Georgia will have a 10b GEL state budget in 2016

Georgia will have about 10 billion GEL in the state budget in 2016, announced Finance Minister Nodar Khaduri at today’s Government meeting.

"The next year’s budget is planned following these parameters – there is three percent economic growth, the percent budget deficit and about 4-4.5 percent inflation, which is determined by the National Bank of Georgia (NBG) monetary policy,” said Khaduri.

"We should also note that for the first time in Georgia next year a large part of the income tax will remain in the country’s municipalities.

"Consolidated budget revenues will be about 8.5 billion GEL while budget revenues and expenditures will reach 10 billion GEL,” Khaduri added.

The Finance Minister said the national currency rate will not affect the budget; it only affected taking and repaying external loans.