.

saqarTvelos ekonomika daxasiaTebulia danarT 14-Si.

2007 wlis 18 ivliss, 11:00 saaTze, Fitch Rating-ma saqarTvelos "BB-" reitingi mianiWa: perspeqtiva - stabiluri londoni, ucxouri limitis 18 da ivlisi (Fitch) Fitch Rating-ma valutis ("bi-bi" dRes saqarTvelos defoltis grZelvadaini

BB-

adgilobrivi

BB-

emitentis

suverenuli

reitingi (perspeqtiva ­ stabiluri) mianiWa. garda amisa, qveynis sakredito maCvenebeli ucxouri minusiT) emitentis reitingiT defoltis iseTi ganisazRvra, reitingi ki xolo _ "B"

moklevadiani maCvebeliT. `saqarTvelos

valutis

suverenuli

reitingi

izrdeba

faqtorebis

wyalobiT,

rogoricaa mcire da klebadi saxelmwifo vali, mSp-s swrafi zrdis ganakveTi, pozitiuri struqturuli reformebi, pirdapiri ucxouri investiciebis didi moculoba da stabiluri finansuri mxardaWera saerTaSoriso sazogadoebis

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

89

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

mxridan", - aRniSna eduard parkerma, Fitch Rating-is xelmZRvanelma evropis ganviTarebadi qveynebis sakiTxebis dargSi _ `Tumca, reitingis gazrdas abrkolebs iseTi faqtorebi, rogoricaa mcire ekonomikuri warmadoba, dabali Semosavlebi, mimdinare angariSebis didi deficiti, mwiri ekonomika da maRali mgrZobeloba mimarT".

Fitch-is prognozis mixedviT, saqarTveloSi mSp-is zrdis ganakveTi wels 10%-s

sxvadasxva

Sokuri

ekonomikuri

da

politikuri

movlenebis

unda gautoldes, mas Semdeg rac 2005 da 2006 wlebSi 9.5% Seadgina. mSp-s zrdas xels Seuwyobs pirdapiri ucxouri investicia, romelic mSp-s daaxloebiT 18%-s Seadgens, da ambiciuri struqturuli reformebi. saqarTvelos wlis saukeTeso reformatorad dasaxelda msoflio bankis mier Catarebuli biznes saqmianobis gamokvelevis (Doing Business Survey) mixedviT da saerTo SefasebiT 2007 wels 117dan 37-e adgilze gadainacvla (sul 175 adgili). ekonomikac dRemde kargad umklavdeba ruseTis savaWro embargos da airis gaZvirebis problemas. saqarTvelos saxelmwifo finansebic sakmaod reitingul donezea. sagadasaxado reformis, antikorufciuli brZolisa da ekonomikuri bumis wyalobiT, mTavrobam SeZlo sagadasaxado Semosavlebis gazrda, romelmac 2006 wels mSp-s 26% Seadgina (SedarebisaTvis: aRniSnuli maCvenebeli 2003 wels 16%-s udrida). danaxarjebic sakmaod swrafad mSp-s izrdeba, Tumca,

Fitch-is

prognoziT,

wels

sabiujeto deficiti privatizaciidan

2.7%-s

gautoldeba,

dafinansdeba ra ZiriTadad gaTvlebiT, saxelmwifo

miRebuli

SemosavlebiT.

saagentos

vali Semcirdeba da 2007 wlis bolos gautoldeba mSp-is mxolod 26%-s (rac naklebia "BB" saSualo zRvarze, romelic 39%-iTaa gansazRvruli). aRniSnuli maCvenebeli 2002 wlis bolos 71%-s utoldeboda. sesxis restruqturizaciaSi igulisxmeba is, rom 2007 wels saxelwifos mier gadasaxadeli vali Seadgens mSp-is 1.3%-s (TurqeTis analogiuri maCvenebeli 23%-ia) ('BB'-`bi-biminusi"/stabiluri)/ . amis sapirispirod, 2007 2006 SedarebiT

Fitch-is

sustadaa da

ganviTarebuli mixedviT, 20%-s Tumca,

sagareo

finansebis angariSebis analogiuri isic, rom mxriv

sakiTxi deficiti

saqarTveloSi. wels wels

prognozis mSp-s Seadgenda.

mimdinare

gaizrdeba 15%-s

gautoldeba; mosalodnelia romelic

maCvenebeli deficiti

deficitis Sevseba moxdeba pirdapiri ucxouri investiciebiT da grantebiT. gamoxatulia gazrdili moTxovniT, Tavis formirebuli da stimulirebulia sabanko kreditebis swrafi ganviTarebiT, Semosuli kapitalis gazrdili masStabiT da jer kidev sustad ganviTarebuli

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 90

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

miwodebis sistemiT. miuxedavad amisa, wminda sagareo vali mcirea da 2006 wlis bolos mSp-is 15%-s udrida, romelic 'BB' saSualo maCvenebelze (12%-ze) odnav metia. aRwevs. politikuri riski arsebiT zegavlenas axdens suverenul reitingze. 2003 wlis mSvidobiani ambiciuri `vardebis reformebis da revoluciis~ ganxorcielebas. korufcia. periodi. afxazeTsa Semdeg, prezidenti gaZlierda saakaSvili da nacionaluri moZraoba gadaerTo evro-atlantikur orientaciaze da Seudga Sedegad, miuxedavad demokratiuli erovnuli institutebi Semcirda siZneleebisa, 2003 wels aRniSnuli maCvenebeli 43%-s udrida. izrdeba ucxouri valutis rezervi da saerTaSoriso likvidurobis maCvenebeli 2007 wels 206%-s

moZraoba momvalarCevnebzec gaimarjvebs da gaizrdeba Zlieri, stabiluri da reformatoruli garTulebulia mmarTvelobis da arsebobs saqarTvelo-ruseTis da samxreT urTierTobebi konfliqtis oseTTan

ganaxlebis safrTxe.

reitingi ucxouri valuta grZelvadiani valutis emiteris defolt reitingi moklevadiani valutis emiteris defolt reitingi perspeqtiva adgilobrivi valuta grZelvadiani valutis emiteris defolt reitingi perspeqtiva maqsimaluri zRvari qveynisaTvis reitingis istoria TariRi 2007 wlis 12 ivlisi grZelvadiani valuta BBucxouri moklevadiani valuta BBucxouri BBB stabiluri BBstabiluri BB-

Fitch Rating-is mimoxilva saqarTvelos sagareo finansebis Sesaxeb: ix. danarTi 15. 6.2.2 Sida faqtorebi

Tbilisis municipaliteti axorcielebs kontrols eqvs Sida faqtorze. aRniSnuli gansazRvrul mimarTulebiT.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 91

faqtorebis qmedebaTa

WrilSi,

Tbilisis SerCeul

municipalitets monacemTa

SeuZlia

ganxorcieleba

gaumjobesebis

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

1. sistemis xelSewyoba da prognozirebis SesaZlebloba

2. finansuri moqniloba

3. biujetis Sesruleba

4. likviduroba da sesxis marTva

EY ­s daskvnebi dadebiTi mxareebi: kargi urTierToba samTavrobo erTeulebTan, miuxedavad "centralizaciis kuTxiT arsebuli SezRudvisa biujetis kargi Sesruleba (>95%) uaryofiTi mxareebi: administraciuli da politikuri sistemebis prognozirebis dabali SesaZlebloba mravalwliani sainvesticio programis ararseboba (finansebi, privatizacia, proeqtebis menejmenti) dadebiTi mxareebi: saxelmwifo transferi mudam faravs danaxarjs uaryofiTi mxareebi: sagadasaxado SemosavalTan dakavSirebuli finansuri avtonomiis Semcireba adgilobrivi gadasaxadebis zeda zRvari dadebiTi mxareebi: biujetis sakmaod karg doneze Sesruleba mimdinare deficitis ar arseboba uaryofiTi mxareebi: sakaso meTodiT aRricxva ara mkafio gamijvna kapitalur, mimdinare da finansur danaxarjebs Soris arasrulyofili sabalanso uwyisi dadebiTi mxareebi: araviTari krizisi likvidurobis WrilSi ar dgas defoltis problema wina sesxebTan mimarTebaSi uaryofiTi mxareebi: merias mcire moculobis sesxi aqvs aRebuli saerTaSoriso organizaceibidan dadebiTi mxare: - moklevadiani sasesxo valdebuleba: arsebobs naxevari wlis ganmavlobaSi sesxis dafarvis potenciali dadebiTi mxareebi: zogierTi saxelmwifo kompaniis gaZlierebuli finansuri mdgomareoba (mag. Tbilisis wyali) dabali sakredito garantia uaryofiTi mxareebi: ar momzadebula konkretuli finansuri angariSgeba ar SemuSavebula aqtivebis nusxa 2002 wlidan zogierTi municipaluri kompania finansuri riskis winaSe imyofeba.

