Azernews.Az

Executive Director of the Georgian Partnership Fund Irakli Kovzanadze met with the mission of the International Monetary Fund (IMF).

The projects funded by the Partnership Fund, as well as the process of establishing the Sovereign Fund based on the Partnership Fund in Georgia were discussed during a meeting with head of the IMF mission Mark Griffiths, IMF Permanent Representative in Georgia Edward Martin and head of the IMF fiscal mission Dmitry Radev.

"The IMF is actively involved in the preparation of those legislative initiatives on the basis of which the Sovereign Fund should be set up," the Partnership Fund said. "The matter rests in the formation of the supervisory and investment councils of the Sovereign Fund, as well as the methodology and criteria of projects to be financed by the fund."

In the near future, the Partnership Fund will consider legislative amendments that have been worked out in collaboration with Reed Smith reputable consulting firm.

"I think that the procedure of legislative changes will be completed by late 2013 and the Partnership Fund will continue operating as the sovereign fund," head of the Georgian Partnership Fund said.

According to head of the IMF mission Mark Griffiths, the mission is actively holding the meetings with members of the Georgian government. Urgent issues of cooperation are discussed there.