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LOAN NU}IBER 7926-GE Loan Agreement (Second Developmcnt Policy Opcration) betf,'Gen CEORGIA and INTERNATIONAL BANK FOR, RECONSTRUCTION AND DEVELOPMENT Dsted h7'r t tz , 2010 LOAN NUMBER 792GGE LOAN ACREEMENT Agrremcnt darEd tz 4t+-t 2010, entcrcd , inro bcrween GEoRGIA ( Bonowcr") rnd bl"fERNAfloNAL BANK Foh nrcoNsm-ul-iid"N* ir.,o DEVELOPMENT ('Bark,,) for dc purposc of providing n*n.irl ii ,rp[i otir," in t}re Appendix ro this Agreement). n" Si* l,*i";ij"a,o Program .(as -delined provtoe tnrs ttnanctnt on the basis, inrcr alia, of: (a) the actions which the Borrower has atrcady rakcn undcr rhc hogram and which arc described in Sec,i"ii ," rhis Agresmcnr, and (b) rhc Borrower's mainterarcc of policy framework. Thc Borrower and thc Bant rtrere "n "pp.p.i"i.-ri-.J"-oio^i" forc r,crcdy ag'rer .is-"iJrf"'i ; ;;il;*"" ARTICLE I . GENERAL CONDITIONS; DEPINITIONS 1.01. The Cencral Conditions (as deEned in de ApFndix to lhis constirurc an inEgmlpart of rhis Agrcemcn!. Agrccmeno 1.02. Uolcss lhc. conlcxt requircs othcrwise, the capitalized terms used in dis Agrcemcnr havc fte mearings ascribed ro rhe, i,i o" c"ncral ioJidlo# o. io lhe Appcndix to this AgrEement. ARTICLE II - LOAN 2.01. The Bank agr.es to lend to thc Bonower, on the tenhs and conditions set fonh or rhc ahount of rcn million Do[ars ($10,00O,00O). as d fron time io time rhrough a Cuo.ncy Conversion ons ofScction 2.07 ofrhis ngrcemcnt 2.02. Thc Borrower may withdraw the pr€c.ds of the lran in supporl in accordance wrth Seclion II ofschcdulc t to rhis ngrecmeirl i-Loan,,). of the proqram 2.03. The Fmntand Fer-payablc by thc Borrower shall bc equal to one quarter perclnl (0.25%), ofrhc L(un amourr. 2.04. The intcrcst payable by the Borrowcr for each Interest pcriod equal to LIBOR for the lran Currc upon a Convcrsion of all or any rntcresl payablc by rhe Borrowc shall bc dctcrmincd in accordancc thc Ccncrsl Cooditions. Notwiths Widdlawn Loa, Balancc remains conlinues for a period of thiflv shall instead bc calculated as Conditions. of one shall be at a ratc 205. The Paymcnr D.tes arc April 15 and October 15 ineach year, 2.06. The principal amount of rhc Lorn shall be rcpaid in accordaDce wiih the amortization schedule set fodh in Schcdule 2 to this A8rcemcnt. 2.O7. (a\ Vaflable Rate. (b) Any conv€rsion rcqucsted that is lcccptcd by the Bank s ned in lhc ceneml Conditions the provisions ofArliclc [V of rhc ceneral Condirions rnd of the Convenion Guideline-s (c) Promptly following the Exccution Date fo. an Intcr€st Rate Cap or Inlcrcst Rate Collar for which thc Bormwer has rEqucsled lhai thc prcmtum be paid out of lhc preccds of thc [oan, thc BanI shall, on behalf of the Bonower, withdraw from the [,oan Account and pay to its€lf thc amounts rcquirEd to pay any prcmium payable in accordance with Section 4.05 (c) of (he Gcneral Conditions up to the amounr allocatcd fmm rim€ to timc for thc puqros€ in dc tabl; iD Section II of SclEdule I to this Agrecment. 2.08. Wilhour limirarioo upon rhc provisions of Scction S.Ot of rhc Geocml Cmditions (EnumbcrEd as such pursuant to paragr.ph 4 of S€ction tr of thc Appendix rc this Agreement and ftlalin9 to Cooperulioa ond Corlrultotion), thc Borrower shall promptly fumish to the Bank such information relating to thc provisions of this Adicle II as thc Baok may. frcm time to timc, rasonebly rcquest. AR.TICLE TII - PROGRA]TI 3 01. The Borrowcr declares its commitmenl to ihe program and its implcmentation To $is end, and funher to Section 5.OE of thc Geoeral Conditions: -l(r) lhe Bo.rower and rhe Bank shall from time to time, at thc r€quest of either pany, exchange vicws on lhe Bonowcr,s rrracrocconomiJ framework and the progress achicv€d in carrlng out $c program; (b) ;iit pnor