5. sasesxo valdebuleba

6. arasabalanso valdebulebebi

7

rekomendaciebi

proeqtis

menejmentisa

da

finansuri

procedurebis

gasaumjobeseblad reitingis miRwevamde, an obligaciaTa emisiamde aucilebelia ori aspeqtis gaumjobeseba: · proeqtis marTvis gaumjobeseba:

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

92

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

o

aucilebelia gansazRvravs

mravalwliani politikur aucilebelia moxdeba erT

proeqtis

SemuSaveba, teqnikur

romelic da

prioritetebs, menejmentis

saWiroebebsa

sakredito moTxovnebs o meriisaTvis gaerTianeba o srulyofili programis gegmis SemuSaveba: TiToeulma samsaxurma unda SeimuSaos proeqti, romelTa dokumentSi sainvesticio Camoyalibebis mizniT; mravalwliani gegmis SemuSavebiT meriam unda daarwmunos rogorc moqalaqeebi, arsebobaSi. · aseve finansuri partniorebi samomavlo proeqtebis

finansur proceduraTa gaumjobeseba: o miTiTebuli reitingis o o mosapoveblad aucilebelia sabuRaltro aRricxvis warmoeba daricxvis principis gamoyenebiT, ssbas-is safuZvelze aucilebelia kontrolis Sida meqanizmis danergva finansuri sakiTxebis Seswavla-Sefasebis mizniT. rekomendaciebis misaRwevad da Sesruleba finansuri warmoadgens institutebis winapirobas interesis

sainvesticio proeqtebis menejmentis saukeTeso formis dasanergad aucilebeli iqneba Semdegi RonisZiebebis gatareba:

1. mravalwliani sainvesticio gegmis SemuSaveba

2. finansur proceduraTa gaumjobeseba 3. reitingi

4. fuladi saxsrebis mozidva: sesxs + obligaciebi

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

93

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

7.1

mravalwliani sainvesticio gegmis marTvis kulturis damkvidrebis aucilebloba

dRes qalaq Tbilisis merias ar ZaluZs zusti sainvesticio gegmis, an momavali proeqtebis gegmis SemuSaveba. Cveni mosazrebiT, merias unda gadaeces saTanado berketi imisaTvis, rom daZlios da daamkvidros aseTi saxis kulturuli cvlileba.

rogorc sainvesticio~

ukve

aRvniSneT,

dRes

ar

arsebobs

`mravalwliani teqnikur

proeqtis

marTvis

kultura.

aRniSnuli

ganyofilebasac

exeba, romelsac aqvs imis saoperacio SesaZlebloba, adeqvaturi dro.

rom gansazRvros saWiroeba da amgvarad SearCios

wliuri

proeqtebis migvaCnia,

marTvis rom

damkvidrebuli mravalwliani (rogorc unda

praqtikis proeqtebis aseve

gaTvaliswinebiT, monawileobs sagareo);

arsebobs raodenoba gadasvla

marTvis kulturis damkvidrebis aucilebloba. aseTi saxis proeqtSi mxareTa am garkveuli kulturaze saSinao, amdenad, moxdes TandaTan,

treiningebis Catarebisa da saukeTeso praqtikis efeqturi gavrcelebis gziT.

ratom aris aucielebeli mravalwliani proeqti? mravalwliani sainvesticio proeqti iZleva 3-5 wlis prognozirebis saSualebas da uzrunvelyofs iseTi miznebis miRwevas, rogoricaa: ·

ukve dawyebuli da mosalodneli proeqtebis sruli inventarizacia, rac uzrunvelyofs sxvadasxva sainvesticio moTxovnis prioritetulobis gansazRvris saSualebas;

·

finansuri prognozis kuTxiT uzrunvelyofs

SemuSaveba sakredito valdebulebis Sesrulebis da Semosavlebis da regionuli gamosaTvlelad), mmarTveli rac erTeulebis

(danaxarjebisa

adgilobrivi

sakredito potencialis dadgenis saSualebas;

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

94

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

·

fiqsirebuli sesxis/kreditis elementTa dadgena, romlebic aucilebeli iqneba adgilobrivi da regionuli sainvesticio politikis dasafinanseblad;

·

regulirebadi berketis gamoyeneba, romelic ganviTardeba politikuri prioritetebis Sesabamisad.

7.2

mravalwliani sainvesticio politikis gansaxorcielebad aucilebeli berketebi 7.2.1

angaSgeba proeqtebis Sesaxeb

proeqtis saTanado SemuSavebisa da warmatebuli ganxorcielebis mizniT, samsaxurebi daaweseben angariSgebis pirobebs. angariSgebaze pasuxismgebelia Sesabamisi samsaxuris ufrosi, romelic dainiSneba proeqtis xelmZRvanelad. proeqtis xelmZRvaneli meriis administracias aZlevs Sesabamis davalebas da angariSvaldebulia Semdegi kuTxiT: ·

sagareo sakiTxebi: operaciul saWiroebaTa da farTo mmarTvelobiTi miznebis uwyveti interpretacia, dagegmili proeqtebis saboloo Sedegi, urTierToba uSualo da monawile departamentis mmarTvelobis zeda rgolTan, funqciebi; sazogadoebasTan urTierToba proeqtis WrilSi da sxva

·

saSinao menejeris

sakiTxebi: mier

zedaxedveloba dasaxuli proeqtis

proeqtis

menejmentze im

proeqtis

miznebis

miRwevis

uzrunvelsayofad, winadadebaTa wardgenis pirebis

dokumentaciis faqtorebis

momzadeba

dasamtkiceblad,

Semowmeba, romlebic exeba proeqtis miznis cvlilebas gareSe da Sida safuZvelze, proeqtis aRniSnul damtkicebaze cvlilebaTa uflebamosili uflebamosilebiT,

saxelze proeqtis mimdinareobis Sesaxeb angariSebis momzadeba. 7.2.2 politika, proeqtis marTvis principebi samsaxurSi da dainergeba da damtkicdeba ganuxrelad jansaRi daicavs saSinao proeqtis wesebi praqtika, romelsac

TiToeul

xelmZRvaneli, proeqtis menejeri da sxva muSaki, romelic pasuxismgebeli iqneba proeqtis identificirebaze, dagegmvaze, damtkiceba/biujetirebaze, gansazRvrasa da Sesrulebaze, agreTve, sxva samsaxurebis mier dafinansebul proeqtSi

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

monawileobaze. erTianobis

proeqtis da

xelmZRvaneli proeqtis

valdebulia,

daicvas

angariSgebis principebis

principi

marTvis

standartuli

Sesrulebis valdebuleba daurTos TiToeul saproeqto xelSekrulebas. 7.2.3 pasuxismgebloba da resursebi sawyisi fazis ganmavlobaSi, da samsaxurebi axorcieleben resursebs delegirebas uzrunvelyofen saTanado

proeqtis

pasuxismgeblobaTa

proeqtis Sinaarsis, kompleqsurobisa da masTan dakavSirebuli risk-faqtoris mixedviT. Sedegad, proeqtis xelmZRvaneli: · · ·

warmoadgens samsaxurs proeqtTan dakavSirebul nebismier sakiTxze; srulyofilad gansazRvravs proeqtis TiToeuli etapis miznebs; pasuxs agebs TiToeuli damtkicebuli miznis Sesrulebaze.

7.2.4

proeqtis samoqmedo sfero

proeqtis xelmZRvaneli pasuxs agebs proeqtis samoqmedo sferos srulyofilad gansazRvraze, sadac mimoxiluli unda iyos saxelmwifos farTo interesebi proeqtis mimarT. Sinaarsis SemuSaveba xdeba proeqtTan dakavSirebuli ganyofilebebisa da samsaxurebis warmomadgenlebTan

adreuli konsultaciebis safuZvelze. garda sxva sakiTxebisa, proeqtis samoqmedo sfero srulfasovnad unda aRwerdes proeqtis miznebs. masSi SesaZloa mocemuli iyos Sesyidvebisa da garemos dacvis sakiTxebi.

7.2.5 CarCos mmarTvelobiTi CarCo proeqtis detalur gansazRvrasa da proeqtis

proeqtis xelmZRvaneli pasuxs agebs proeqtis adeqvaturi mmarTvelobiTi uzrunvelyofaze, srulyofil Sesrulebaze. zogierTi proeqtis marTva sakmaod martivia mxolod erTi Sida romelic zogierTi masSi mmarTveli ofisis mier, proeqtis menejeris xelmZRvanelobiT, pasuxs agebs proeqtTan dakavSirebul yvela sakiTxze. Tumca, proeqtis samarTavad sakmaod kompleqsuri iqneba gare samsaxurebi, sammarTvelo sistemaa da proeqtis SemTxvevaSi,

saWiro, sadac paralelurad ganxorcieldeba mniSvnelovani RonisZiebebi da CarTuli romelTa menejerebi marTvaSi. nebismier oficrebi monawileobas miiReben proeqtis

proeqtis xelmZRvaneli valdebulia, daicvas angariSgebis erTianobis principi proeqtis yofil xelmZRvanelebTan, proeqtis menejerebTan, gare samsaxurebTan gaformebuli werilobiTi xelSekrulebis safuZvelze (Tu es ukanaskneli

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

mniSvnelovan zomebs axorcielebs dasaxuli miznebis misaRwevad). aRniSnuli xelSekrulebebiT unda ganisazRvros Sesasrulebeli davalebis detalebi da finansuri da Sedegobrivi angariSgebis principebi.

