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Sovereign Fund to Begin Operating in Late November

Published: September 12, 2013 | 1:06 pm
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The Sovereign Fund will begin operating instead of the Partnership Fund towards the end of November. Irakli Kovzanadze, the Director of the Partnership Fund, has made a statement in this regard at a meeting with representatives from the Monetary Fund. According to him, the issue of transformation into a sovereign fund will be reviewed by the Georgian Parliament, and will involve representatives from both the Monetary Fund and the Fiscal Mission. Mr. Kovzanadze hopes that the Parliament will adopt the appropriate legislation by the end of autumn.
The shares in the Sovereign Fund will be owned by the Georgian government, members of which will be represented on the fund’s supervisory board. The Sovereign Fund will unite the Strategic Development, Sovereign Assets and Innovations funds. The transformation process and the drafting of legislative changes are being closely supervised bu the Monetary Fund.

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