to each such exchange of views, the Bonower shall fumish to lhe Bank for its review and comment a repon on the progrcss achievcd in carryn8 out the hoBram, in such dctail as the Bink-shall rcasonably rcqucst; and G) ARTICLE IV . REMEDIES OF TIIE BANK 4 01. Thc Additional Events ofsusp€nsion consist of the following: (a) A situation has arisen which shall ma.ke it improbablc lhaa the program, or a significant part of rt, will bc carried out. (b) The Borowcrshall havc failed to pcrform any of irs obligations under thc tlnanctng Agreement. ARIICLE V - EFFECTTVENF-SS; TERMINATION 5.01. Thc Additional Corditions ofEffectivencss consist of the followingl /a) Thc Bank is satisfied with the prcgrEss achievcd by thc Bonowcr in canlng out the kogram rnd wrth tle adequacy of the Borrower,s macroeconomic policy framework, (b) The. Financing AgrEemcnt has b.en cxecuhd aDd delivercd and all conditions prccedent to its effectivencss or to th" agfrt of if,c A.r..*".i. makc withdrewals undd il (o6er o_ tr," irf""ririr"rr'oi ,rr" Agreement) have bcen firlfill.d. 5.02. The lffectivcness Deadlinc is the date one hundred and twenty (120) lhe datc ofrhis Agreement. days after 4 ARTICLE vI. REPR"ESEI{TATIVE; AITDRESSES 6.01. The Bonower's Represcntativc is thc Ministcl of Financc. 6.02. Thc Bonower's Addess is: Ministry of Financc 16 Gorgasali SirEct Tbilisi 0l l4 Ceorgia Facsimile: +99532-262422 6.03. Thc Bank's Address is: lntcmational Bank for Reconstauction and Developmcnt l8l8 H St.c.t. N.W. Washin8on, D.C.20433 Unitcd Stalcs of America Cablc addr.ss: Telcx: FacsiDilc: INTBAFRAD 248423(MCI)or Lm2471-6391 Washintlon,D.C. 64145(MCt) -5- AGREED at Tbilisi, Georgia, [s ofthe day and year first abovc writlcn. GEORCTA Ay ,1 INTERNAfiONAL BANK FOR RICONSTRUCTION AND DEVELOPI,TENT Ay A"t lu Authorized ReprEscmativc .6 SCHEDULE I Prctram ActiorE; Availability ot Loan Proceds Section I. Actions undcr the Prosram Thc actions taken by the Borrower under thc Program includc the followinS: I The Bonower has enact d a budg€t coile ro unify the legal framework for budgeting at all levels, as pan of lhc implcmcnladon ot the Public Finarcc Managemenl Rcform Stratcgy. 2. The Borror*er has submined to parliarEnt an rnformation anncx to rhe Annual Budget [-aw of 2010 containint rcsults-oricntcd budgets for thrEc Sovcmmcnt alrstlevel spcndint units and expandcd their coverage ac[oss Eovemment ProSrams. 3. Thc Borrower has dcvclop€d a multi'yca, public investment progam by: (a)revising budget circular ro includ€ public lnvestment proposals; (b) devcloping guidclir|es for prcparint, submitting, and selcctjng public investmcnt proposals abovc dcfined Grcsholds; and (c) prEparing a public inveshent progam informalion summary, as an anncx to lnnual bodger law for 2010. 4. The Bormwer has imprcvcd lhe eff.ativcncss of targeted s@ial assistancc (TSA) by: (a) adJusting the proty-rncans tcsring formula; (b) improving busincss prccsses rElatcd to TSA administration; (c) implcmenting a public information campaitn; and (d) rcsbning rc.enification of TSA benefi ciaries. 5 Thc Bonower has exparded cov€firtc ofpublicly co.finallc€d health insurancc to approximately 125.000 b€neficiarics through an open enmllment Friod for population not covered by lhc mcdical insurance program (MIP) and has maintained covcrage of MIP targeted to thc pmr at about 900,000 bencficiaries, while including an outparient drug bencfit in the MIP package. 6 Thc Borrower has strrn8thcned public slcwardship of health s.4tor by initiating public support for the health insumncc mediation service to enhance patient rights and infoductng an clcctrontc sysrcm for beneficiary identification. 7. Thc Borrowcr has improved thc informatior t€chnology (ff) phtform and has conducted a public information campaitn to inducc wider adoplion of the c-filing system, as pan of a program to strEamlinc thc lrr PaFent system. 