PM announces “strong” $10.5bln budget for 2024
Georgian Prime Minister Irakli Garibashvili on Friday presented the revised version of the 2024 state budget at the weekly Government meeting. Photo: PM's press office
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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).
The Government head said the “proper” budget for 2024 would “adequately respond to challenges”, and contrasted its figure with nearly ₾9 billion ($3.32bln) in 2012, when the Government came to power.
We have an increase of almost ₾20 billion ($7.37bln) in 11 years. This is an impressive result of our team's work”, he said.
The PM said the budget was planned “conservatively”, with a 5.2 percent economic growth, adding the deficit would be reduced to 2.5 percent next year, and the Government debt would be at 38.2 percent of the gross domestic product - calling the figure a “very low rate”.
Just three years ago, the debt equalled more than 60 percent, and we have managed to [reduce] it in a short period of time”, Garibashvili said.
He added GDP would be over ₾85 billion ($31.31bln) in 2024, adding the number had tripled within the past 12 years from ₾27 billion ($9.95bln) in 2012.
The PM noted the 2024 GDP per capita would be $8,500 while three years ago it was $4,250. He also shared the Government forecast for the 2027 GDP to reach ₾108 billion ($39.78bln), adding the number would mean a figure of almost $11,000 per capita.
Along with the “significant increases”, Garibashvili said “additional needs” were identified during the budget discussion, and noted the Government would be able to receive an additional ₾300 million ($110.51mln) from the domestic banking and financial sector.
We take into account their profits, and I want to say we will continue to see what additional resources can be found”, he said.
The Government head was presenting the second version of the 2024 budget, set to be sent to the Parliament for final discussions and approval.
Georgia’s revised budget project for 2024 was discussed on Thursday in a meeting of the Government’s Economic Council led by Prime Minister Irakli Garibashvili.
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.
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).
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).
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 an updated draft state budget for 2024 at the second hearing of the Parliament, calling the document a budget aimed for ensuring “bright, progressive, inclusive and advancing future of Georgia”.
Georgian Prime Minister Irakli Garibashvili on Monday said ₾6.7 million ($2.47mln) would be spent on infrastructure projects across the country next year, in comments on the final version of the state budget for next year at the weekly Government meeting.
Georgian Prime Minister Irakli Garibashvili on Monday said the fiscally “balanced” state budget for 2024 involved “quite interesting” programmes and would affect the “largest part of our population” next year.
The weekly meeting of the Government of Georgia on Monday discussed 11 topics, the Administration of the Government said.
Positive economic trends and projects planned for the following year were reviewed on Friday in a meeting of the Government’s Economic Council led by Prime Minister Irakli Garibashvili.
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.
Georgian Prime Minister Irakli Garibashvili on Monday reviewed the economic development of the country since 2012 in his end-of-year comments on the Government’s work, telling an event in Tbilisi the domestic economy had grown by ₾30 billion ($11.15bln) over the past three years.