The Parliament of Georgia has approved an updated state budget of Georgia, which is now planned with a 7.7% economic growth forecast instead of 3.4%.
In addition, the deficit has been lowered from 7.6% to 6.9% and the government’s debt has been lowered to 54.6%.
“The government raises taxes by 1.11 billion GEL and boosts budget income by 1.17 billion GEL. The state budget will be used to spend nearly 19.5 billion GEL next year”, reads the press-release published by the Parliament of Georgia.
First Deputy Finance Minister Giorgi Kakauridze said that the updated forecast of economic growth, which was now 7.7%, was confirmed by the International Monetary Fund.
The revised budget has been amended to support two more, agricultural and economic productive sector programs, and health care costs related to the Covid-19 pandemic.
Kakauridze said that 446 million GEL was added to the Covid-19 health expenditures, which now amounted to 846 million GEL.
“More than 150 million GEL is provided for vaccination, which perfectly covers 60% of our population”, he said.
Leader of the opposition Strategy Aghmashenebeli party Giorgi Vashadze said that this budget had nothing to do with stimulating the economy, but only aimed to distribute more money to Georgian Dream public officials for election purposes and spend more money to buy more votes. (Agenda/Business World Magazine)
