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CREDIT NUMBER.I763-GE Financing Agreement (Secotrd Dcv.lopmcnr policy Opcrrtio!) bet*€rtr GEORGTA rtrd INIERNATIONAL DEVELOPMENT ASSOCIATION o*a 4^6.^* tz ,2oro CREDIT NUMBER 475}GE FINA.T{CII{G AGREEMENT /4-.t Ag.€erncnt dsted , zolo,entercd into bctween GEoRGIA ("Rccipient') and INTERNATIONAL DEVELOPMENT ASSOCIATION ("Associarion") for the puryosc of providing linarcing in suppon of thc Pro&?m (as defin€d in thc Appendix to this Agrecment). The Association has decided to provide rhii financing on thc b8is, inter ali8, oe (a) thc actions which the Recipient has alrcady tsk€n unde. rhc ProgFm and which are descriH in section I of 'a Schedulc I to this Agr€cmanq ard (b) thc Recipient's mainGnsncc of ar appropriate macmeconomic policy frarncwork. The Recipicnt and thc A3socialion thcrrfort hea€by agrcc as follows: ARTICLE I . GENERAL COITIDITIONS; DEFINTTIONS t.Ol. The Ceneral ConditiorB (as defined in th€ ApFndix to this Agrccmcnr) conslitulr an integral port of this Agrrlmenl |.02. Unl6s thc context Equircs othen is€, th€ epitalizcd terms used in this Agreement have the mcsnings ascrih.d to lien in thc Ceneral conditions or in (hc APpendix to this Agrccment. ARTICLE II - FINANCING 2.0t. The Association agre6 to extend to the R.tipient on th€ terms and conditions sct foflI or rcfelrd to in fiis Agr€ernent, a crEdil in an ahount equivalent to twenty six million five hundrcd thousand Special Drawing Rithts (SDR 25,500,000) (veriously, "Cr€dit" and "Financint"). 2.02. The Recipient may withdraw the procctds of the Financing in suPPort ofthe Progam in accordancc with Section ll ofschedule I to this A8rcemenl 2.03. The Maximum Commirrnent Chargc Rstc payable by thc 4eciPieot on the Unwilhdrawn Financing Bslanct shallb. one-hal f of onc Percdt (l/2 of l%) per annum. 2.04. The Service Chrl8c payable by the R6ipier on thc Withdra*n Credit Balanct shall be equal to three-founhs ofone p€E€nt (3/4 of l%) p.r annum. 2.05. The Payment D6tcs arc APril l5 and October 15 in .rch year. 2.06. The Fincipal amount of tlrc CrEdit shall bc Epaid in accordance with rcpaymcnt schedule set fonh in Schedule 2 to this AgrE€mcnt 2.07. The Payment curErrcy is Dolh.s. -2ARTICLf, IU - PROGRA.I}I 3 01. The Rc{ipient declaEs its commitment to rhe program and its implementation. To this end: (a) thc Recipient and the Association shall from timc to time, al thc rcquest ofeithe. party, exchange views on the RecipicnCs macroeconomic policy dmework and ' the progrcss achieved in carryint out thc hotram; (b) prior to each such exchange of views, the Recipient shall fumish lo rhe Association for its rcview and comment a rcpon on thc progrcs" ichieved in carying out the progrEm, in such detail as thc Association-shall rcasonably request; and (c) withour limitation upon rhc provisions of parag:rphs (a) alld (b) of rhis Sectior\ rhe Recipiem shall pmmptly inform the Assoc'lation of"nv ,ii,irton ir,ut *orta have the effect of materially reve.sing lhe objccrives oi rhe o. -section acrion rak€n under th. progrEm includlng any.acrion f_g Schedule I to this AgrEEment. spccinJ in *y t of ARTICLE IV- REMEI'IES OF THE ASSOCIATION 4.01. Thc Additional Events ofSuspension consist ofrhe following: (a) (b) A situation has arisen which shall makc it improbable fiat thc hograrn, or a significanr pan of it, will be carricd oul The Recipient shall have failed lo perfom any of its obligations Ageem€nt. under the LoEn ARTTCLE V _ IFFECTIVENESS; TERMINATION 5.01. The Additional Conditions of Effecrivencss consis.of thc following: (a) The Association is satisfied with rhe progress achieved by the Recipie in carrying out rhe program aad with rhe adequacy oi the Recipienfs macroeconomic policy fiamewo c (b) The Loan Agreem€nt has been executed and delivercd prcceden! to its effectiveness or to the righ! and all conditions ofhe ltecipient to make witfrarawals under it (olier than thc effe.riveness o}the Einancirig ,C;._"*) ir"r" b"", fulfilted. 