Georgian Parliament addresses state budget amendments

The Parliament of Georgia is today discussing amendments to the state budget for 2015, introduced by the country’s Finance Ministry in response to a downgraded economic growth forecast.

Members of Parliament (MPs) gathered today in Kutaisi for an extraordinary meeting to discuss the state budget amendments. Georgia’s economy growth forecast has been downgraded from five to two percent however Deputy Finance Minister Giorgi Kakauridze said economy growth might reach three percent.

Accordingly, state budget revenues were now expected to increase by 25 million GEL, while the budget expenditures are set to remain the same at 9,575,000,000 GEL, he said.

Furthermore, the country’s tax revenue plan will decrease by 200 million GEL and growth of domestic liabilities will also reduce by 100 million GEL. Money allocated by donors for specific projects has been reduced by 70.9 million GEL.

Income from grants will increase by 40,900,000 million GEL and budget credits will rise by 185 million GEL.

The total expenditures of state importance will increase by 150 million GEL.

"We have reduced expenditures to have less spending share in the budget and to have fewer deficits in the budget. In total, the volume of the budget does not change,” said Kakauridze.