7.2.6 proeqtis proeqtis proeqtis

proeqtis riski, kompleqsuroba da ekonomia xelmZRvaneli moculobas, axorcielebs samoqmedo kontrols proeqtis menejeris risksa mier da saTanadod dagegmvaze, romelic unda Seesabamebodes sferos, da kompleqsurobas, proeqtis marTvis konkretuli

administaciul saWiroebebs. proeqtis xelmZRvaneli uzrunvelyofs proeqtis warmodgenili mmarTvelobiTi sistemis resursebis formirebas da optimizacias proeqtis individualuri fazebis kompleqsurobisa da Sefasebuli riskis mixedviT. proeqtis SerCeuli menejmenti afasebs risksa da kompleqsurobas, akontrolebs da amcirebs maT TiToeuli fazisa da proeqtis moqmedebis mTeli periodis ganmavlobaSi. 7.2.7

proeqtis profili da riskis Sefaseba sawyis risks da etapze proeqtis organosTan xelmZRvaneli da, momsaxurebis afasebs proeqtis monawile

proeqtis profilsa da departamentebsa konsultaciis dialogisaTvis

ZiriTad

saWiroebisamebr, proeqtis

sayofacxovrebo saWiroebis

organizaciebTan xelmZRvaneli

safuZvelze. proeqtis

SemTxvevaSi, da

proeqtis profilisa da riskis Sefasebis dokuments gamoiyenebs sistematuri monawileebsa meriis administraciasTan sammarTvelo sistemisa da angariSgebis principebis kuTxiT.

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7.3

mravalwliani sainvesticio gegmis Sesrulebis mizniT gasatarebel RonisZiebaTa erToblioba

1. adgilobrivi proeqti

2. Tematuri gegma

3. sainvesticio gegma

4. sainvesticio prioriteti da finansuri sakiTxebi

2008 2009 2010

proeqti 1: XX gzis ganaTeba.

gzebis departamenti gzis ganaTe ba gzis remon ti gzis mSeneb loba

meriis sainvesticio gegma 2008-2010 gzis dep-tis gegma

meriis sainvesticio gegma 200 300 400

ra unda gakeTdes: (aRwera) : 100 gare ganaTebis naTura mTavar gzaze Rirebuleba: 500,000 lari periodi : 2008 wlis ivnisi ­ 2010 wlis ivnisi vis mier (saoperacio menejmenti) : teqnikuri departamenti

proeq ti 1 500,000 lari

proeq ti 2 1 m. lari

proeq ti 3 500,000 lari

gzis ganaTe ba

gzis remon ti 2m lari

gzis mSeneb loba

finansuri sainvesticio potenciali 200 200 200

ganaTlebis departamenti proeqti 2 : ...

garemosdacvis departamenti

ganaTlebis dep-tis gegma garemosdacvis dep-tis gegma jandacvis dep-tis gegma

finansuri deificiti 0 -100 -200

proeqti 3 : ... jandacvis departamenti

proeqtebis prioritetulobis gansazRvra

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8

danarTebi

8.1 danarTi 1

savaWro saqmianoba Semosavali savaWro saqmianobidan sxva Semosavlebi sul Semosavlebi danaxarjebi saoperacia xelfasi da sargo saqoneli da momsaxureba sul transferi granti sxva transferi sul kapitaluri danaxarji ZiriTadi saSualebebis SeZena finansuri instrumentebis SeZena sul sesxi da saprocento ganakveTis gadaxda sesxis gadaxda saprocento ganakveTis gadaxda sxva xarjebi sul

4

X X XX

_ X XX

X X XX

_ X XX

X X X

_ _ _

X X X

_ _ _

X X X

_ _ _

X X X

_ _ _

X X X

X _ _ _

X X X

X _ _ _

X X X X X 2 2 X X X

_ _ X X X N/A N/A N/A

X X X X X X X X

_ _ X X X N/A N/A N/A

5

naRdi fulis zrda(Semcireba)

naRdi fuli periodis dasawyisSi naRdi fulis zrda (Semcireba) naRdi fuli periodis bolos

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8.2

danarTi 2

komentari finansur angariSgebasTan dakavSirebiT organizacia valdebulia, daurTos Semdegi saxis komentari: 1. saaRricxvo politika a. momzadebis safuZveli b. angariSmgebi erTeuli c. mesame gadaxda d. saangariSgebo valuta. 2. naRdi fuli a. naRdi fuli xelze da naRdi fulis naSTi bankSi b. moklevadiani investiciebi 3. transferebi 4. sesxebi 5. sxva Semosavali 6. sxva gadaxda/danaxarji 7. gamouyenebeli sakredito Tanxebi a. gamouyenebeli sakredito Tanxebis moZraoba 8. mniSvnelovani kontrolirebuli erTeulebi 9. avtorizaciis TariRi 10. biujetis Tavdapirveli da saboloo damtkiceba da faqtiuri da sabiujeto Tanxebis Sedareba. standartiT sargebloba ar aris aucilebeli. am nawilSi mocemulia damatebiTi axsna-ganmartebani, · · · · · · romlebic unda daerTos finansur angariSgebas sakaso aRricxvis meTodis gamoyenebis dros. organizacia valdebulia, asaxos: administrirebuli tranzaqciebi dakavSirebuli mxareebis tranzaqciebi aqtivebi da valdebulebebi sesxebi kontrolirebadi sawarmoebi sakaso meTodiT momzadebuli orwliani biujetis Sedareba. mxaris (saxelmwifo sawarmoebis) mier ganxorcielebuli

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administrirebuli tranzaqciebi administrirebuli administrirebulia tranzaqcia ewodeba mier garigebas, an romelic konkretuli

sawarmo-agentis

saxelmwifo

saxelmwifo organos saxeliT. garigebis Sedegad Semosuli da agentis mier Segrovili naRdi fuli deponirdeba konsolidirebuli amonagebis TanxebSi da/an satrasto angariSze (angariSis saxelwodeba). aRniSnuli angariSebis kontroli sawarmos mier ar xorcieldeba da masze ganTavsebuli naRdi fulis gamoyeneba sawarmos mier SeuZlebelia Sesabamisi saxelmwifo organos mier gacemuli nebarTvis gareSe.

aTas fulad erTeulSi tranzaqciis tipi aRmasrulebeli organos gadasaxadebis Segroveba saxeliT Segrovili Tanxa komunaluri saagento EF gadasaxadebis Segroveba sul Sesabamisi sawarmosaTvis gadacemuli naRdi fuli wminda naRdi fuli administrirebuli tranzaqciebidan

200X X X X (X) -

200X-1 X X X (X) -

dakavSirebul mxareTa axsna-ganmartebani ABC samsaxuris

mTavar

mmarTvel

rgols

(rogorc es

ganmartebulia

sajaro seqtoris buRaltruli aRricxvis # 20 standartiT - `dakavSirebul mxareTa axsna-ganmartebani~) warmoadgenen: ministri, mmarTvelobiTi organos wevrebi da wamyvani mmarTveli jgufis wevrebi. mmarTvelobiTi organo Sedgeba A mTavrobis mier daniSnuli wevrebisagan; generaluri direqtori da finansuri direqtori, marTalia, eswrebian mmarTvelobiTi organos krebebs, magram ar iTvlebian mis wevrebad. ministrs anazRaurebas ar uxdis ABC samsaxuri. am kategoriaSi mmarTvelobiTi organis wevrTa agregirebuli anazRaureba da srul ganakveTis mixedviT anazRaurebad pirTa odenoba ase gamoiyureba:

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

agregirebuli anazRaureba pirTa raodenoba wamyvani mmarTveli da jgufi

AX milioni AY piri Sedgeba generaluri am direqtoris, kategoriaSi finansuri wamyvani

direqtorisa

ganyofilebaTa

ufrosebisagan.

mmarTveli jgufis wevrTa agregirebuli anazRaureba da sruli ganakveTis mixedviT anazRaurebad menejerTa odenoba ase gamoiyureba: agregirebuli anazRaureba pirTa raodenoba aqtivebi da valdebulebebi saxelmwifom xorcieldeba ukve maTi daiwyo ZiriTadi saSualebebis arsebiTi kategoriebis damoukidebeli AP milioni AQ piri

identificireba da Sefaseba. aqtivebi aRiarebulia pirvandeli RirebulebiT, an Sefaseba. Sefasebas axorcielebs profesionali Semfasebeli. aTas fulad erTeulSi ZiriTadi saSualebebi Senoba da miwa qoneba meriis limitis farglebSi Senoba pirvandeli RirebulebiT Senoba Sefasebuli RirebulebiT sul sesxebi qvemoT CamoTvlilia saxelmwifos sesxebi: aTas fulad erTeulSi naSTi periodis dasawyisisaTvis amonagebi adgilobrivi komerciuli instituti ofSoruli komerciuli instituti ganviTarebis bankebi da msgavsi sakredito saagentoebi sul sesxebi sesxis dafarva 200X X X X X X 200X-1 X X X X X

102

200X X X X X X

200X-1 X X X X X

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

adgilobrivi komerciuli instituti ofSoruli komerciuli instituti ganviTarebis bankebi da msgavsi sakredito saagentoebi sul dafarva naSTi periodis bolos