5.02. The E{fectiveness Deadline is the dat. one hundrcd and rwenty ( ofthis Agreement. l2O) days after the date -3ARTICLE Vl - REPRDSENTATwE; AITDRESSES 5.0r. The R€cipient's Repr€sentative is tha Minister of Findt!. 6.02. The Recipient's Add.rss is: Minislry ofFinaicr 16 corgarali sts€et Tbilisi 0l l4 Geo.tia Fscsimile: +99532-262422 The Associalion's Addr6i is: lntemationrl Development A$ociation lEl E H skr€t, N.w. washintton, D.C. 2(N33 United Slalas of Amcrica Cabl€ addr€$s: Telcx INDEVAS Washinglon, D.C. Facaimile: 24t423(MCI) l-2024174391 AGREED at Tbilisi, Ceorgia, as ofthe day and year first above written GEORGIA By INTERNATIONAL DEVELOPMENT ASSOCIATION By 4a Ab*,Authorized Representative -4SCHEDULE I Pro8mm Acfotrli Avril.bility of tritrrNin8 Procctdt Section I. Acti,oN urder the ProgrrE The actions tak€n by the Recipient undei fie P.oSram include th€ followint: L The Rccipient has enacted a budget codc to uniry the lcgal frarnework for budgetint at all levels, as pan ofthc implementation oftha Public Finance Managcment Reform Stl-atc$/' 2. The Recipient has submitted to parliamant an information annax to the Annual Budget Law of 2010 conlaining r€suh5-oricnted budgets for thrE€ Sovemment first-level spending units and exPand€d theit coveragc across govermcnt Prograrns. 3. The Recipi.nt has developed a multi-ye5r public investmmt Plogram by: (a) t€vicinS budget circular to include public investmcn( Proposals; (b) dcveloping guidelines fo' preparing submitting and sel€cting Public inYestrnent Propcals above defined thresholds; and (c) prcpating a public investment prc8ran infomation summary' as an annex to annual budget law for 2010. 4. The Recipient hai improved th€ effectiveness oftargeted social &ssistance (TSA) by: (a) adjusting the proxy-msns testing fonnul4 G) improving busine$ pnocesses rehled to TsA adminislEtion; (c) implementing a Public information crrnPsigr; and (d) rcstafiint r€certilication of TSA benefi ciaries. 5. The Recipient har expanded coYerage of publicly co-finaned health insuianc' to approximately 125,OOO beneficiaries through sn oPen enmllment period for Populalion noi cover€d by the rnedical insurance Prcglam (MIP) and hat maintain€d coverage of MIP tatgeted to the poor at about 9OO,OO0 b€neficiarics, while including a,l outPatient drug b€nefil in the MIP package. 6. Thc Recipienr has stsEngthened public stewadshiP of he.elth sector by initiaring public support for the health insuBncr mediation service to enhsnc€ Pstient rights and inEoducing an eleclronic system for bcncficiary identificarion. 7. The Rcipicnt has improved the information technology (lT) Platfom and has c'nducred a public information campaign to induce wider adoption ofthe e-filing system, as part of a program to slleafiline the tax payment system. 8. The Recipient has introduced a risk-based tax audit system so thst at least half of the planned numb€r ofon-site tax audits is sele€led by the system. 9. The Recipicnt has improved thc risk monagernent systern al cusloms by allowing ac{ss to all corridors foa a.ll cNtoms declaralions and reducing the number of declardions passing through the rcd corridor, which rEquit€ documcntarion and physical examiMtion prior to lhe relezse of goods. -5- 10. The R€cipient haj idenrified ard has staned to implerhent rcforms in trade-rclated apas by submitting draff srrategies to rhc Eumpean C_ommission on food safety, techniJ barriers to trade, and. coftpelition policy 6 facilitatc access tor Ceorgian lroducs to European and intemational markeb, ll. The Recipient has refom€d rhc staristics system by: (a) adoptinS rhe law on official starisrics; (b) *rablishinS rhc supervisory board envisaged- by the law; and (c) establishing thc ataristics ofricc as an independent entity. Scctlor lL v Av.il.bilitv ofFitrrlchs pro.c.d! A- GeDerrL Th. R.cipient may withdraw the Foceeds ofthc Financing in acrordancc with thc provisions of this Section ard such additional inslructions