27 November 2022,   03:11
Parliament hosts presentation of EU Twinning Project “Strengthening Parliamentary Oversight in Public Finances”

“It should be noted that legislative oversight of public finances is an area in which Georgia is quite strong, to the pride of our Parliament. According to data from Open Budget 2021, the audit and parliamentary oversight systems are rated as satisfactory with 74 out of 100 points, and Georgia is first out of 120 nations in terms of budget openness. Therefore, we may conclude that this interim phase is excellent and that it is crucial that we continue to do better in this area. We shall have more to say regarding parliamentary oversight of public finances when this convocation Parliament winds up its proceedings”, - the Speaker, Shalva Papuashvili stated at the presentation of the EU Twinning Project “Strengthening Parliamentary Oversight in Public Finances”.

According to Shalva Papuashvili, important steps have been taken in terms of oversight of the management of public finances.

Irakli Kovzanadze, the Chairman of the Budget and Finance Committee, addressed the audience and provided a detailed overview of the Committee’s operations and areas of expertise with regard to legislative oversight of public finances.

He also concentrated on the primary objectives of the Committee’s work, such as managing and overseeing the budgetary process in the Georgian Parliament, ensuring parliamentary oversight of the financial industry, implementing supervisory actions, etc.

As Irakli Kovzanadze noted, the purpose of the TWINNING project is to strengthen parliamentary oversight of public finances.

“In terms of the efficiency of public finances and public accountability, the finest long-term European experience with enhancing parliamentary supervision is crucial. I"m confident that as we carry out the TWINNING project, we will learn from our international partners, the Dutch Parliament and the Ministry of Finance”, - the Chairman of the Committee stated.