X X X X X

X X X X X

kontrolirebuli sawarmoebi SeZenili sawarmos SeZenil aqciaTa SeZenis saxeli proporcia % Rirebuleba sawarmo C sawarmo D sul XX XX X X X naRdi fulis naRdi fulis proporcia naSTi SeZenis Semdeg X X X X X X

kontrolirebuli sawarmoebisa da sawarmoo erTeulebis SeZena SeZenili sawarmos SeZenil aqciaTa SeZenis saxeli proporcia % Rirebuleba sawarmo C sawarmo D sul XX XX X X X naRdi fulis naRdi fulis proporcia naSTi SeZenis Semdeg X X X X X X

kontrolirebuli sawarmoebisa da sawarmoo erTeulebis gankargva gankarguli sawarmos saxeli sawarmo F SeZenil aqciaTa SeZenis proporcia % Rirebuleba XX X naRdi fulis naRdi fulis proporcia naSTi SeZenis Semdeg X X

mniSvnelovani erToblivi sawarmoebi mniSvnelovani erToblivi sawarmoebi erToblivi sawarmo sawarmo sawarmo ZiriTadi saqmianoba wylis miwodeba metro produqciis procenti 200X (%) 200X ­ 1 (%) XX XX XX XX

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

orwliani biujeti, momzadebuli sakaso meTodiT _ 200X wlis 31 dekembrisaTvis

1 wlis faqtobriv i monacemebi Sedarebis safuZvel ze mizno brivi biuje ti 2 wlisa Tvis

aTas fulad erTeulSi naRdi fulis Semosvla gadasaxadebi daxmarebis xelSekruleba amonagebi: sesxebi amonagebi: ZiriTadi saSualebebis gankargva sxva Semosavlebi sul naRdi fulis Semosvla naRdi fulis gadineba janmrTeloba ganaTleba sazogadoebrivi wesrigi da usafrTxoeba socialuri dacva Tavdacva komunaluri momsaxureba rekreacia, kultura, religia ekonomikuri sakiTxebi sxva sul naRdi fulis gadineba naRdi fulis nakadi

orwliani buijetis pirveli weli

miznobrivi biujeti 1 wlisaTvis

gadasinju li biujeti pirvel weliwads

meore wlis dasawyisi saTvis arsebuli naSTi

orwliani buijetis meore weli

gadasin juli biujeti meore weliwa ds

sxvaoba: sabiujeto da faqtobrivi Tanxebi sabiujeto periodis ganmavlobaSi

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) X X X

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finansuri angariSgebis xarisxobrivi maxasiaTeblebi xarisxobrivi maCvenebeli gansazRvravs, Tu ramdenad sasargebloa finansur angariSgebaSi mocemuli informacia momxmareblisaTvis. xarisxobrivi maCvenebliT fasdeba finansuri angariSgeba, aRricxvis principis miuxedavad. arsebobs oTxi mTavari xarisxobrivi principi: · · · · aRqmadoba Sesabamisoba saimedooba Sesadarisoba.

sxva sawarmoze kontrolis ganxorcieleba finansuri angariSgebis mizniT sxva angariSgebis sawarmoze mizniT kontrolis ganisazRvreba ganxorcielebis sajaro sakiTxi da finansuri konkretuli standartisa

SemTxvevis safuZvelze. aseTi sakiTxis ganxilvisas, xdeba or sawarmos Soris arsebuli urTierTobis xasiaTis gaTvaliswineba. kerZod, yuradReba mimarTulia am standartis mixedviT gansazRvruli kontrolis orive elementze: uflebamosilebasa (sxva sawarmos finansuri da operaciuli aspeqtebis marTvis uflebamosileba) da sargebelze (makontrolirebeli sawarmos mier sargeblis miRebis unari sxva sawarmos saqmianobidan). kontrolis ganxorcielebis mizniT, makontrolebelma sawarmom unda miiRos sargebeli sxva sawarmos saqmianobidan. magaliTad, sawarmom SeiZleba naxos sargebeli sxva sawarmos saqmianobebidan miRebuli mogebis ganawilebis periodSi (magaliTad, dividendis) an dadges potenciuri danakargis saSiSroebis winaSe. sxva SemTxvevaSi, sawarmom SeiZleba ver miiRos finansuri mogeba sxva sawarmodan, magram SeiZleba naxos sargebeli, Tu sxva sawarmos saqmianobas SesaZlebelia mimarTavs sawarmom sakuTari miiRos sawarmos rogorc miznebis misaRwevad. aseve aseve finansuri, arafinansuri

sargebeli sxva sawarmos saqmianobidan. magaliTad, saxelmwifo biznes sawarmom SeiZleba uzrunvelyos makontrolirebeli sawarmo dividendiT da aseve misces imis saSualeba, rom makontrolirebelma sawarmom miaRwios sxvadasxva socialur mizans.

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sxva

sawarmoze

kontrolis

ganxorcieleba

finansuri

angariSebis

miznebisaTvis

iRebs Tu ara sawarmo sargebels sxva sawarmos saqminobidan?

ara

diax aqvs Tu ara sawarmos sxva sawarmos finansuri da saoperacio marTvis uflebamosileba? ara

diax iyenebs Tu ara amJamad sawarmo aRniSnul uflebamosilebas?

ara

diax sawarmo akontrolebs meore sawarmos ar arsebobs kontroli

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8.3

danarTi 3

sabiujeto da faqtorbrivi Tanxebis Sedarebis angariSgeba mTavroba X, 200X wlis 31 dekemberisaTvis sakaso meTodis damtkicebuli biujeti (gadaxdebis klasifikacia funqciebis mixedviT)

aTas fulad erTeulSi

faqtob rivi Tanxa

biuj biuje etis tis bolos dasaw yisSi

X X X X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) X X X X X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) X

sxvaoba biujetis bolos faqtiur monacemebSi

X X X X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) X

da

naRdi fulis Semosvla gadasaxadebi daxmarebis xelSekruleba saerTaSoriso saagentoebi sxva grantebi da daxmareba amonagebi: sesxebi amonagebi: ZiriTadi saSualebebis gankargva savaWro saqmianoba sxva Semosavlebi sul naRdi fulis Semosvla naRdi fulis gadineba janmrTeloba ganaTleba sazogadoebrivi wesrigi da usafrTxoeba socialuri dacva Tavdacva komunaluri momsaxureba rekreacia, kultura, religia ekonomikuri sakiTxebi sxva sul naRdi fulis gadineba naRdi fulis nakadi

X X X X X X X X X X (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) X

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danarTi 8.4 ­ danarTi 4

periodis monacemebi Semosav lis kodi daxasiaTeba sagadasaxado Semosavlebi saSemosavlo gadasaxadi gadasaxadi azartul TamaSebze qonebis gadasaxadi mogebis gadasaxadi sxva sagadasaxado Semosavlebi arasagadasaxado Semosavlebi saxelmwifo gadasaxadi adgilobrivi gadasaxadi ijaris gadasaxadi momsaxurebis anazRaureba dividendebi sawarmoebidan jarimebi da sanqciebi sesxisa da depozitis amonagebi sxva arasagadasaxado Semosavlebi kapitaluri Semosavali saxelmwifo aqtivTa gayidvidan municipalitetis mmarTvelobis qveS arsebuli saxelmwifo aqtivTa gayidvidan wliuri biujeti sabiujeto faqtiuri sxvaoba (lari) wliuri monacemebi sxvaoba (lari) sabiujeto faqtiuri sxvaoba (lari) sxvaoba (lari) gaunawilebeli mogeba

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saxelmwifo miwis gayidvidan municipalitetis mmarTvelobis qveS arsebuli saxelmwifo miwis gayidvidan municipalitetis kuTvnili da fizikuri piris mier marTuli miwis gayidvidan sxva sul

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

danarTi 8.5 ­ danarTi 5

biujetis Sesruleba (danaxarjebi funqcionaluri klasifikaciiT) wliuri biujeti gadasinjuli periodis biujeti gadasinjuli klasifikacia sul mimdinare kapitaluri naRdi fuliT gadaxda (danaxarji) klasifikacia sul mimdinare kapitaluri

kodi

daxasiaTeba saxelmwifo marTva Tavdacva usafrTxoeba ganaTleba jandacva socialuri usafrTxoeba komunaluri momsaxureba sporti, kultura, religia soflis meurneoba, satyeo meurneoba, saTevze meurneoba da nadiroba ekonomikuri saqmianoba sxva xarjebi

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110

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

8.6 ­ danarTi 6

ekonomikuri funqciis mixedviT klasificirebuli danaxarjebi A xelfasebi socialuri gadasaxadebi mivlinebebi ofisTan dakavSirebuli xarji komunaluri gadasaxadebi kvebis xarji samedicino xarji maragebi transportirebis xarji sxva xarji procentebi subsidiebi kapitaluri danaxarji sul

wliuri biujeti gadasinjuli B

periodis biujeti gadasinjuli C

D- valdebulebebi, romlebic aRebulia periodis ganmavlobaSi xelSekrulebis safuZvelze E - standartuli danaxarjebi: Sesrulebulia samuSao, damxmare dokumentacia arsebobs da valdebulebebi Camowerilia F - winaswar gadaxdili danaxarjebi: samuSaoebi jer ar dawyebula, ar arsebobs damxmare dokumentacia xelSekrulebis garda H - danaricxebi: samuSaoebi Sesrulebulia, arsebobs damxmare dokumenracia, magram municipalitets jer ar gadauricxavs fuli G - E, F da H erTeulebis jami

