Georgia reaches agreement with IMF on parameters of 2021 budget

Business Materials 5 November 2020 17:03 (UTC +04:00)
Georgia reaches agreement with IMF on parameters of 2021 budget

BAKU, Azerbaijan, November 5

By Tamilla Mammadova – Trend:

Georgia has reached an agreement with the International Monetary Fund (IMF) on the parameters of the 2021 budget, announces Georgian Finance Minister Ivane Matchavariani, Trend reports via Georgian media.

"We have reached an agreement not only on macro indicators but also on what the budget structure for 2021 should be. This structure will be developed in two directions: one will be to alleviate sectors and people affected by COVID-19, while the other will be fiscal and economic stimulus”, Matchavariani said.

He said that the IMF will release detailed information about the agreement reached with the Georgian government in the coming days.

According to the draft of the state budget for 2021, state budget expenses will increase by 1.14 billion lari ($346.6 million) and will amount to 17.07 billion lari ($5.1 billion).

As of now, expenses related to COVID-19 are not reflected in the state budget, but they will be considered in the final version of the budget.

The budget for 2021 has been put together with expectations that revenue from the tax will come out to 12.2 billion lari ($3.7 billion).

The growth of the Georgian economy in 2021 is projected at 5 percent.


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