The majority of those of us who work in the media, and I am probably not being biased if I say particularly those of us who work in the business media, were eagerly awaiting the implementation of the Regulatory Impact Assessment (RIA) mechanism in our country.

In the framework of mentorship, on May 18th, ISET Policy Institute met with the Georgian Cold Storage and Logistics Association (GCSLA) to discuss the challenges in the cold storage supply chain in Georgia and explore potential solutions to address these issues.

Regulatory Impact Assessment (RIA) is a process of evidence-based policymaking, which helps in complying with better regulatory principles and designing better regulations. RIA is a tool for transparency of the legislative process. The issue of RIA institutionalization has been a commitment envisaged in the international and national policy documents of Georgia.

Russia’s invasion of Ukraine profoundly impacted the global economy, immediately sending shockwaves across the globe. The attack of a country that was once a major energy supplier to Europe on the country which was one of the top food exporters in the world, sent food and fuel prices spiraling, causing major energy shortages and the prospect of protracted recession in the United States and the European Union.

Prior to the current Insolvency Reform, Georgia’s legislative framework regulating insolvency proceedings fell short of meeting international standards – it did not meet neither creditors’ nor debtors’ needs and failed to offer incentives to the insolvent companies to choose rehabilitation as their optimal strategy for resolving financial difficulties.