"Georgia’s economic situation and macroeconomic parameters allow me to say that the right economic policy, which the Prime Minister's government is conducting under his leadership, has given us positive results - our country has sustained the high economic growth for the second year. This gives us the opportunity to finance more infrastructure projects and more social programs", - the First Deputy Chair of the Regional Policy and Self-Government Committee, said at the beginning of the session, where the 2022 state budget amendment draft was discussed,” – the press service of the Parliament informs.
The First Deputy Minister of Finance, Giorgi Kakauridze, spoke about the prerequisites for the preparation of the budget changes and introduced the economic indicators of the country to the committee members.
"In 7 months of the current year, the volume of exports increased by 36.4%, while the local exports - by 31%. The tourism was also recovered faster than planned. The inflow of direct foreign investments also had a positive effect. All of the above allowed us to update the economic forecasts and part of the budget revenues", - Giorgi Kakauridze said.
Giorgi Kakauridze talked about the increased allocations of the state budget, which according to the updated data amounts to GEL 19,651.2 million. He also informed the committee about the allocation of an additional GEL 80 million to the Ministry of Regional Development and Infrastructure and the directions to which the Agency would apply additional funds. According to him, the Ministry's allocations are increasing to GEL 2,975.0 million. The increase in allocations is mainly related to the construction and rehabilitation of football stadiums for the hosting of the European Under-21 Football Championship that is to be held in 2023 in Georgia.
“Based on the forecasts of higher than planned economic growth and correspondingly increased tax revenues, municipalities will receive GEL 1,366.7 million as a result of the VAT increase, which is GEL 100.3 million higher than the initial forecast. The financing of transfers to autonomous republics and municipalities was increased by GEL 66 million and was determined in the amount of GEL 343 million; the transfers to Tbilisi Municipality will surge by GEL 65 million, and the allocations determined for the budget of the Autonomous Republic of Abkhazia - by GEL 1 million,” - Giorgi Kakauridze said.
The committee members unanimously supported the amendments that are to be made to the 2022 state budget.
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One US dollar trades at GEL 2.7174
10/07/2025