8. The Bonower has introduc€d a risk-bascd tar audit system so that at least half of the planned number ofon-sitc lax audils is selecled by the system. 1 9. Thc Borrowrr has improved the risk managemcnt system at customs acccss lo all corridors for all custo ns dcclarationi and rcducing by allowing thc numbcr of declaralions passing rhrouSh lhc red corridor, which rcquirc doc-umcntation and physical examination prior to rhc relcasc of goods. 10. The Borrower has idenrificd and has startcd to implement rcfonhs in trade_ rclated arcas by submitting draft stratcgies to thc Europcan Commission on fooa safety, technical barriers ro tmdc, and competition policy to facilitatc accesi for Georgian products to European and intcmational ma'kets. ll. The Boftowcr has reformed thc statislics systcm by: (a) adopting the law on official slatistics; (b) establishing rhc supcrvisory U""ri Ui ,i" lu"; rnd "nui*g"i (c) eslablishing thc statistics officc as an independcnt cntity. Section Il. A. Gcncral. Thc Borrowcr may wifidiaw rhe procccds of (he Loan in accordance with thc provisions of lhis Scction and such additional instnrclions ,f," i*f may specify by notlcc to (hc gorow€r. ". Avrilabilitv of lran proceeds B. c Loar (cxccpt fo. ahounts requircd to pay lhe sin8lc withdt_awal tranche, frorn which rhe t of thc an proce€ds. Thc allocation of the ahounls ofthc Loan to rhis cnd is sct out in thc lablc bclow: Amount of the Loer Allocated (expressed in Dollars) ( l) Sinetc wiGaA;;J;;rre (2) Front-end Fec (3) Amount duc punuinii6T-iion2 07(c) of this Agrecmenr C. Wiahdrar+el Trsnch€ Rcl€sse Conditions, No withdrawal shallbe madc of rhe Single Wirhdmwal Tranche unless the Bank rs sauslrcd (a) with the.Program b€ing carricd out by the Borrower, and (b) wi0l rne appropnatcness oflhe Borrower's macreconomic policy frameworlc -8I). Dcposits ol lrrn Amounts. ExcEpt ls tie Bank may orhcrwise agrce: l. all withdrawals from thc Loan Account shall bc deposibd by the Bank into an account desigrared by lhe Borrowcr and acceptablc to the Bank; rnd 2. thc Bonowcr shall enrure thar upon each dcposit ot an amounr of rhe I-oan inlo this account an equivalent amount is accounted for in thc Bono$rr's budgct manaScnrcnt system, in a manner acceprablc rc thc Bank. E. Excluded Expandilui6. The BoEowea undertakcs (hat the prEeeds of thc Loan shall not bc used to finance Excluded E\pcnditrrEs [f thc Bank detemines at any timc that an amount of thc lran wiLs uscd to makc a payment for an Excludcd Expendirure, thc Borro\r,cr shall, promprly upon loricc from thc Bank, r€fund an amounl equa.l to thc amount of such paym€nt lo lhc Bank. Amounts rEfirndcd to lhc Bank upon such rcquest shall bc canccllcd. t'. Closing Dalt. The Closing Datc is MarEh 31,201L -9SCIIEDULE 2 Amortizgtion Sch€dulc I Thc following lable sets fonh thc hincipal paymenr Dates of thc lran and thc Darc; by (b) rhc Installmcnt Sharc fo. each principal yablc amounr to bc adjusted, as ficccssary, to dcduct ary paragaph 4 of this Schcdulc, ro which a Currcncy Principal Paymcnt Drte Instellmcnt Sh.r! (Exprcsscd as . Peictnt ge) On cach April 15 and Octobc. 15 Bcginning Octobcr 15, 20t8 through October 15. 