Georgia’s Finance Minister presents 2017 state budget to Parliament
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Georgia’s economy is healthy and will develop further, says the country’s Finance Minister Dimitry Kumsishvili while presenting the draft 2017 state budget to Parliament of Georgia.
According to the draft 2017 state budget next year Georgia will have a budget of 10 billion GEL (about $3.76 billion/€3.53 billion*) to use for state agencies, projects and to further the country. This was 410 million GEL (about $155 million/€145 million*) more than the 2016 budget.
We should take important steps forward to create more local enterprises, more export-oriented enterprises in the country; to have more open and free markets and be able to replace imports through open market conditions" said Kumsishvili at today's plenary session.
It is important local entrepreneurs make investment-oriented decisions and next year’s budget will reflect the reforms that encourage these developments."
Kumsishvili added the Government’s primary goal was to create better conditions for every citizen in the country and the 2017 state budget was designed in a way to ensure the further development of the country.
"This is a guarantee of economic development of Georgia. This is a document that should ensure the wellbeing of our citizens,” he said.
*Currencies are equivalent with the latest National Bank of Georgia exchange rate.
The country's central bank says high budget deficits forecast for 2017 do not create inflation risks although it was preferable to keep the budget deficit as low as possible.
Next year Georgia will have a budget of 10 billion GEL to use for state agencies, projects and to further the country.
Georgia is ending the year 2015 on a financial high - the state budget fulfilled its revenue plan and the state budget experienced a significant surplus.
With 102 votes in favour and 10 against, Parliament of Georgia has approved the 2017 state budget.
"Georgia is starting a very important process of development. The process will not be easy but it will make the country’s economy healthier”, said the country's PM at today's Governmental meeting.
Georgia’s Finance Minister Dimitry Kumsishvili has summarised the fulfilment of the six-month 2017 state budget today.
Next year Georgia will have a state budget of 12 billion GEL to use for state agencies, projects, and to further the country.
The 2018 budget for Tbilisi City Hall is about 880 million GEL, 60 million GEL more than was planned initially.
Georgia’s state budget for 2018 will be 12 billion GEL, which is 943.8 million GEL more compared to 2017. The Parliament of Georgia approved the country’s main financial document with 111 votes yesterday.
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Ministry of Development lagging behind
Over-optimistic and incorrect planning of the budget, as well as delays in the implementation of projects by construction companies and problems related to the resettlement process are the main reasons behind budget unfulfillment, said First Deputy Minister of Regional Development and Infrastructure and Chairman of Roads Department Irakli Karseladze in an interview with the Interpressnews.
What are budget priorities?
Georgian Finance Minister Ivane Matchavariani has presented the draft State Budget 2019 to the Parliament of Georgia which includes the main data and directions of the country for 2019-2022.