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`aseTi kadri sariskoc aris, aman SeiZleba gamoiwvios<br />
buntic, Tu sapensio fondi gakotrebis mimarTulebiT<br />
wavida. am SemTxvevaSi mas SeiZleba maRali albaTobis<br />
riski vuwodoT. erTaderTi gamosavali iqneba sapensio<br />
fondis kompensireba sabiujeto saxsrebidan, radgan<br />
sxva gamosavali mTavrobas ar eqneba. aman kidev<br />
SeiZleba uaresi Sedegi moitanos, imdenad ramdenadac<br />
is programebi, rac biujetidan finansdeba, aRar iqneba<br />
dafinansebuli da Tanxebis nawili wava sapensio<br />
fondis danakargebis Sesavsebad. amitom vambob, arom aq<br />
saWiroa Zalian frTxili da kvalificiuri midgoma.<br />
SeiZleba pirovnebas harvardis universiteti hqondes<br />
damTavrebuli da pirobiTad, 25 sertifikati aRebuli,<br />
magram es arafers niSnavs, Tu igi ar iqneba<br />
gadamowmebuli da ar dadasturda misi maRali<br />
sainvesticio kvalifikacia~<br />
dis gadasaxads (imis gaTvaliswinebiT,<br />
rom Sromis miwodeba aq<br />
Zalze araelastiuria, e. i., daqiravebulze)<br />
da radgan dRevandeli<br />
moxmareba ufro metad daqiravebuls<br />
Seumcirdeba, es aucileblad<br />
aisaxeba sakredito bazarze,<br />
radgan moTxovna samomxmareblo,<br />
ipoTekur kreditze Semcirdeba<br />
(varaudi: dRevandeli realuri<br />
Semosavlis Semcireba ufro<br />
metad Seamcirebs im saqonlis moxmarebis<br />
Semcirebas, romelzedac<br />
moTxovna Semosavlis mimarT ufro<br />
elastiuria. anu naklebad savaraudoa,<br />
rom Semcirdeba moTxovna mag.,<br />
sakveb produqtebze da metad savaraudoa,<br />
rom Semcirdeba moTxovna<br />
sayofacxovrebo teqnikasa da<br />
uZrav qonebaze).<br />
es an Seamcirebs sargeblis ganakveTs,<br />
rac ewinaaRmdegeba mmar-<br />
Tvelis interess, an mTavroba wai-<br />
Rebs sesxs komerciuli bankebisgan<br />
SedarebiT maRali sargeblis ganakveTiT.<br />
mniSvneloba ar aqvs, rogor ganmartaven<br />
iuridiulad, ekonomikuri<br />
Sinaarsi gaxlavT is, rom es<br />
aris calsaxad gadasaxadi. kerZod:<br />
a) gaiZulebs gadaxdas (arCevani ar<br />
gaqvs); b) sanacvlod sazogadoebriv<br />
sikeTes gpirdeba da Sesabamisad,<br />
ewinaaRmdegeba konstituciis<br />
Tavisuflebis aqts.<br />
vaxo Waraia _ Tsu-s analizisa<br />
da prognozirebis centris direq-<br />
tori:<br />
_ mniSvnelovania, rom am reformis<br />
Sedegad maT nebismier proeqtSi<br />
ar moaxdinon Tanxebis investireba.<br />
aq Zalian frTxilad da<br />
mozomilad, praqtikulad, urisko<br />
fasian qaRaldebsa da proeqtebSi<br />
unda Caidos mTeli akumulirebuli<br />
fuli, rom saerTod eWvic ki<br />
ar warmoiSvas sapensio fondis<br />
mdgradobasTan dakavSirebiT.<br />
meore mxares rom SevxedoT, Tu<br />
ar gyavs kadri da gundi, romelic<br />
Zalian gamocdilia am mimarTulebiT,<br />
maSin im uamrav arsebul<br />
kiTxvas ukve emateba axali kiTxva<br />
kadrebis kvalifikaciis Sesaxeb.<br />
kidev erTi sakiTxi: xelfasis<br />
moculoba. maSin, roca pensioneri<br />
200 larsac ar iRebs pensias, sapensio<br />
saagentos direqtors uniSnav<br />
10-dan 15 000 laramde xelfass,<br />
logikuria, rom adekvaturi anazRaureba<br />
eqneba mis moadgiles,<br />
mere Seiqmneba departamentebi, iqac<br />
