Finance Minister: 2024 budget “fully respond” to “main tasks” of country
Georgian Finance Minister Lasha Khutsishvili on Wednesday presented the final version of the draft state budget for 2024 to the Parliament. Photo: Ministry of Finance
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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 cited Khutsishvili as telling MPs the budget had been planned with 5.2 percent economic growth.
Next year’s average inflation is within its target rate and amounts to 2.8 percent, he said, adding the budget deficit was planned to be 2.5 percent of gross domestic product and the Government debt was at 38 percent of GDP.
The Minister told lawmakers the budget would amount to ₾28.7 billion ($10.71bln), with assignments increased to all ministries and agencies for next year.
The budget includes increased salaries, pensions and various social assistance, while the sums are allocated in social, education, defence, security and economic development areas.
In comments on parameters of the budget, Khutsishvili said the total resources exceeded ₾25.7 billion ($9.59bln), with tax revenue - estimated at ₾22.53 billion ($8.41bln) - as the main source.
The finances are going to be allocated to the sectors in the following amounts:
- Infrastructure projects - ₾7 billion ($2.61bln)
- Social programmes - ₾6.460 billion ($2.41bln)
- Educational and science programmes - ₾3.6 billion ($1.34bln)
- Defence and security - ₾2.9 billion ($1.08bln)
- Preschool and general education - ₾2.7 billion ($1.01bln)
- Road infrastructure - ₾1.9 billion ($0.71bln)
- Construction and renovation of municipal infrastructure - ₾1.850 billion ($0.69bln)
- Healthcare programmes - ₾1.816 billion ($0.68bln)
- Social assistance of target groups - ₾1.519 billion ($0.57bln)
- Culture and sport - ₾940 million ($350.79mln)
- Environmental protection - ₾650 million ($242.54mln)
- Water supply and drainage projects - ₾582 million ($217.19mln)
- Agriculture - ₾579 million ($216mln)
- Tourism - ₾236 million ($88mln)
- Project for building a deep sea port in the Black Sea town of Anaklia - ₾50 million ($18.66mln)
In comments on the Anaklia port project, set for the north-west of the country, Khutsishvili said ₾70 million ($26.12mln) would be provided in total for the construction of the facility, with ₾50 million ($18.66mln) of the sum to be invested in 2024 and ₾20 million ($7.46mln) allocated this year.
The official also told MPs GDP per capita would exceed $8,000 by the end of the current year and reach $11,000 by 2027 “in conditions of five percent economic growth”.
The Minister also shared expectations of the International Monetary Fund, saying in 2027 the volume of GDP per capita, taking purchasing power into account, would reach $30,000, while the nominal GDP would exceed ₾108 billion ($40.30bln).
Georgian Prime Minister Irakli Garibashvili on Tuesday said the 2024 budget for the Ministry of Education and Science would reach ₾2.508 billion ($0.94bln), registering a 300 percent increase compared to the ₾626 million ($234.49mln) allocated to the body in 2012 under the previous Government.
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.
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 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 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).
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).
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.
Kakha Kaladze, the Mayor of Tbilisi, on Wednesday said the Georgian capital had “never had” a budget like the 2024 financial plan that involves spending ₾1.96 billion ($731mln) for needs of the city.
The Georgian Government’s Economic Council, led by Prime Minister Irakli Garibashvili, on Saturday discussed the planned projects for 2024, the Government Administration said.
Lasha Khutsishvili, the candidate for the post of the Finance Minister of Georgia, on Tuesday told Parliamentary committees the Government would focus on “fostering rapid economic growth” and strengthening economic ties with the European Union.
Kakha Kaladze, the Mayor of Tbilisi, on Wednesday said the budget for the Georgian capital would increase by ₾21 million ($7.90mln) and reach ₾2 billion ($752mln) this year.
Irakli Kobakhidze, the candidate for the position of the Prime Minister of Georgia, on Wednesday said construction of the Anaklia deep sea port in the country’s north-west would be “one of the main priorities” of his Government.
The Roads Department of Georgia on Wednesday announced the renovation of a 12 km section of the Shulaveri-Shaumiani-Sioni-Tserakvi secondary road in Kvemo Kartli region in the country’s south had been completed.
Georgian Finance Minister Lasha Khutsishvili on Friday highlighted the Government’s steps to “stabilise the macroeconomic situation” in the country after the Covid-19 pandemic.
Georgian Infrastructure Minister Irakli Karseladze on Thursday said a four-lane Zestaponi bypass road in the western region of Imereti would be opened to traffic in May.