2024 consolidated budget to be ₾27.800 billion, says PM
Georgian Prime Minister Irakli Garibashvili on Friday said the country’s budget for 2024, planned with a 5.2 percent economic growth, would be ₾27.800 billion ($10.35bln). Photo: PM's press office
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Georgian Prime Minister Irakli Garibashvili on Friday said the country’s budget for 2024, planned with a 5.2 percent economic growth, would be ₾27.800 billion ($10.35bln).
He said according to the Government's calculations, the deficit next year would be 2.5 percent, the Government's debt would equal 38.2 percent of gross domestic product, and the average inflation forecast within the target rate would be 2.8 percent.
Garibashvili said the budget had been tripled within the past 12 years, noting it had been ₾8.5 billion ($3.17bln) in 2012.
Over [$] 85 billion will be the gross domestic product. This means that GDP per capita will exceed $8,600. This year it was $8,100 [...] Also, I will tell you that by 2027, according to our forecast, the gross domestic product will be ₾108 billion ($40.23bln), which means that it will reach almost $11,000 dollars”, Garibashvili said.
Garibashvili said the budget of healthcare and social protection programmes was increasing by ₾870 million ($324mln) which included increase in pensions and a 10 percent salary increase for primary care staff.
Pension for pensioners aged 70 years and older will increase by ₾50 ($18.62) and will become ₾415 ($154.58). The pension for pensioners of the same age category in highland settlements will be almost ₾500 ($186)”, he said.
Garibashvili also noted public servant salaries would increase by 10 percent this year again.
The budget of the Ministry of Education will increase by ₾470 million ($175mln), said the Prime Minister, adding ₾350 million ($130mln) would be allocated for the construction and renovation of public schools, while ₾225 million ($83.81mln) - for kindergartens.
An increase in the salaries of employees in the kindergartens will also be considered”, Garibashvili said.
Next year ₾6 billion ($2.23bln) will be allocated for the development of infrastructure in the country, of which ₾3.4 billion ($1.27bln) will be the budget of the Ministry of Infrastructure, Garibashvili said.
₾1.70 billion ($0.63bln) will be allocated to the development of road infrastructure, including ₾1.20 billion ($0.45bln) for the construction of highways. ₾1.90 billion ($0.71bln) is provided for the development of municipal infrastructure, ₾500 million ($186mln) - for the improvement of the water supply and drainage sector. We plan to spend ₾170 million ($63mln) on the development of tourist infrastructure”, Garibashvili said.
The PM added ₾300 million ($111.74mln) was expected to be spent for the development of small and medium-sized businesses in the country, ₾560 million ($208.58mln) - for the development of agriculture, and ₾180 million ($67mln) - for the financing of environmental protection programmes.
Garibashvili today presented the first version of the budget, while the second version will be presented by November 5, the Government Administration said.
The gross external debt of Georgia increased by $260.3 million during the second quarter of 2023 and stood at $24.2 million as of June, the National Bank said in its latest update of national debt statistics on Friday.
Georgian Prime Minister Irakli Garibashvili on Friday said the Government had raised its growth forecast for 2023 from the earlier five to 6.5 percent and was adjusting the state budget with a ₾500 million ($190mln) increase based on the increased growth rate.
Natia Turnava, the Acting President of the National Bank of Georgia, on Wednesday said the domestic economic growth this year could exceed the planned six percent.
Georgian Prime Minister Irakli Garibashvili said pensions for pensioners aged 70 years and older would increase by ₾50 ($18.62) and become ₾415 ($154.58), while for pensioners under 70 it would be raised by ₾20 ($7.45) and reach ₾315 ($117.33).
The Georgian economy grew seven percent year-on-year in January-August and 5.8 percent in August alone, the National Statistics Office said on Friday.
The Ministry of Regional Development and Infrastructure of Georgia exceeded its approved budget for the first nine months of 2023 by 108.2 percent, spending ₾176.1 million ($65.84mln) more than proscribed by the financial plan, the state body revealed on Tuesday.
Georgian Deputy Finance Minister Giorgi Kakauridze on Wednesday told a session of the Sectoral Economy and Economic Policy Committee of the Parliament that next year's budget would have ₾90 million ($33.46mln) to combat consequences of natural disasters.
The Georgian economy grew 5.1 percent in September year-on-year, while the average real gross domestic product growth between January and September equalled 6.8 percent, the National Statistics Office said on Tuesday.
Georgian Prime Minister Irakli Garibashvili on Friday presented the revised version of the 2024 state budget at the weekly Government meeting, planned with a ₾700 million ($257.85mln) increase and the total amount of ₾28.5 billion ($10.5bln).
How is it distributed over ministries?
Georgian Prime Minister Irakli Garibashvili on Friday provided detailed information about the 2024 state budget at the weekly Government meeting and shared how the figure would be distributed to different ministries and purposes.
Georgian Finance Minister Lasha Khutsishvili on Wednesday presented the final version of the draft state budget for 2024 to the Parliament and said the document reflected programmes that “fully respond” to the “main tasks” of the country.
The Ministry of Regional Development and Infrastructure of Georgia exceeded its approved 2023 budget by 102.5 percent, spending ₾83.3 million ($31mln) more than proscribed by the financial plan for the year, the state body revealed on Tuesday.