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

8.7 ­ danarTi 7

biujetis Sesruleba (danaxarjebi funqcionaluri klasifikaciiT) wliuri biujeti gadasinjuli periodis biujeti gadasinjuli klasifikacia sul mimdinare kapitaluri naRdi fuliT gadaxda (danaxarji) klasifikacia sul mimdinare kapitaluri

kodi

daxasiaTeba saxelmwifo marTva Tavdacva usafrTxoeba ganaTleba jandacva socialuri usafrTxoeba komunaluri momsaxureba sporti, kultura, religia soflis meurneoba, satyeo meurneoba, saTevze meurneoba da nadiroba ekonomikuri saqmianoba sxva xarjebi

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Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

8.8 danarTi 8

biujetis Sesruleba (danaxarjebi ekonomikuri klasifikaciis mixedviT)

danaxarjebi avtorizebuli ekonomikuri funqciis mixedviT klasificirebuli danaxarjebi A xelfasebi socialuri gadasaxadebi mivlinebebi ofisTan dakavSirebuli xarji komunaluri gadasaxadebi kvebis xarji samedicino xarji maragebi transportirebis xarji sxva xarji procentebi subsidiebi kapitaluri danaxarji sul wliuri biujeti gadasinjuli B periodis biujeti gadasinjuli C valdebulebebi D standartuli E winaswar gadaxdili F danaricxebi H danaxarjebi sul G = E+F+H

D- valdebulebebi, romlebic aRebulia periodis ganmavlobaSi xelSekrulebis safuZvelze E - standartuli danaxarjebi: Sesrulebulia samuSao, damxmare "ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 113

Tbilisis municipaliteti ­ teqnikuri mxardaWera infrastruqturis kerZo kapitalis zrdis strategiis SemuSavebis mizniT

dokumentacia arsebobs da valdebulebebi Camowerilia F - winaswar gadaxdili danaxarjebi: samuSaoebi jer ar dawyebula, ar arsebobs damxmare dokumentacia xelSekrulebis garda H - danaricxebi: samuSaoebi Sesrulebulia, arsebobs damxmare dokumenracia, magram municipalitets jer ar gadauricxavs fuli G - E, F da H erTeulebis jami

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8.9

danarTi 9

biujetis Sesruleba (danaxarjebi funqcionaluri klasifikaciiT)

biujetis Sesruleba (danaxarjebi funqcionaluri klasifikaciiT) wliuri biujeti gadasinjuli periodis biujeti gadasinjuli klasifikacia sul mimdinare kapitaluri naRdi fuliT gadaxda (danaxarji) klasifikacia sul mimdinare kapitaluri

kodi

daxasiaTeba saxelmwifo marTva Tavdacva usafrTxoeba ganaTleba jandacva socialuri usafrTxoeba komunaluri momsaxureba sporti, kultura, religia soflis meurneoba, satyeo meurneoba, saTevze meurneoba da nadiroba ekonomikuri saqmianoba sxva xarjebi

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8.10

danarTi 10

finansuri angariSgeba (amonagebi)

periodis monacemebi Semosav lis kodi daxasiaTeba sagadasaxado Semosavlebi saSemosavlo gadasaxadi gadasaxadi azartul TamaSebze qonebis gadasaxadi mogebis gadasaxadi sxva sagadasaxado Semosavlebi arasagadasaxado Semosavlebi saxelmwifo gadasaxadi adgilobrivi gadasaxadi ijaris gadasaxadi momsaxurebis anazRaureba dividendebi sawarmoebidan jarimebi da sanqciebi sesxisa da depozitis amonagebi sxva arasagadasaxado wliuri biujeti sabiujeto faqtiuri sxvaoba (lari)

wliuri monacemebi sxvaoba (lari) sabiujeto faqtiuri sxvaoba (lari) sxvaoba (lari) gaunawilebeli mogeba

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116

Semosavlebi kapitaluri Semosavali saxelmwifo aqtivTa gayidvidan municipalitetis mmarTvelobis qveS arsebuli saxelmwifo aqtivTa gayidvidan saxelmwifo miwis gayidvidan municipalitetis mmarTvelobis qveS arsebuli saxelmwifo miwis gayidvidan municipalitetis kuTvnili da fizikuri piris mier marTuli miwis gayidvidan sxva sul

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117

8.11

danarTi 11

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

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8.12

danarTi 12

daufaravi sadepozito serTifikatebi ­ cxrili

daufaravi sadepozito serTfikatebis gamosyidvis kalendari gamoSvebis TariRi gamosyidvis TariRi saSualo Semosavlianoba moculoba (milioni lari) gamoSvebis TariRi gamosyidvis TariRi saSualo Semosavlianoba moculoba (milioni lari)

vada 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 91

vada

31 marti 07 29 marti 07 5 aprili 07 5 aprili 07 10 aprili 07 12 aprili 07 17 aprili 07 19 aprili 07 24 aprili 07 26 aprili 07 1 maisi 07 3 maisi 07 8 maisi 07

26 ivnisi 07 28 ivnisi 07 3 ivlisi 07 5 ivlisi 07 10 ivlisi 07 12 ivlisi 07 17 ivlisi 07 19 ivlisi 07 24 ivlisi 07 26 ivlisi 07 31 ivlisi 07 2 agvsito 07 7 agvisto 07

0 9% 9% 9% 8.99% 9.00% 9.00% 9.00% 9.00% 9.00% 8.98% 9.00% 9.00%

7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000 7,000

31 maisi 07 1 ivnisi 07 4 ivnisi 07 5 ivnisi 07 6 ivnisi 07 7 ivnisi 07 8 ivnisi 07 11 ivnisi 07 12 ivnisi 07 13 ivnisi 07 13 ivnisi 07 14 ivnisi 07 15 ivnisi 07

30 agvisto 07 29 ivnisi 07 2 ivlisi 07 4 seqtemberi 07 4 ivlisi 07 6 seqtemberi 07 6 ivlisi 07 9 ivlisi 07 11 seqtemberi 07 11 12 07 13 07 13 ivlisi 07 dekemberi seqtemberi ivlisi 07

91 dRe 28 dRe 28 dRe 91 dRe 28 dRe 91 dRe 28 dRe 28 dRe 91 dRe 28 dRe 182 dRe 91 dRe 28 dRe

8.77% 5.93% 5.93% 8.56% 6.01% 8.43% 6.50% 6.93% 8.95% 6.91% 10.00% 9.00% 6.99%

7,000 10,000 10,000 7,000 10,000 7,000 10,000 15,000 8,000 15,000 8,000 8,000 15,000

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119

10 maisi 07 15 maii 07 17 maisi 07 22 maisi 07 24 maisi 07 28 maisi 07 29 maisi 07 30 maisi 07

9 agvisto 07 14 agvisto 07 16 agvisto 07 21 avisto 07 23 agvisto 07 25 ivnisi 07 28 agvisto 07 27 ivnisi 07

dRe 91 dRe 91 dRe 91 dRe 91 dRe 91 dRe 28 dRe 91 dRe 28 dRe

9.00% 9.00% 9.00% 8.99% 8.99% 6.97% 8.97% 6.46%

7,000 7,000 7,000 7,000 7,000 9,000 7,000 9,000

18 ivnisi 07 19 ivnisi 07 19 ivnisi 07 20 ivnisi 07 20 ivnisi 07 21 ivnisi 07 21 ivnisi 07 22 ivnisi 07

16 ivlisi 07 26 ivnisi 07 18 seqtemberi 07 18 ivlisi 07 19 dekemberi 07 28 ivlisi 07 20 seqteberi 07 20 ivlisi 07

28 dRe 7 dRe 91 dRe 28 dRe 182 dRe 7 dRe 91dRe 28 dRe

7.00% 3.54% 8.99% 7.00% 10.00% 4.99% 8.99% 6.99%

15,000 5,000 8,000 15,000 8,000 5,000 8,000 4,650

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120

danarTi 13

daufaravi kuponiani obligaciebi _ cxrili

12 16%

daufaravi kuponiani obligaciebiscxrili gamoSvebis TariRi 8 dek 06 11 dek 06 13 dek 06 18 dek 06 20 dek 06 18 ivn 07 sul gamosyidvis TariRi 15 15 15 15 15 15 seqt 07 dek 07 marti 08 ivn 08 marti 09 dek 08 saSualo Semosavlianoba 13.00% 13.00% 13.00% 13.00% 13.00% 13.00% moculoba (milioni lari) 10 10 10 10 8 5 53

10 8

15%

vada 281 369 458 545 816 546

14%

GEL mln

6 13% 4 2 0 Dec-06 Dec-06 Dec-06 Dec-06 Dec-06 Avg. Yield Jun-07 Volume (GEL mln) 12%

11%

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8.13

danarTi 14

saqarTvelos ekonomika mSp-is zrda 2005 rom es wlis msgavsad, saqarTvelos ekonomikuri vidre maCveneblebi mTavrobis 2006 mier

welsac swrafad gaizarda. 2006 wels mSp 8.6%-iT gaizarda. aRsaniSnavia, ganakveTi ufro dabalia, nawinaswarmetyvelebi 10-11%. jansaRi momxmarebis, zrda uzrunvelyofili xarjis, iyo Sida sayofacxovrebo (miuxedavad embargosi) da eqneba

saxelmwifo

saeqsporto

moculobisa

ruseTis mier qarTul produqtebze dawesebuli saeqsporto pirdapiri ucxouri investiciis zrdis Sedegad.