as [a Association may speciry by notice ro the Recipicnl B. Allo.ralotr of tr'in.trcirg Amouttr. The FinaDcing is allocated in a singlc tnnche, from which the R€.ipient may makc withdowals of thc Finucing. Thc ;jlocation of the amounls of the Financing to this end is sd oln in thc rablc bclow: Allocatiofis C. AEouDt ofth. FiDrrcitrg Allocited (ctpres.!.d io SDR) (l) SinBle Withdrawal Tranche 26,500,000 TOTAL AMOUNT 26,500,000 Witbdr.erl Tr.mhc Ral..s. Cordltio!! No withdrawal shall bc made offie SinSle Withdmwal Tianche unless rhe Associarion is satisfied: (a) with the Program being canied our by lhe Recipien! and (b) with the appropriateness of the Recipient's macmcconomic policy framework. D, Dcpo.iE of Fiurcltrg AmoutrE. Excep! as thc Association may olherwise agree: L all witlrdrawals from thc Financing Ac@unt shall b€ deposited by the Association into an account designated by tie R€cipient and acceptable to the Association; and 2. the Recipicnt shall ensurc that upon each deposit ofan amount ofthc Financing into this account an €quivalent amount is accounted for in the Recipicnt's budBet hanagement system, in a manncr acceptable to tlrc Associ6tion. E. Ercluded Etpcodilur6. The Recipicnt undertakes that the proceeds of the Financing shall not be used to finaffe Exclud€d Exp€nditures. If the Associalion determines at any time that an amount of the Financing was used lo make a payment for an Excluded Expendior€, thc Recipient shall, pmmptly upon notic€ fiom thc Ass@ialion, refund aD amount equal to th€ amount ofsuch payment to the Association. Amounts refunded to the Association upon such rEqu€st shall b€ ca,lc.lled. -6- F. Cl6iog Drtc. The Closing Date is March 31,201l. SCHEDULE 2 Repoym.ot S.hcdulc Drle Piym€nt Du€ O" *"h Atrtl t 5 -d O.tob€r 15 comm€ncint octob€r 15, 2O2O to and including APril 15,2030 Princip.l Amourt of th. Credil rePryrble (erpre$€d .! r p.rc€ntrge)r 5"/o The Dcrc€ntacd reDlesent the p€rcenlage of thc principol amount of the Credil to b€ essociation may otherwise speciry pursuant to Section 3 03 (b) of ,ep"il, e*".pi as ti the Geneml Conditions. -EAPPENDD( Sectiotr l. Dcliritionr l. "Excluded Expcnditure" mcars any expenditurc: (a) (b) Group Sutrgroup 112 De.criptioo of Ilelrl Alcoholic beverages I:I Tobacco,un-manu hinl,ea-I6EI;irusi Tobacco, marufacturcd 122 lwf,iliiii6i conlaininc lohr..n ("h.rir' a.\ 525 Radloactive and associated materials Pea.ls, precious and 66'1 scmipdi6Gil6i{ unworkcd oa worked 718 7|E.7 128 't28.43 397 E97.3 9',7 t and@1[iG[Elf Nuclear reactors, elements (cartsidges), non-irradiate4 nuclear reactots Tobacco ornc*iin for oGlilli*- Gol4 non-moneury 1-xciudinglold ores and concentrales) (c) for goods iniended for a military or par"rnilitary purpos€ or for luxury consumptton; (d) for environmentally hazardous goods, thc manufacture, us€ o. impon of which is prohibited under lhe laws of the Recipienl or inremalional agreemens to whiJ the Recipienr is a pa.g; (e) on account of any paymenr prohibited by a decision of the United Nations Security Council taken under Chapte. Vll of lhe Chener of the United Narions; and -9- (f) wilh respect to which the Associalion daeimines t_har corfl'lPt' fraudulen! collusive- or coercive p-aclices were enSaged in by representatives of the (or Recipient or olher recipient ofthe Financing proceeds, without the Recipient othe; such rcciPient) having talen timcly and aPpropriatc action satisfactory to the Association to address such pEctices wh'n they occur' -2. in support "Loan Agt€€ment" means lhe agrc€mcnt hs/een thc Recipient and the Bank amended may.b' agt'men-t .i,n" p;gr"-, ofthe sarnc dat; as this Agrcement' as such agFcmenls and sch€dule from timeio time. "Loan Agr€ement" includes all appcndicd' supplemcnt .l to the Loan Atre€menL 3. - "Ceneral Condirions' mealls th€ "lnGmational Dcvelopmcnt Association October 15' Conditions fo. CrEdits and Orarts"' datcd July l' 2OO5 (as amcndcd ttuough lhis APpcndix' of s€clion ll in 2006) u/id the modificadons set forth 4. 