Georgia to increase state budget

Finance Materials 21 February 2020 14:22 (UTC +04:00)
Georgia to increase state budget

BAKU, Azerbaijan, Feb.21

By Tamilla Mammadova – Trend:

The Ministry of Finance of Georgia intends to make amendments to the state budget for 2020 in spring this year and increase it by 200 million lari ($70.6 million), Georgian Minister of Finance Ivane Machavariani said, Trend reports citing Georgian media.

Starting January 1, 2020, Georgia has a new state budget in the amount of 14.4 billion lari ($5.08 billion). As reported, the main spheres to be covered are healthcare, infrastructure and education.

The parliament approved the budget law drafted upon recommendations of international financial institutions in December 2019.

According to Machavariani, a new approach to risk management and effective administration of the Revenue Service makes it possible to believe that the 2020 budget is not in danger.

The Minister noted that 100 million lari ($35.3 million) of the increased budget will go to finance municipalities.

Revenues to the state budget are planned at the level of 14.6 billion lari ($5.1 billion); tax revenues should amount to 10.5 billion lari ($3.7 billion), grants - 241.9 million lari ($85.4 million), other income - 520 million lari ($183.6 million).

According to the forecast, the state budget allocations are determined in the amount of 14.4 billion lari ($5.08 billion), including budget funds -.3 billion lari ($1.05 billion), and donor funding - 1.2 billion lari ($432.6 million).

As reported, the largest funding in 2020 will be received by the Ministry of Labor, Health and Social Affairs, the Ministry of Regional Development and Infrastructure of Georgia, as well as the Ministry of Education, Science, Culture and Sports.


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