jerjerobiT aravin uwyis, ra saxis grZelvadiani zemoqmedeba

saqarTvelo-ruseTis garTulebul urTierTobebs saqarTvelos ekonomikaze. winandeli SefasebiT, aRniSnuli gautolda qveynis mSp-is 1%-1.5%-s. garTulebul urTierTobebs dadebiTi Sedegic moyva: saqarTveloSi daiwyo ekonomikis ufro swrafi gamravalferovneba, warmoebuli produqciisa da momsaxurebisaTvis ufro farTo saeqsporto potencialis Zieba (romelic adre mxolod ruseTSi saeqsportod iyo gaTvlili), ganisazRvra bunebrivi airis saimporto alternativebi. struqturas, meurneobasa ekonomikuri unda da aRiniSnos, sawarmoo 63.4%. rac Seexeba saqarTvelos ekonomikis rom vaWrobaze, zrda transportze, modis ganpirobebulia soflis mTliani iseTi warmoebaze

saSualebaTa zogadi

warmoebis

seqtorebis ganviTarebiT, rogoricaa mSenebloba, vaWroba, transporti da uZravi qoneba. amis sapirispirod, 2006 wels iklebs sasursaTo warmoebisa da soflis meurneobis wili saqarTvelos mSp-Si. zogadad unda aRiniSnos, rom saqarTvelos mSp gaormagda 2000 wlis Semdeg da 2005 wels 11.6 miliard lars gautolda, Cveni gaTvlebiT ki 2006 wels 14 miliardi lari unda Seedgina.

ekonomikis arsebuli zrdis tendenciis SenarCunebis mizniT, 2006 wels saerTaSoriso savaluto fondma mouwoda saqarTvelos mTavrobas, 14.5%-iani inflaciis ganakveTi (2006 wlis ivlisi) 10% wliur maCveneblamde Seemcirebina da xeli Seewyo eqportis zrdisaTvis. 2006 wlis meore

naxevarSi saqarTvelos xelisuflebis mier gatarebuli anti-sainflacio RonisZiebaTa wyalobiT, inflaciis wliuri ganakveTi 8.8%-mde Semcirda. saqarTvelos erovnulma bankma axlaxans gamoaqveyna 2006 fiskaluri wlis angariSi, romelic asaxavs sainflacio tendenciebsa da Sedegebs. angariSis Tanaxmad, moxmarebis zrdam, sawarmoo saSualebebis gaZvirebam, liTonsa da energiaze msoflio fasebis gazrdam gamoiwvia mosalodnelze maRali sainflacio ganakveTis formireba. angariSis Tananxmad, mTavroba da erovnuli banki koordinirebulad moqmedeben inflaciis ganakveTis erT niSnulze dekembramde SenarCunebis 8.8%-mde mizniT. oficialuri bankis monacemebis winaswari mixedviT, prognozis

samomxmareblo fasebis indeqsi ivlisSi udrida 14.5%-s, magram 2006 wlis Semcirda. erovnuli mixedviT, samomxmareblo fasebis indeqsi periodis bolos gautoldeba 8.3%-9%-s likvidurobisa da xarjebis saxelmwifo kontrolis safuZvelze.

sawarmoo

fasebis

indeqsis

zrda

ZiriTadad

gamowveuli

iyo

eleqtroenergiisa da bunebrivi airis gaZvirebis da sxva gadasaxadebis zrdis Sedegad (mag. wylis Segroveba, damuSaveba da ganawileba).

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123

savaluto kursi 2006 wels qarTuli lari gamyarda dolaris gaufasurebisa da misi bazarze uwyveti miwodebis Sedegad. kerZo pirdapiri ucxouri investiciebisa da saprivatizacio amonagebis gazrdis, londonis safondo birJaze saqarTvelos bankis mier IPO poziciis (aqciebis pirveladi sajaro SeTavazeba) damkvidrebis, ucxoeTSi mcxovrebi da momuSave qarTvelTa fuladi gadmoricxvebisa da saerTaSoriso daxmarebis (mag. `aTaswleulis gamowvevis programa~) zrdis Sedegad araTu ganeitralda saqarTvelos mimdninare swrafad angariSebis gaizarda uaryofiTi balansi, aramed mosalodnelze valutis

saqarTvelos

erovnuli

bankis

ucxouri

maragebi da 2006 wlis bolos miaRwia istoriul maqsimums ­ 930.8 milion aSS dolars (TiTqmis 94.5%-iT meti wina wlis analogiuri periodis maCvenebelTan SedarebiT). saqarTvelos erovnuli banki aqtiurad Sedis Tbilisis bankTaSoris savaluto birJaze larisa da dolaris savaluto kursis meryeobis dabalansebis mizniT. 2006 wels lari dolaris mimarT 3.9%-iT gamyarda da Seadgina 1.715 lari 1.0 dolarze. saqarTvelos erovnuli banki aqtiurad

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124

sargeblobs

gacvliTi

kursis

berketiT,

rogorc

antisainflacio

monetaruli politikis Semadgeneli nawiliT.

savaWro balansi 2006 wels saqarTvelos eqsporti 14.7%-iT gaizarda gasuli wlis analogiur maCveneblTan SedarebiT. umsxviles saeqsporto kategoriebad miCneulia saqarTvelom feroSenadonobi, ganaxorciela spilenZi, 89.9 milioni koncentratebi aSS dolaris da jarTi. Rirebulebis

feroSenadnobis eqsporti (9.6 milioni aSS dolariT meti gasuli wlis analogiur maCvenebelTan SedarebiT); spilenZis eqsportma Seadgina 79.5 milioni aSS dolari (43.1 milioniT naklebi gasuli wlis analogiur maCveneblTan SedarebiT); koncentratebis eqsportma Seadgina orive kategoriis Sesabamisad 9% da 8%. imave periodSi jarTis eqsporti 72.4%-iT gaizarda (11.8 milioni aSS dolariT wina wlis analogiur maCveneblTan SedarebiT) da Seadgina mTliani saeqsporto moculobis 7.3%. rogorc mosalodneli iyo, ruseTis embargom qarTuli Rvinis

eqsportze uaryofiTad imoqmeda. 2006 wels Rvinis eqsportma Seadgina 41 milioni aSS dolari (40 milioni aSS dolariT Semcirda wina wlis analogiur maCveneblTan SedarebiT). Rvinis eqsportma Seadgina mTliani saeqsporto Seadgenda). moculobis 4.1% (2005 wels analogiuri maCvebeli 9.4%-s

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125

2006

wels

importis

maCvenebeli 47.8%-iT

wina

periodis Cveulebriv,

analogiur importis

maCvenebelTan

SedarebiT

gaizarda.

umsxvilesi kategoriebia: navTobi, bunebrivi airi da navTob-produqtebi (12%, anu 443.1 milioni aSS dolari; wina wlis analogiur maCvenebelTan SedarebiT gaizarda 106.8 milioni aSS dolariT). meore umsxivlesi

saimporto kategoria avtomanqanebis importia, romelmac 295.3 milioni aSS dolari Seadgina (wina wlis analogiur maCvenebelTan SedarebiT 116.8 milioni aSS dolariT gaizarda) da mTliani importis 8%-s miaRwia.

maregulirebeli garemo saqarTvelos saqarTvelos qaRaldebis fasiani bazris fasiani Sesaxeb qaRaldebis erovnuli kanonis arsebuli bazari komisiis regulirebulia mier, fasiani romelic

qaRaldebis

safuZvelze,

SemuSavebulia amerikeli eqspertebis daxmarebiT da amdenad, umetesad Seesabameba saerTaSoriso standartebs.

saqarTvelos ekonomika: Sesrulebis ZiriTadi indikatorebi "ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 126

2000 A-07 F nominaluri mSp (milioni aSS dolari) nominaluri mSp (milioni lari) mSp faqtiuri zrda (wina welTan SedarebiT, %) mSp erT sulze mosaxleoba (milioni) umuSevroba umuSevroba (%) lari/dolaris saSualo kursi inflacia samomxmareblo fasTa indeqsi (wlis bolos, %) samomxmareblo fasTa indeqsi (saSualo, %) mSp deflatori (wina welTan SedarebiT, %) gare angariSebi mTliani eqsporti (FOB, milioni aSS dolari) mTliani importi (CIF, milioni aSS dolari) savaWro balansi (milioni aSS dolari) servisis balansi (milioni aSS dolari) mimdinare transferebi (milioni aSS dolari) Semosavali (milioni aSS dolari) mimdinare angariSTa balansi (milioni aSS dolari) mSp-sTan mimarTebiT (%) kapitalur angariSTa balanasi (milioni aSS dolari) wminda pirdapiri ucxouri investiciebi (milioni aSS dolari) mSp-sTan mimarTebiT (%) mTliani ucxouri savaluto rezerevbi (oqrosa da SDR-is CaTvliT, milioni aSS dolari) saimporto dafarva (mTliani ucxouri savaluto rezervebi da importis dReebi) fiskaluri balansi da sesxis indikatorebi saxelmwifo sabiujeto Semosavlebi (milioni lari) saxelmwifo sabiujeto xarjebi (milioni lari) sabiujeto balansi (milioni lari) mSp-s mimarT (%) konsolidirebuli sabiujeto Semosavlebi (milioni lari) konsolidirebuli sabiujeto xarjebi (milioni lari) sabiujeto balansi (milioni lari) mSp-s mimarT (%) sagareo vali (milioni aSS dolari) sagareo vali (mSp-s %) Semosavlebi mSp-s mimarT (%) gacvliTi kursi monetaruli safuZveli (milioni lari) fulis masa (M2, milioni lari)

