Georgia’s total debt 66m GEL less than expected in 2014

At the end of 2014 Georgia’s total debt was 66 million GEL less than expected, announced head of the Treasury Service Tsotne Kavlashvili at a special press conference where he presented the state budget performance report of 2014 to media.

In total, Georgia's debt was 1.57 billion GEL in 2014, out of which 997 million GEL was foreign debt and 572 million GEL was domestic debt. 

Compared to what was planned and expected, the total debt amount of Georgia was 66 million GEL less. More specifically foreign debt was 39 million GEL less and domestic debt was 27 million GEL less than planned.

"This was possible as a result of fulfilling the budget plan with surplus in the tax revenues and grants parts,” Kavlashvili said.

The revenues’ part of the budget ended with a surplus of 20 million GEL and amounted to about 9.121 billion GEL.

Tax revenues amounted to 6.847 billion GEL, exceeding the draft budget by 27 million GEL. The budget execution rate was 100.4 percent, he said.

Georgia’s Finance Ministry saved 122 million GEL more than expected and the budget balance amounted to 434 million GEL instead of 312 million GEL.

"43 million GEL was saved in December which means that December’s revenues was 43 million GEL higher than expenditures. In December 120 million GEL was saved which proves that there was no deficit spending in that month,” Kavlashvili said.

The state budget expenditures amounted to 8.974 billion GEL which was 98.9 percent of the draft budget for 2014. This was "unprecedented" results for the past 10 years, Kavlashvili delcared.