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Friday, May 24, 2024

Georgia: Finance and Budget Committee revises 2023 state budget project

Georgia: The Finance and Budget Committee discussed the reworked versions of the 2023 state budget project and the country's main data and directions document for the years 2023-2026 and supported their submission to the plenary session of the Parliament.

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Georgia: The Finance and Budget Committee discussed the reworked versions of the 2023 state budget project and the country’s main data and directions document for the years 2023-2026 and supported their submission to the plenary session of the Parliament.

 At the meeting of the committee, the first deputy minister of finance, Giorgi Kakauridze , presented the issue and once again reminded the legislators of the main macroeconomic indicators for 2023 and the directions and challenges that the next year’s budget envisages.

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According to Irakli Kovzanadze , Chairman of the Finance and Budget Committee, the reworked version of the 2023 state budget project was returned to the Parliament in its original form, without changes.

Real economic growth is planned within 5%, nominal GDP will reach 79.6 billion GEL. By the end of 2023, the debt limit of the Georgian government is planned to be 38.8% of the gross domestic product (GDP). Our demand is to further reduce the budget deficit. Reducing the budget deficit will have a significant impact on inflation.

 For the last two years, a double-digit inflation has prevailed in Georgia, which is particularly painful for the population. A deficit of 2.8% has been included in the next year’s budget, and it would be good if this figure were to decrease even more ,” said Irakli Kovzanadze.

As mentioned at the meeting, the government plans to spend 21 billion 154 million GEL next year.

The Salaries of public sector employees will increase up to 10%, and policemen and soldiers are expected to increase their salaries by 20%. Pensions are increasing, the pension of pensioners aged 70 and over will increase by 65 GEL to 365 GEL.

 The pension of the same category of pensioners in the highland settlements will be equal to almost 440 GEL; The pension of persons under 70 years of age will increase by 35 GEL to 295 GEL, and in the highland settlements it will be equal to 355 GEL.

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 “In this regard, there is an increase in the state budget of 494 million GEL in 2023, which is the largest increase in pensions. As a result, the expenses to be made in this direction are 3.4 billion GEL, or 16% of the state budget “, said the chairman of the committee.

The draft law on the state budget will be discussed at the plenary session of the parliament this week, and the reworked version of the draft budget will be returned to the government with the comments and recommendations of the parliament.

According to the First Deputy Minister of Finance, although no changes have been made in the project at this stage, the budget will be finally formed in the next two weeks, taking into account the proposals and opinions of the members of the parliament and the resources that will be available after the change in this year’s economic growth within the parameters of the next year’s budget.

Giorgi Kakauridze also introduced to the members of the committee the 9-month report on the implementation of the 2022 state budget of Georgia presented by the Ministry of Finance, which the committee accepted as a reference.

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