2003 3.995 8.582 11.1 877 4.555 13.1 11.5 2.15 7.0 4.8 3.3 1.273 1.856 (636) 53 181 31 (371) 9.3 378 336 8.4 192

2004 5.166 9.846 5.9 1.139 4.535 15.2 12.6 1.92 7.5 5.7 8.1 1.631 2.491 (916) 56 414 98 (348) 6.7 524 490 9.5 384

2005 6.401 11.629 9.3 1.416 4.521 16.6 13.8 1.81 6.2 8.2 8.1 2.168 3.312 (1.214) 70 359 91 (693) 10.8 790 539 8.4 475

2006 7.883 14.004 8.0 1.735 4.544 15.3 12.5 1.78 8.8 9.2 11.5 2.398 3.806 (1.543) 135 443 168 (797) 10.1 1.191 870 11.0 883

2007 9.098 16.376 7.1 1.992 4.567 14.8 11.8 1.80 9.1 9.3 9.2 2.765 4.921 (2.302) 146 518 206 (1.432) 15.7 1.540 969 10.7 1.033

03-07 saS % 23% 18%

23% 3% -4%

18% 30% 21% 28% 29% 30% 61%

42% 30%

52%

38

56

52

85

77

19%

956 1.199 (163) (1.90) 1.320 1.522 (202) (2.40) 1.754 43.9 11.10% 555 527

1.773 1.924 (151) (1.50) 2.282 2.412 (130) (1.30) 1.762 34.1 0.2 768 846

2.608 2.617 (9) (0.10) 3.257 3.281 (24) (0.20) 1.651 25.8 22.40% 941 1.070

3.538 3.828 (290) (2.10) 4.057 4.346 (290) (2.10) 1.604 20.4 0.2 1.154 1.389

3.444 3.870 (426) (2.60) 4.266 4.692 (426) (2.60) 1.724 19.0

38% 36% 27% 8% 34% 33% 21% 3% 0% -19%

1.315 1.726

24% 34%

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

127

fulis masa (M3, milioni lari) municipalitetis fuli (M2-is mixedviT) municipalitetis fuli (M3-is mixedviT) lari/dolari lari/dolari % (saSualo) procenti, krediti da depozitebi korporaciuli sakredito ganakveTebi (saS %) sadepozito ganakveTebi (saS %) kerZo seqtoris sesxebi (milioni lari) kerZo seqtoris sesxebi (milioni lari) sul depozitebi (milioni lari) depozitebi ucxour valutaSi (%) sul depozitebi

1.060 0.95 1.91 2.08 2.15 2.9 8.4 764 8.9 619 86 7.2

1.512 1.10 1.97 1.83 1.92 18.9 7.1 948 9.6 896 74 9.1

1.911 1.14 2.03 1.79 1.81 18.0 6.5 1.737 14.9 1.175 72 10.1

2.662 1.20 2.31 1.71 1.78 17.4 6.3 2.706 19.3 1.834 69 13.1

3.529 1.31 2.68 1.77 1.80 16.6 6.1 3.855 23.5 2.607 69 15.9

35% 8% 9% -4%

-6% -8% 50% 28% 43% -5% 22%

saqarTvelos dafinanseba saerTaSoriso wyaroebidan, Fitch Rating, 2007 wlis 18 ivlisi

mimdinare angariSebi, dafinanseba da likviduroba saqarTveloSi mzardi deficiti, arsebobs ramac mimdinare angariSebis ufro mniSvnelovani da SesaZloa kidev gaamwvavos arsebuli

mdgomareoba da daaqveiTos reitingi. 2006 wels mimdinare angariSebSi arsebuli deficiti gaizarda da mSp-is 15% Seadgina; 2005 wels aRniSnuli maCvenebeli 10.8%-s udrida, 2004 wels ki _ 6.8%-s. Fitch-is prognozis mixedviT, 2007 wels mosalodnelia misi gazrda 20%-mde, 2008 wels _ misi Semcireba 17.5%-mde, xolo 2009 wels ki _ 15%-mde. Tumca, perspeqtiva erTob ganusazRvrelia ukanasknel periodSi momxdari savaWro Sokuri movlenebisa da qveynis ganviTarebis tempis gaTvaliswinebiT. gasul wels saqarTvelos mimdinare angariSebSi dafiqsirebuli deficiti yvelaze maRali iyo 100 qveyanasTan SedarebiT, romelsac mieniWa reitingi (garda islandiis ("A+"), latviis ("A-"), bulgareTis ("BBB") da estoneTisa ("A")). Fitch-is Sefasebis mixedviT, 2007 wels mSp-is 2% kidev daemateba deficits savaWro embargosa da airis Rirebulebis zrdis Sedegad. airis gaZvireba gazrdis imports daaxloebiT 120 milioni aSS dolariT (mSp-is 1.2%). Tu ar ganxorcielda ruseTis saeqsporto produqciis 25%-is sxva bazrebze warmatebuli gadamisamarTeba, deficiti gautoldeba 75 milion

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128

aSS dolars (mSp-s 0.7%). ZiriTadi riski sazRvargareT momuSaveTa fuladi gadaricxvebis amdenad, meryeobs SemcirebaSi mdgomareobs, rom romlis 65% ruseTze modis.

monacemi da

gviCvenebs, klebadi

gadaricxvebi xasiaTdeba

jerjerobiT (ix.

aqtiurad laris

mimdinareobs. miuxedavad amisa, eqsportisa da importis zrda jerjerobiT orive mrudiT grafiki). gacvliTi kursi 2003 wlis bolodan 2006 wlis bolomde 16%-iT gamyarda. miuxedavad amisa, konkurentunarianobis amaRleba SesaZlebelia mxolod im SemTxvevaSi, Tu gacvliTi ganakveTi gautoldeba 2001 wlis maCvenebels da SeZlebisdagvarad gaizrdeba produqtiuloba.

mimdinare disbalanss

angariSebSi

arsebuli

deficiti da

asaxavs

arsebiT aRemateba

ekonomikaSi,

sadac

moTxovna

investicia

miwodebasa da danazogs. 2006 wels savaWro deficitma mSp-is 26% Seadgina. savaWro importma Seadgina mSp-is 48%, savaWro eqsportis moculobaze

orjer meti, romelic Seadgens 22%-s. momsaxurebis siWarbis analogiurad, deficitis nawili ifareba kerZo fuladi gadaricxvebiT, romelic, Fitch-is gaTvlebiT, 2006 wels Seadgenda mSp-is 9%-s, da sajaro seqtorisaTvis gacemuli grantebi, romelmac, Fitch-is gaTvlebiT, 2006 wels mSp-s 5% Seadgina. fuladi gadaricxvebisa da saerTaSoriso daxmarebis masStabi naTelyofs ekonomikis sisustes, Tumca, fuladi gadaricxvebi aRiarebulia ucxouri valutis gacvlis saimedo wyarod, xolo saerTaSoriso daxmareba

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

129

ki rCeba arsebiT da mniSvnelovan safinanso berketad momavali ramdenime wlis ganmavlobaSi. mimdinare ZiriTadad exeba angariSTa kerZo deficitTan seqtoris dakavSirebuli maRal uaryofiTi sainvesticio

mosazrebebis nawilis ganeitraleba SesaZloa im faqtiT, rom aRniSnuli saqmianobas,

ganakveTebs da gamowveulia mSp-sa da eqsportis zrdis Sedegad. ufro metic, Fitch-is mosazrebiT, deficiti ZiriTadad ganpirobebuli iyo

kapitaluri da finansuri angariSebiT, iseve, rogorc aRmosavleT evropis bevr qveyanaSi. amdenad, Fitch-i imedivnebs, rom deficiti Semcirdeba. deficitis moculoba ar xasiaTdeba stabilurobiT; amdenad,

mosalodnelia misi Semcireba. finansuri nakadebi ufro swrafad icvleba, vidre sagareo savaWro nakadebi, rac ZiriTad mis safinanso bazrebze moaxdens. ufro deficiti dakavSirebulia sagareo zemoqmedebas ekonomikasa da metic, mimdinare angariSTa dagrovebasTan,

valdebulebaTa

romlebic Tavis mxriv unda dafinansdes. Sedegad, qveyanas ufro uWirs globaluri investoris suliskveTebis gaziareba.

