Economy

Georgia: FM Briefs on Draft Budget

Lasha Khutsishvili, The Finance Minister of Georgia, Spoke about the Final parameters of the Draft Budget. This Draft Budget is Being Planned for the next year of 2024. He was speaking on the Budget after the Session of Government.

Finance Minister Lasha Khutsishvili stated that the document of the draft budget will now be sent to the Georgian Parliament for detailed discussion and approval.

FM, during the budget briefing, said that “as everyone knows, the second presentation of the Budget has already been made in the Parliament of Georgia. The number of directions has increased significantly. The next year’s Budget will have the provision for the growth of the social and infrastructure sectors; pensions and social benefits will be enhanced in future. For the education sector almost 600 million GEL have been reserved under local and central Budget. At the same time, 250 Million GEL was allocated for the defence needs of the country.6,7 GEL will go to Infrastructure projects and development. This Budget is planned to give a boost to the Georgian Economy.”

The Finance Minister also spoke on the main budget parameters. He said that the Main budget parameters will remain unchanged in the final version of the Budget.
As per him, “Economic parameters of different sectors are predicted quite conservatively. Economic growth – 5,2%. The budget deficit is also undisturbed and constitutes 2.5%, the government debt index will remain around 38%. According to these parameters, the Predicted Future index of GDP will be 86 billion GEL next year in 2024, and domestic product per capita will exceed $ 8,500. We also present the forecasts for the next years and for the year 2027, Georgia’s economic size is predicted to be up to 108 billion GEL, with a per capita total of about 11 thousand dollars, which is being seen as a significant increase in recent years

On the direct expenditure part, the Finance Minister said that – the expenditure part of the Budget will increase by about 165 million GEL, as compared to the option that was already discussed in the second presentation of the Draft Budget. “Resultantly the volume of the combined budget will be 28 billion 760 million GEL, and the volume of the state budget will exceed beyond 25 billion GEL”

Zurab Kvaratskhelia

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