yvelas maRali xelfasi eqneba<br />
da a. S. _ am gundis SenarCuneba da<br />
misi finansurad uzrunvelyofa<br />
Zalian Zviri dajdeba.<br />
am yvelafers Tu gavaer-<br />
TianebT, sakmaod cudi<br />
mdgomareoba yalibdeba.<br />
pensioners Zalian<br />
dabali pensia aqvs<br />
da TviTon sapensio<br />
fondis SenarCunebasa<br />
da<br />
administrirebaze yovelwliurad<br />
milionobiT lari daixarjeba, rac,<br />
principSi, miuRebeli Tu ara, rTulad<br />
gasamarTlebelia, magram am<br />
poziciaze vinc miva, masTan ki ar<br />
unda gvqondes pretenziebi, aramed<br />
am sistemis SemqmnelebTan, mTavrobasTan,<br />
vinc Camoayaliba es<br />
struqtura uamravi kiTxvis niSniT<br />
da Tan axla TanmSromlebs mravalaTasian<br />
biujets uniSnavs. saboloo<br />
jamSi, mainc kidev erTi<br />
didi kiTxvis niSani daemata sapensio<br />
fondis mdgradobas.<br />
mTlianobaSi, sapensio reformasTan<br />
piradad Zalian bevri SekiTxva<br />
maqvs... bevri niuansia, romelic<br />
gadauWreli Cans. Tundac is,<br />
rom mTavrobis gancxadebiT, mTeli,<br />
akumulirebuli Tanxis 20%-ze<br />
mets ar gaitanen qveynis gareT. anu<br />
20%-ze metiT ar davafinansebT<br />
ucxo qveynis ekonomikebso. ramdenime<br />
wlis mere, roca fondi miaRwevs,<br />
pirobiTad, 5 mlrd lars,<br />
misi 20% aris 1 mlrd lari _ Tundac<br />
amdeni ratom unda aiRos qar-<br />
Tulma ekonomikam da ratom unda<br />
Cados sxvisi qveynis ekonomikaSi?!<br />
an danarCeni 80% sad unda dabanddes?!<br />
Cven msxvili da Zlieri kompaniebi<br />
ar gvyavs, vinc fasian qaRaldebs<br />
uSvebs da Tan sandoa, Sesabamisad,<br />
gvrCeba erTi varianti,<br />
rom amas aiTvisebs mTavroba, gamouSvebs<br />
fasian qaRaldebs da am qaRaldebis<br />
sanacvlod sapensio fondi<br />
mas sesxs miscems. anu Cven gadavalT<br />
im procesze, roca ar aviRebT<br />
sagareo vals, Tumca aviRebT<br />
saSinaos... amasTan, SeiZleba erTma<br />
mTavrobam aRos es Tanxa, raime<br />
kargi saqmis gasakeTeblad gamoiyenos,<br />
vTqvaT, gadawyvitos, rom<br />
sadRac sofelSi surs gzis dageba,<br />
amisTvis SeiZleba biujetSi sakmarisi<br />
fuli ar iyos da man sapensio<br />
fondidan isesxos. im soflisTvis<br />
gzis dageba kargia da Tan cudi<br />
saqme ar keTdeba, magram ase bevr<br />
N27 (248) 14.08-4.09.2018 w.<br />
294 69 77; qronikaqronika@gmail.com<br />
sesxs rom aiRebs mTavroba, mere am<br />
fulis ukan dabruneba yovelTvis<br />
problemuria da sapensio fondi<br />
iseTi tipis fondi ar aris, rom<br />
Tanxebi gasces da mere ar moikiTxos,<br />
rogorc riskiani investorebi<br />
akeTeben. aq piriqiTaa, minimaluri<br />
riskis mqone unda iyos investicia<br />
da Tan marto saxelmwifosTvis<br />
fulis sesxebac kiTxvis niSnis qve-<br />
Saa... anu ramdenad mizanSewonilia,<br />
rom mxolod erTi msesxebeli<br />
gyavdes?! Tu sxva mxriv SevxedavT<br />
da isedac Zlier bankebs miasesxeben<br />
am fuls, maT gaZlierebas<br />
kidev Tu Seuwyoben xels da alternativebs<br />
ar ganaviTareben, egec<br />
sxva, axal problemebs warmoSobs.<br />
garda amisa, ra iqneba im Tanxis<br />
msyidvelobiTi unari, romelic<br />
dagvigrovdeba, ucnobia. saSualod<br />
rom aviRoT, bolo 20 weli<br />