gamoyeneba mimdinare angariSebis balansi MLT amortizacia aqedan: saxelmwifo kerZo wyaroebi: kapitaluri angariSebi p irdapiri ucxouri investiciebis wminda kapitali saportfelo kapitali mTliani sagareo vali aqedan: saxelwmifo kerZo neto sagareo vali da E & O cvlileba ucxouri valutis rezervSi (=zrda) 2006 1.537 1.162 375 145 230 1.537 171 1.044 2007 (prognozi) 2.281 1.941 341 88 253 2.281 200 1.750 2008 (prognozi) 2.531 2.095 436 72 364 2.531 225 1.100

116 676 44 631 -44 -425

50 962 84 878 0 -680

50 1.320 131 1.189 0 -164

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

130

mimdinare angariSebis deficitis dafinansebis struqturac sakmaod pozitiuria. dafinanseba upiratesad grZelvadian xasiaTs atarebs da ar xorcieldeba ucxouri e.w. `cxeli~ fulis saSualebiT. 1 2006 wels aSS pirdapiri dolaramde investiciebis wminda kapitali miliard

gaizarda da mSp-s 13.5% Seadgina; 2005 wels aRniSnuli maCvenebeli ­ 0.5 miliard dolars udrida. mimdinare wels mosalodnelia maCveneblis zrda ufro maRal ganakveTamde. saqarTvelos bankis IPO poziciis Sedegad, SarSan 110 milion aSS dolariT meti kapitali Semovida qveyanaSi. Fitch-is prognozis Tanaxmad, 2007 wels kapitalis transferi da mravalmxrivi sesxebi mSp-is 3%-s gautoldeba. garda amisa, Fitch-is gaTvlebiT, bankebis sakredito eqspansia da saerTaSoriso kapitalis bazrebze SeRwevadobis axali wyaroebi gazrdis

kerZo seqtoris sesxebis moculobas, romelic 2007 wels mSp-is 6.4%-s gautoldeba. saqarTvelos umsxvilesma komerciulma `saqarTvelos bankma" pirvelad qveyanaSi gamouSva evro-obligaciebi. TebervalSi daiwyo 200 milioni aSS dolaris (2007 im wlis mSp-is Tu 2%) ufro Rirebulebis susti evro-

obligaciebis xuTwliani emisia (9% amonagebiT). banki apirebs aRniSnuli saqmianobis saSualeba, gamoiwvevs gagrZelebas. qveyana SemTxvevaSi, Semdgomi sawarmoebi winaSe, rac kerZo Seudgebian aseTi saxis saqmianobas da eqnebaT moklevadiani sesxis miRebis dadgeba dafinansebis pirobebis riskis

araxelsayreli

globaluri

gauaresebas.

seqtoris sasesxo fasiani qaRaldebisa da sesxis momsaxurebis Sesaxeb arsebuli monacemebi sakmaod promitiulia. kapitalis Zlieri da stabiluri nakadis wyalobiT ifareba

deficiti, Sedegad xdeba ucxouri valutis akumulireba, romelic 2003 wlis bolos udrida 196 milion aSS dollars, xolo 2006 wlis bolosaTvis ki 931 milion aSS dolaramde gaizarda (CXP-is 2.4 Tve). Fitchis likvidurobis koeficienti, im romelic afasebs likviduri romelTa ucxouri Sesruleba

aqtivebis

Sefardebas

valdebulebebTan,

aucilebelia momavali 12 Tvis ganmavlobaSi, 2007 wels 206%-s gautolda ("BB" reitingis saSualo zRvari). sajaro seqtoris sagareo amortizacia

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 131

mcirea da 2007 wels mSp-is mxolod 0.9%-s Seadgens, 2008 wels ki ­ 0.6%-s. Tumca, kerZo seqtoris sesxebis moculobisa da sesxebis momsaxurebis masStabis swrafma zrdam SesaZloa daayenos garkveuli riski sagareo dafinansebis TvalsazrisiT.

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

132

sagareo vali da restruqturizaciis istoria

saqarTvelos sagareo valdebuleba mcirea, rac warmoadgens mTavar reitingul potencials. Fitch-is gamoTvlebiT, GXD-ma Seadgina 2.3 miliardi aSS dolari 2006 wlis bolos, rac mSp-s 30%-isa da CXR-is 67%-is eqvivalenturi iyo. saxelmwifo sesxi da saxelmwifos mier uzrunvelyofili sesxi iyo 1.7 miliardi aSS dolari (mSp-is 22%). Fitch-is gaTvlebiT, NXD iyo 1.2 miliardi aSS dolari, rac Seadgenda mSp-is 15%-s da CXR-is 34%-s. aRniSnuli koeficientebi swrafi klebadi tendenciiT xasiaTdeba wyalobiT. mSp-is, ase eqsportisa da arasakredito 2003 wlis Semosavlebis bolos mSp-is zrdis 104%-s NXD

magaliTad,

utoldeboda da 2006 wlis bolosaTvis 34%-made Semcirda. 2006 wels saqarTvelom dafara sasesxo valdebulebebi CineTis mimarT da winaswar dafara avstriis mimarT arsebuli davalianeba. Tumca, Fitch-i elis kerZo seqtoris sesxebis zrdas, rac gamoiwvevs sagareo valis koeficientis kvlavindebur zrdas prognozirebadi periodis ganmavlobaSi (rogorc es moxda ruseTSi, ukrainasa da yazaxeTSi). saerTaSoriso savaluto fondis mier sagareo saxelmwifo valis stresis testma uCvena, rom `saqarTveloSi dabalia sesxis gauaresebiT gamowveuli riski".

saqarTvelos mier aRebuli sagareo vali utoldeba amave reitingis mqone qveynebis analogiur maCvenebels. GXD/mSp-s koeficienti 2006 wlis bolos 30%-s utoldeboda, rac naklebia "BB" retingis saSualo zRvarze (35%); saqarTvelos NXD/CXR koeficienti 34%-ia da utoldeba "BB"

reitingiT dadgenil zRvars. aRniSnuli maCvenebeli ukanaskneli ramdenime wlis ganmavlobaSi Semcirda. garda amisa, saqarTvelos valis struqtura Zalian SeRavaTiania. saerTaSoriso savaluto Sefasebis mixedviT, 2005 wels grantis elementi 30%-s udrida. valis dafarvis periodi SedarebiT xangrZlivia, xolo saprocento ganakveTi ki _ dabali. saxelmwifos mier aRebuli araSeRavaTiani valis wliuri zeda zRvari 25 milioni aSS dolaria. 2006 wlis bolos saxelmwifo sesxisa da saxelmwifos mier uzrunvelyofili

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret 133

valis 69% mravalmxrivi iyo, xolo danarCeni ki _ ormxrivi. aRniSnuli tendencia gansxvavebulia romlebic gardamavali faraven sabazro ekonomikis (da mqone sxva

qveynebisagan,

mravalmxriv

ormxriv)

sasexo

valdebulebas da TandaTan gadadian sabazro sesxebze ­ rogorc sagareo, aseve Sida bazrebze TandaTanabobiT.

saqarTveloSi

ukanasknel

periodSi

xorcieldeba

valebis

restruqturizacia. 2001 wels da 2004 wels saqarTvelom xeli moawera xelSekrulebas parizis klubsa da sxva ormxriv kreditor-qveynebTan im valebis istoria reitingis restruqturizaciis mniSvnelovani miniWeba Taobaze, romelic unda dafaruliyo dros. Tumca, amdenad,

Sesabamisad 2001-2002 da 2004-2006 wlebSi. qveynis mier sakiTxia reitingis grZelvadiani gadmosaxediT

sesxis momsaxurebis

gansazRvris

xorcieldeba;

SesaZloa qveynisaTvis arc iyos aucilebeli `momsaxureba gansazRvruli periodis ganmavlobaSi" da mas maRali reitingi mieniWos, Tu aRniSnuli qveyana namdvilad imsaxurebs maRal reitings. Fitch-ma "BB-" reitingi mianiWa serbias (2005 wels) da nigerias (2006 wels) valis restruturizaciis Sesaxeb Semdegi xelSekrulebis aspeqtebiT: miRwevisTanave, restruqturizacia xasiaTdeba

ar xdeba sesxis Camowera

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

134

-

saqarTvelos aqvs daregulirebuli urTierTobebi kreditorebTan (miuxedavad riski, imisa, rom ar mas jer ar kidev ar raime kerZo mouweria seqtoris xeli vali,

xelSekrulebaze

yazaxeTTan).

ikveTeba

samarTlebrivi

ramdenadac

gaTvaliswinebula

dasasrul TariRad ki miCneuli iyo 1999 weli. saqarTvelos ekonomikis Semdgomi ganviTarebis safuZvelze vadgenT, rom miuxedavad gamocxadebuli `keTili nebisa~, saqarTvelos ar sWirdeba damatebiTi sagareo valis aReba. ,

"ernst end iangi" ­ sajaro seqtoris momsaxureba ­ Pierre-Vincent Guéret

135

CONTACTS

Pierre-Vincent Guéret

Ernst & Young France - Government Services Department Tel : 00 33 1 46 93 87 14 Mobile : 00 33 6 21 39 44 75 fax : (33-1) 58 47 69 87 Email : [email protected]

Zurab Javakhishvili

Ernst & Young ­ Georgia Tel:+995 32 439374/75 Fax:+995 32 439376 Mob:+995 77 525066 E-mail:[email protected]

ERNST & YOUNG ­

ERNST & YOUNG

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