Finance Minister: 2014 budget will be completely fulfilled
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This year’s budget will be 100 percent fulfilled and all funds will be spent appropriately, said Georgia’s Finance Minister Nodar Khaduri at today’s Government meeting.
The country’s Prime Minister was interested in the state of the 2014 budget and whether all funds had been appropriately spent, so asked the Finance Minister to present a report about it.
"We are ahead of time in terms of tax revenue – 70 million GEL more than planned have been mobilised and this year’s budget will be fulfilled with surplus,” Khaduri noted.
"We had a lag in terms of grants and loans but the funds have already been transferred. In December funds will be transferred from the International Monetary Fund, World Bank and Asian Development Bank. Therefore, this year’s budget will be fulfilled with 100 percent and we have a hope of even more,” he said.
He said the Revenue Service was working properly and there would not be a single problem in terms of fulfilling the budget.
"As for the spending of the budget, we have a better situation in this direction compared to last periods as well. Throughout the last period, infrastructural works have become very active – the institution spends about 125-130 million GEL per month,” the Finance Minister said.
Minister of Regional Development and Infrastructure David Shavliashvili commented on the report and noted in 2014, his Ministry’s budget was 936 million GEL and by November, 755 million GEL had been spent.
"Until the end of the year we are expecting to spend 130-140 million GEL more, which will be 95 percent of our budget. In reality we have never spent more than 93 percent of our budget,” he said.
"As for December, every year December used to be the highest spending month. However, in our case we had equal performance every month,” Shavliashvili noted.
In addition, Prime Minister Irakli Garibashvili expressed interest in the state of the Lari exchange rate, to which Finance Minister Khaduri noted the rate had stabilized. PM Garibashvili commented that Georgian Dream’s political opponents did not have any reason to say that the country’s economy or the Lari was in crisis.
"We really implemented successful policy in a very difficult situation. I want to tell our people that it is there is a very difficult political situation in the region – in Ukraine, Turkey, and Russia. All this is certainly reflected in our economy and on the Lari in particular,” Garibashvili noted.
Georgia’s national currency faces no fear in value, and on the contrary in the coming days it will become even stronger, said Georgia’s Prime Minister said today after the Lari fell to its lowest level in early December 5 since May 2004.
Chief Economist for the Europe and Central Asia region of the World Bank Hans Timmer believes the recent tumble of the value of the Georgian Lari has nothing to do with the weakness of the Georgian economy.
An International Monetary Fund official believes the recent fluctuations of the Georgian Lari will not shake the country’s macroeconomic foundation.
The National Bank of Georgia (BoG) believes there is no risk of higher inflation than what has been forecast as the Georgian Lari continues to depreciate in value against the US Dollar. It is currently the lowest it has been in four years.
The Georgian Lari is continuing to depreciate in value against the US Dollar and is currently the lowest it has been in four years.
The 2014 state budget is fulfilled with surplus Deputy Minister of Finance Giorgi Kakauridze says. Data published at the Georgian Finance Ministry's official web site mof.gov.ge confirms that both parameters, revenue and expenditure, are fulfilled.
Transferring unused funds from state agencies to other institutions who needed additional funds is one way the Government can support and strengthen the country's economy.