UNM PM’s criticism of Finance Minister over economic slowdown

Despite the economic growth being far below the forecasted 6% and missing tax revenue target for this year budget, Finance Minister Nodar Khaduri believes that the budget has resources to meet all of its liabilities.

"Forget the word sequestration and throw it away. There will be no sequestration whatsoever, Khaduri said at the debates in the Parliament while introducing the 2014 budget priorities on November 13.

According to the Finance Ministry, "The deficit was initially projected to be 2.9%, but it will be 2%. He blamed previous authorities for the budget shortfall.

United Nation Movement (UNM) lawmakers complained Khaduri for not observing to the oppositions multiple warnings throughout this year about negative economic trends, which, he said, resulted in missing of the budgetary targets.

Giorgi Gabashvili from the UNM said that shortfall in the budget will force the government "to significantly cut budgetary parameters.

The draft of 2014 state budget targets 6.95 billion GEL in tax revenues, up by 30 million from this years target and economic growth forecast is set at 5%.