6-month target: Georgia’s Finance Minister sums up 2017 budget
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Georgia’s Finance Minister Dimitry Kumsishvili has summarised the fulfilment of the six-month 2017 state budget today.
The Minister stated that due to high economic activity in the country, tax revenues of the consolidated budget have been increased.
Tax revenues reached 4.74 million GEL in six months which is 105.4 percent of the plan,” said Kumsishvili.
Meanwhile, expenditures from the State Budget in the first six months of the year have exceeded 5.31 million GEL, which is 95 percent of the six month plan and 46.6 percent of annual plan.
While talking about the factors that contributed to economic growth, Kumsishvili said these were the reforms implemented in the fiscal policy direction.
Georgia’s economy is healthy and will develop further, says the country’s Finance Minister while presenting the draft 2017 state budget in Parliament of Georgia.
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.
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.