2036 On April 15,2037 2 63Vo 2 69Vo Ifthc proceeds oflhe lran have not be€n fully wirhdrawn as ot thc firsr principal Payment Date, the principal amount of thc Loa[ repayablc by ihe Borrower on each Principal Payment Date shall bc determined as follows: G) To the extent thar any proceeds of the t-oan havc bccn withdrawn as of thc first Principal Payment Darc, thc Borrower shall repay the Wilhdrawn Loan Balancc as of such date in accordancc with parigraph I of this Schedule. (b) Any rmoun! wrthdrawn after dle fint hincipal payment Datc shall be repard on each hincipal Payment Date falling aftcr thc date of such wirhdrawal in amounts dercrmincd by the Bank by multiplying the amount of each such witMrawal by a fraction, thc numcrator of qhich is ll - t0 - l { Nolwithstandint thc pmvisions of paragraphs I and 2 of lhis Schedulc. upon a Curemy CooycGion of.ll o. any ponion of thc Withdrawn Loan Balarcc'to an Cuidclines. rhc cxchargc ratc component of thc ScrE€n Ratc. 5. is dcnominatcd in morc than onc [ran Currcncy, shall apply separatcly to rhc amoont denominated to pKduce a s€patate amoiization schedulc for - - APPENDIX Scclion l. D€Eritions I "Excluded Expenditurr" mcans any cxpenditurr: G) for goods or scrviccs supplied under a contract which any national or intematiooal financing insliNtion or agcncy other than the Bank or fic Asseiation has fnanc€d or a8.€ed to finance, or which rhe Bank or (hc Assciation has finarrccd or agrEed lo finance under another loan, crEdit, or grant; (b) for goods includcd in thc follovring groups or sub.groups of the Standard Intcmatiooal Tradc Classificarion, Rcvision 3 (SrTC, Rcv.3), publishcd by the United Nations in Statistical Papc6, Series M, No. 34lRev.3 (19t6) (thc SffC), or any successor groups or subgroups under revisions to thc S[TC, as dcsignated by tho Bank by noticc to thc futurc Botower: (;roup Sub-group Desc.iption of Il€m I l2 Alcoholic bcvcrages l2l Tobacco, un-manufacturEd, tobacco t22 Tobacco, manufactured (whcther or not contsining tobacco subsdturcs) Radroactive and associated marcrials Pcarls, prcctous and semiprccious slones, unworked or worked NuclEar rcaclors, and parls thercof; fuel refuse 525 661 718 728 897 91t 71E.7 728 43 897.3 elements (canridges), non-i.radiated, fot nuclear reactors Tobacco pr@essinq machinery Jewelry of gold, silver or pladnum group metals (except watches and watch cases) and Soldsmiths' or silversmiths' wares (including set gems) Cold, oon-monerary (ercludi[g gold ores and concentratcs) I r (c) for goods intendcd for a military or paramilitary purpos€ or for luxury consunPnon; \,, t1 (d) for cnvironmenhlly hazrrdorrs goods, the manufacturr, usc oa import of which is prohibitcd undcr lhc laq.s of $c Borrower or intcmational aSrcemcnts to which lhc Bofiower ts a pany; (e) on account of afly paymcnt prohibited by a decision of thc Uniled Natioos Sccurity Council talcn undcr Chaptcr VII of thc Chartcr of the Unitcd Nationsl and (f) with rEspect ro which the Bank detcrmincs rhat comrpt, fraudulent, collusivc or co€rcivc practiccs werE engagcd in by rEprcscnhtivcs of thc Borrowcr or other rc.ipicnt of the Loan procecds, wilhout rhc Bo.rowcr (or othcr such rccipicnt) having talcn timely altd app.opriatc action satisfactory to lie Bank to addrcss such practices when they occur. 2 ''Financing Atrcement" m€ans the atne€mcnt bctween the Borro*cr and thc Association in support of thc kogram, of thc samc datc :l5 this Agrcement, as such agrEcmcnt may be amcndcd from tim€ to timc. "Financing Agre€ment" includes all appendices, schcdulcs and agr€emcnts supplemental to thc Financing AgrE€ment, 3 "Cencral Conditions" mcrns thc "Intemational Bank ffi Rcconstruction ard Dcvelopment Gencral Conditioos for Loans", datcd July l, 2005 (as amend€d through February 12, 200t) with thc modifications set forth in Section tr of this Appendix. I "Prcgr-am" mcans thc proFam of actions. objectivcs and policies designed to promotc gro\Uth and achieve sustainable rEductions rn povcrly and set fodh or refcficd to in thc lctier dated May 27,2OlO from thc Bofower lo thc Bank declaing the BoFower's commitment to the cxccution of the &ogram, and rcquesung assistancc ftom thc Bank in suppon of thc Program dunng its 5. "Public Financc Management Refom Stratety" meaDs lhc Borrower's stratety for public financc managemcnt reform dated April 16,2010. 