saqarTvelosTvis, daaxloebiT,<br />
200%-iT, anu 3-jer aris Semcirebuli<br />
erovnuli valutis msyidvelobiTi<br />
unari. Tu 1998 wels 100<br />
lari gvindoda konkretuli niv-<br />
Tis SesaZenad, dRes 300 lari<br />
gvWirdeba imave nivTisTvis. ramdenime<br />
aTeuli wlis merec igive<br />
daemarTeba am larsac, Tu arada,<br />
Tu sxva valutas miebmeba, iq Sei-<br />
Zleba kidev calke maqinaciebi warmoiSvas,<br />
amas emateba TviTon fondis<br />
Senaxvis uzarmazari saxsrebi<br />
da am yvelafris Semdeg mosaxleoba<br />
ratom unda iyos aRniSnuli reformiT<br />
kmayofili, gaugebaria?!.<br />
Tan, roca Cven dRes kompaniebs<br />
veubnebiT, gadaixadeT es 2% da<br />
dasaqmebulsac veubnebiT, Semosvalis<br />
2% gadaixadeo, varTmevT maT<br />
fuls im imediT, rom aTeulobiT<br />
wlebis mere gadavuxdiT, magram<br />
dRes kompaniis WrilSi es gamoiwvevs<br />
maTi saxelfaso fondis Semcirebas.<br />
an is ver daiqiravebs axal<br />
TanamSromels... TanamSromlis<br />
mxridan rom SevxedoT, maT gauZvirdebaT<br />
samomxmareblo produqtebis<br />
SeZena (roca kompania xar da<br />
iZulebuls gxdian, 2% dasaqmebuls<br />
gadauxado zedmetad, Sen<br />
gaaZvireb sakuTar produqts, Tundac,<br />
2%-iT, amas moyveba fasebis<br />
awevac), am yvelafrs erTian konteqstSi<br />
Tu ganvixilavT, Zalian sarisko<br />
nabijia sapensio fondis Seqmna.<br />
vaxtang xomizuraSvili _ ekon-<br />
omisti:<br />
_ yvelas Tavisi muSaobis algoriTmi<br />
da reglamenti aqvs, plus<br />
am adgilze mosul direqtors<br />
aucileblad unda hqondes investiciebis<br />
marTvis kvalifikacia<br />
sainvesticio portfelis formirebis,<br />
riskebis Sefasebis TvalsazrisiT<br />
da aucilebelia, rom is<br />
pirovneba gaTviTcnobierebuli<br />
iyos im instrumentebSi, rac gamoiyeneba<br />
saeTod, fondebis mar-<br />
Tvis dros _ es minimaluri moTxovnebia.<br />
jer erTi, sapensio fondi ganviTarebad<br />
qveynebSi rTuli samar-<br />
Tavia (miT umetes, saqarTveloSi)<br />
dabandebisa da valutis TvalsazrisiT.<br />
Cvens SemTxvevaSi Tanxebi<br />
xom larSi akumulirdeba, es<br />
dabandebis mxriv sakmaod rTulia,<br />
radgan SezRuduli gvaqvs daban-<br />
`bevri niuansia, romelic gadauWreli Cans.<br />
Tundac is, rom mTavrobis gancxadebiT, mTeli,<br />
akumulirebuli Tanxis 20%-ze mets ar gaitanen<br />
qveynis gareT. anu 20%-ze metiT ar<br />
davafinansebT ucxo qveynis ekonomikebso.<br />
ramdenime wlis mere, roca fondi miaRwevs,<br />
pirobiTad, 5 mlrd lars, misi 20% aris 1<br />
mlrd lari - Tundac amdeni ratom unda<br />
aiRos qarTulma ekonomikam da ratom unda<br />
Cados sxvisi qveynis ekonomikaSi?! an<br />
danarCeni 80% sad unda dabanddes?!~<br />
debis obieqtebi. aseTi obieqtebi<br />
unda iyos, rasakvirvelia, diversificirebuli<br />
dabandebebi, magram,<br />
amasTan erTad, Cveni realobidan<br />
gamomdinare, iseT garantirebul<br />
instrumentebSi, rogoric aris<br />
saxazino valdebulebebi anda saxelmwifo<br />
fasiani qaRaldebi, sakmaod<br />
dabali Semosavlianoba gvaqvs.<br />
anu, realuarad, Cven rom avi-<br />
RoT inflaciis wliuri 3% da avi-<br />
RoT dabandeba wliuri 7%, kidev<br />
SeiZleba vivaraudoT, rom es Tanxebi,<br />
