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On March 31, 2014, ISET hosted Dr. Joseph Tham of Duke University, who is currently collaborating with USAID Georgia. He provided a summary of the basic principles of project appraisal, and discussed the applications of Cost-Benefit Analysis in the USAID/India Fiscal Management Reform Project.
At the beginning of his presentation Dr. Tham spoke about the idea and role of Cost-Benefit Analysis (CBA) as a well-defined, objective, and systematic way to decide whether a project is good or bad. When conducting CBA an analyst estimates expected cash inflows and outflows during a project’s life, thus there is an intertemporal problem in which values of flows have to be “translated” in one reference point of time, usually in the present, and then analyst calculates the net present value (NPV). If NPV>0,then the project is good.
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“It is an honor for me to be standing here, at ISET, in the best school of economics in the region” – with these words, Nodar Khaduri, the Minister of Finance of Georgia, started his presentation on March 10, 2014.
The minister provided a brief summary of the main Georgian macroeconomic parameters and then went on to introduce the Socio-economic Development Strategy of Georgia, “GEORGIA 2020”. He spoke about the importance of this plan and highlighted that the main target of this strategy is inclusive growth. The strategy itself is at the draft level and will be discussed in society (the draft version is available to everyone) before being made final. Minister Khaduri asked the ISET students for their active participation in such discussions.
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