'Program- meij$ thc Program gowth and achievc sustainable letter dat€d MaY 2?, 20 I 0 fiom commitsnenl to thc ex€cution of thc Ceneml Association in suppon of thc Program during its cxecutio[ sF'tery for public 5. "Public Financ€ Management Refonn Stlatcry" mcsnr the R'ciPient's finance managem€nt r€form dated April 16' 2010' *6. "single TrarEhe" mesns the amount of the Financing allocat€d to the category 'il;i" i*"t"" in thc bble sei fonh in Pan B of section ll of schedule I to this entitled Agl€ement. S.ction II. ModilicatioB to iic Getr.rrl Conditiort Condilions for Cr€dits Thc modifications to the 'lntcmational Dcvelopmmt Association General as lollows: are l5' ?006) and Crants", dated Julv l, 2OO5 (as a$ended thrcugh Octobcr (relating to Applications for l. The last senlencE of paragmph (a) of S€crion 203 Withd6wal) is dcleted in iE entir€ty 2. (Eligible E'perufi.'/res) aIe deleted in rheir Sections 2 04 ( Detigntd Accottttts) aidzls accorolngy' entirety, and lhe remaining S€clions in Anicle ll arc renumb€red l. Section 2.05 (re$umbcEd as such pu6uant to patagraPh 2 abovc) is modified to rEad as follows: out of the lf the Financing AgrEernot prcvid6 for lhe repaynent or^lic. Bank Droceeds of the Financii'g oi an ad'ance made by lhe Association Keclprenl ("Preparation Advanc€")' the Associarion shall' on behall ol lhe - t0 wilhdraw from rhe Financing Account on or after the Effective Date thc amount rcqureo to repay the nirhdia*n and outstanding balance oflhe advance as at the dare of such wirhdrawat from rhe Financing p"ylii"*J"a**a Ai"r"i-Ji" unpaid charyes, ifany, on lhe advance as a! such a"t". ff,e .+!"ici"tion p.y lhe amounr so wirhdmwn to itsetf or rhe B_L, "iaft rh; i",'"J'rf,"rr cancel the remaining unwithdrawn ounr ofthe advanc€.,, Sections _ Generully), and 4.Og (Fina ciat Mandgement; l-!y,!!. Article IV 5. ;;-;"y ^ a etea in rneir entircry, ana y. ii" *r""l,lgt."iil" rn Paragraph (a) of Secrion 4.Oj (renumberEd as such pusuant to paraSraph J above ard rclating to IJse olooodr, VorL, otd Services) isdelelcd in its enii;ry." 6. - Paragraph (c) of Section 4.06 (rcnumbered ar such purcuant to paragraph 3 above) is modified to read as follows: "Section 4.06. p/arr; Docurnehts; Records ... (c) ' lnvolces, bilk, rcceipts Financin8 until two yc Association;s reprcsentativcs ro 7. nable the ex Section 4.07 (renumb.red as such pu.suant to par-agraph follows: 3 above) is modified to resd aB "S(rtion 4.07. proga Monitoring and Evoluation ... fc) The Re.ipient shel lo the Associalion not later than s such scope and in such detail as the execution ofthc prog.am, thc rErfo of their respectivc obligations accomplishment ofthe purpose, of the Financin&. 8 The following terms and definitions set forth in the Appendix arc rnodified or deleted as follows, and the fo owing new terns and definition"'i" uaiJ the Appendix as follows, wirh the teins being renurnbered accordinglyl (a) The definition ofhe rerm ..Eligible Expenditure. in'ffiil;;;;; is modified to read ae follows: ''Eligible Expenditure, means any use to which the Financing of the progmrn, orher than to finance expenditures Fina.ncing AgrcemenL,' (b) " "*"tua"i is put in suptrort pr'rsuani-ti.tt " The term "Financial Stdement!', and its definition as set fonh in thc Appendix are delered in their enriEty. - (c) - The tenn "Project" is modified to rerd "Program" and its definition is modified to r€ad as follows: "'Ptogram' means the program referEd to in lhe Financing Agreement in support of which lhe Financing is made." All references to "Projcct" throughoul th€sc Ceneral Conditions are deemcd to be referrnc6 to "Program". (e) Thc teim "Program PrEparation Advanct" (rensmcd a3 such pursuant lo subparagraph t (c) above) is modified to rtld "Prepor.rion Advance" and its definiliofl is modified to rc5d as follows: "'P,eparation Advanc€'mcans the advance rcfenEd to in the Financing Age€mcnt and r€payablc in sccordrnca uith S€ction 2.05.'