6. "Single Withdmwal Trarrche" means tie amount of thc Loan allocared to tie category entitlcd "Single Wi$drawal T6nchc" in thc table ser forth in Part B of Sc.tioi II of Schcdule I to this Agre€ment. S€ction IL Modilicstions to the GeD€rel ConditiorE The modifications to rhc G€nera.l Conditions arE as follows: l. The last sentencc of paragraph (a) of S€ction 2.03 (rclating to Applications for wirhdrawal) is delcrci in its entinty. . ll 2 Sections 2.04 (Deri8na.ed Accounts) and 2.O5 (Eligibt. E penditutcs) xre deletcd in therr entirety, and the remaining Sections in Anicle tr arc renumbercd accordinEly. i' 1. t. Paragraph (a) of Section 205 (renurhbcr€d rs such pursuant to paragraph 2 above) is modificd to rcad as follows: "Seclion 2.05. Refinancing Prcpototion Adeance; Capitalizine Front_cnd Fee Account and to pay all accrucd and unpaid at such date. Thc Bank shall pay the amount iation, as thc casc may bc, and shall canccl th€ thc advarcc." 4. Sections t tnancta Sections (Financial Management; ncruttyt, ^nd elered in their'@ enlircty, and rhe rcftaining accordirgly. 5 Paragaph (a) of Scation 5.05 (EnumbcrEd as such pufsuant to paragraph 4 above and rcLting to Us. of Goods, Workr and Ser,iccs; is ackrca inirs e-ntinty. 6 PaGgraph (c) of Section 5.06 (rcnumbered as such puEuant ro paragraph 4 cbove) is modilied to rcad as follows: "Section 5.06. plaru; Documcnts; Record.s .. (c) Thc Bonowct shall rcrain all r€cords (contr&ts. oaders, invoiccs, bills, rec.ipts and othcr d@umcnts) evidencing cxpenditures undcr thc lran until two yes aftq &c Closirg Daic. -Thc'Borrower shall enablc fie Banl's reprEsentatives to cxaminc such rccords.,, 7. P."oryph (c) of Se.tion 5.07 (rerumberEd as such pursuaDr to paragraph 4 abovc) is modificd to rEad as follows. Sectrcn 5.01. Progrom Monitoting old Evolwtion . (c) Borrowcr shall preparc, or causc to be preparcd, and fumrsh to the -Thc Bank not later than six mon6s after thc Closing Datc, a repon of such scope and in srch dctarl as rhc Bant shall Jasonably .. . - t4- on and Agr..mcnts rcquest, Panies 8. thc pcrfomance by lhe Loan obligations undcr rhe trgal purposcs of thc lran. Thc following lerms and dcfiniiions set fo r in thc ApFEndix are modified or dcletcd as follows, and the following ncw lcms and &finitions ar! add€d in alphabctical ordcr to thc ApFndix as follows, wi0l thc tcrms belng rcnumberEd accordindy: Thc dclinition of the tcrm "Convcnion Datc" is modified to read as follows: (a) (b) "'Convcrsion DaE' nrcans, in rEslEct of a Convcrsion, rhc Execution Datc (as hcrcin d€fincd) or such othd datc as r.gucstcd by Gc Borrower and acceptcd by the Baoh ofl which lhc Convcrsion enrcas into effect, and as funhcr specificd in the Convc6ion Guidclines.,' The definition of $c rclm "Eligiblc Expendirun" is modified to rcad as follows: " Eligiblc Expcnditurc' ,Dems any usc to which the t an is put in suppon of thc hogram, orher than lo finance cxp.ndituEs crcluded pursuant (o lhe Loan AgrEcm€nt." (c) Thc term "Finamial Sutcments" and its definirion are deletcd in their ent rcly (d) The t€rm "Proicci" is modificd to read "progiarh', and its definition is modifiad to lead as follows (ard all rEferences to,'projeat" throughout thcse General Conditions alt d€cmcd to trc refcrcnces to ..protmm,'): "'Program' mc{ns the pmgram refcred to in thc Loan AgrecDeni in suppo( ofwhich the Loan is made." (e) The tcrm "Program Prcparation Advancc" (rcnamed as srrch porsuant to subpaiagnph (d) abovc) is modificd to ferd "prepararion Advence', and r(s definition is modificd to rc.d as follows: t "'Preparation Advancc' mcaDs lhc advancc rcfcrcd to in rhc [raD AFe€nrcnt and rcpayablc in accordam! u.ith Scction 2 05."