Parliament approves updated Georgian state budget 2022
The government’s debt limit will be fixed at 51.1% of GDP for 2022 while the volume of state debt amounts to 32.16 billion GEL. Photo: Parliament of Georgia.
Tweet 
Share
The Georgian parliament has approved the updated state budget 2022 for Georgia, planned with an economic growth forecast of 6%. The budget amounts to 19.1 billion GEL.
The document was approved by 78 votes in favour and one vote against earlier today.
The health care and social programmes, education and infrastructure projects are the main priority fields of the budget.
Next year, the increase of salaries for teachers as well as increase of pensions and the amount of state payments for war and military veterans is planned,” the press release published by the Georgian parliament reads.
The government’s debt limit will be fixed at 51.1% of GDP for 2022 while the volume of state debt amounts to 32.16 billion GEL.
The consolidated budget deficit will be set at 4.2%.
The funding of various ministries in the country is as follows:
- Health Ministry - 6.09 billion GEL
- Infrastructure Ministry - 2.8 billion GEL
- Education Ministry - 1.68 billion GEL
- Defence Ministry - 1 billion GEL
- Economy Ministry - 932 million GEL
- Interior Ministry - 865 million GEL
- Environment Ministry - 593 million GEL
- Justice Ministry - 310 million GEL
- Foreign Ministry - 176 million GEL
- Finance Ministry - 105 million GEL
Georgian Finance Minister Lasha Khutsishvili stated during the discussion of the final draft budget in the parliament that for infrastructure projects in 2022 record funding will be spent amounting to 9.1% of GDP.
The inflation rate in Georgia will return to 3% by the end of 2022, Economy Minister Natia Turnava stated earlier today, noting that high inflation is ‘one of the most important issues’ the Georgian population currently faces.
Georgian Finance Minister Lasha Khutsishvili stated earlier today that the country’s economy will ‘fully recover’ from losses of the last year and be 2.6% higher than it was in 2019.
Georgia's estimated GDP increased in October 2021 compared to the same period last year, and totalled 6.9% year-on-year, while in January-October of 2021 year-on-year growth amounted to 10.5%, preliminary data of the National Statistics Office of Georgia (Geostat) show.
Georgian Prime Minister Irakli Garibashvili has stated earlier today that gross domestic product in Georgia will reach a historic high in January 2022 amounting to 65 billion GEL (about $20 bln./€18 bln).
Nominal Gross Domestic Product in Georgia equalled 15.99 billion GEL in the third quarter of 2021, and real GDP grew by 9.1%, while the GDP deflator (inflation measure) increased by 9.4% in the reporting period, preliminary data from the National Statistics Office of Georgia (Geostat) show.
Georgian Prime Minister Irakli Garibashvili has stated that the government was able to ‘recover, stimulate and diversify’ the country’s economy' in an unprecedented time frame,’ noting that Georgia has double-digit economic growth.
The Tbilisi City Assembly has approved the Tbilisi municipal budget for 2022, which has increased by 255.115 million GEL and totals 1.305 billion GEL (about $423.9 mln/€374.5 mln). The financial document was adopted yesterday with 35 votes in favour and five against.