garkveulwilad, SenarCundeba,<br />
Tumca realuri inflacia gacilebiT<br />
maRalia. aqedan gamomdinare,<br />
mxolod da mxolod garantirebul<br />
instrumentebSi unda dabanddes es<br />
Segrovili fuli, rogoricaa saxelmwifo<br />
fasiani qaRaldebi. axla<br />
Seqmnili situaciidan Cans, _ sapensio<br />
fonds erTaderTi gamosavali<br />
eqneba, rom Tanxebi isedac<br />
gaberil sabanko sistemaSi gadauSvas,<br />
amiT ki bankebi damatebiT iaffasian<br />
resurss miiReben... an auqcionis,<br />
konkursis mixedviT unda<br />
ganTavsdes Tanxebi sabanko sistemaSi,<br />
esec ar aris gamosavali da<br />
mizanSewonili Cveni qveynisTvis.<br />
rac Seexeba sxva dabandebebs,<br />
Zalian momgebiani iqneboda am fondisTvis<br />
igive municipalur obligaciebSi<br />
dabandeba, romelic, samwuxarod,<br />
Cven ar gvaqvs. sxva saxis<br />
dabandebebi rCeba ucxoeTSi fasian<br />
qaRaldebSi, rac niSnavs, rom,<br />
garkveulwilad, moxdeba akumulirebuli<br />
Tanxis „sterilizacia”<br />
(roca es Tanxebi miemarTeba sxva<br />
qveyanaSi da kvebavs sxva qevynis<br />
ekonomkas, rac Cveni sistemidan amovardnili<br />
da dauSvebelia).<br />
realurad, sapensio fonds sakmaod<br />
kvalificiuri personali<br />
sWirdeba da vfiqrob, rom iseTi<br />
principiT SerCeuli kandidatura,<br />
romelic finansTa saministrom<br />
gamoaqveyna, araseriozulia da mis<br />
mixedviT SerCeulma kadrma, didi<br />
albaTobiT, SeiZleba absoluturad<br />
ar icodes sainvesticio portfelis<br />
formirebis wesebi. amitom,<br />
Cemi azriT, aq iseTi konkursi unda<br />
Catardes, sadac gamocdaSi monawileobas<br />
miiReben kvalificiuri<br />
eqspertebi, maT Soris, ucxoeTidan<br />
mowveulebi. sxva SemTxvevaSi, isev<br />
da isev, iseTi pirovneba iqneba Ser-<br />
Ceuli, romlis kvalifikaciac<br />
arasakmarisia da aman SeiZleba negatiuri<br />
efeqti iqonios qveynis ekonomikasa<br />
da sainvesticio garemoze.<br />
aseTi kadri sariskoc aris, aman<br />
SeiZleba gamowvios buntic, Tu<br />
sapensio fondi gakotrebis mimarTulebiT<br />
wavida. am SemTxvevaSi<br />
mas SeiZleba maRali albaTobis<br />
riski vuwodoT. erTaderTi gamosavali<br />
iqneba sapensio fondis kompensireba<br />
sabiujeto saxsrebidan,<br />
radgan sxva gamosavali mTavrobas<br />
ar eqneba. aman kidev SeiZleba uaresi<br />
Sedegi moitanos, imdenad ramdenadac<br />
is programebi, rac biujetidan<br />
finansdeba, aRar iqneba<br />
dafinansebuli da Tanxebis nawili<br />
wava sapensio fondis danakargebis<br />
Sesavsebad. amitom vambob, arom aq<br />
saWiroa Zalian frTxili da kvalificiuri<br />
midgoma. SeiZleba pirovnebas<br />
harvardis universiteti<br />
hqondes damTavrebuli da pirobi-<br />
Tad, 25 sertifikati aRebuli, magram<br />
es arafers niSnavs, Tu igi ar<br />
iqneba gadamowmebuli da ar dadasturda<br />
misi maRali sainvesticio<br />
kvalifikacia”.<br />
gadawyvetilebis miRebis bolo<br />
vada 14 seqtemberia. sabuTebis<br />
miReba kidev 15 dRis manZilze gagrZeldeba.<br />
vin mogvevlineba da ra<br />
kriteriumebs daakmayofilebs sapensio<br />
saagentos direqtori, amas<br />
ukve seqtembris Sua ricxvebSi gavigebT.<br />
17
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