Georgia to reduce external debt and budget deficit in 2022 – PM

Georgia Materials 6 December 2021 13:56 (UTC +04:00)
Georgia to reduce external debt and budget deficit in 2022 – PM

BAKU, Azerbaijan, Dec. 6

By Maryana Akhmedova – Trend:

Georgia’s external debt in 2022 will be reduced from 60 percent to 51.1 percent of the GDP, while the budget deficit will account for 4.2 percent of the GDP, Georgian Prime Minister Irakli Garibashvili said at the government meeting, Trend reports via the press service of the Georgian Government Administration.

According to the PM, Georgia’s projected economic growth for 2022 will be at 6 percent.

Georgia’s consolidated budget will amount to 21.8 billion Georgian lari ($6.9 billion), while the total budget will reach 65 billion Georgian lari ($20.8 billion) in 2022, which means that the GDP per capita will exceed $5,500, which is a historical maximum, Garibashvili noted.

“Georgia saw strong economic growth in 2021. According to our forecast, by the end of 2021 Georgia will have double-digit economic growth, which has allowed to increase the budget by 1.31 billion Georgian lari ($419.8 million),” the PM said.

Meanwhile, according to the PM, public sector wages will increase by about 10 percent in 2022.

“Capital expenditures in the draft budget for 2022 will not be reduced, and will amount to 5.9 billion Georgian lari ($1.8 billion), which is 9.1 percent of the GDP,” Garibashvili added.


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