Ministry of Finance of Georgia: draft state budget for 2021 will be considered in Parliament in December
The budget is based on two principles: fighting COVID-19 and helping the population, as well as stimulating economic development.
Finance Minister Ivane Machavariani expressed hope that the opposition will also participate in the consideration of the state budget for 2021 in the Parliament. The head of the Department said this at a briefing on Thursday.
The final version of the state budget for next year should be submitted to the Parliament in November, and it will be approved by the new composition of the legislative body before the end of the year. Meanwhile, the Georgian opposition is protesting the results of the parliamentary elections and renouncing its mandates. What will be the composition of the Parliament of the tenth convocation, is still unknown.
What data is used to calculate the budget
According to the forecast of the Georgian government, the country's economic growth in 2021 will be 5%. Inflation will be 3%, and the state budget deficit according to the IMF methodology should not exceed 2.6% of GDP. Therefore, the government has decided to calculate the budget based on GDP growth of 5%, considering the deflator of 4%.
The nominal GDP is planned to reach 54.5 billion lari ($16.3 billion at the current exchange rate) next year.
Main parameters of the state budget
According to the draft law, state budget allocations are set at 17.1 billion lari, including budget funds - 15.6 billion lari, and funding from donors - 1.5 billion lari.
Revenues to the state budget are planned at the level of 14.8 billion lari, including budget revenues - 11.3 billion lari. Tax revenues to the budget are projected at 10.5 billion lari, and grants-0.3 billion lari. The growth of external liabilities is planned at the level of 2.2 billion lari.
Sputnik-georgia.ru
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Ministry of Finance of Georgia: draft state budget for 2021 will be considered in Parliament in December
The budget is based on two principles: fighting COVID-19 and helping the population, as well as stimulating economic development.
Finance Minister Ivane Machavariani expressed hope that the opposition will also participate in the consideration of the state budget for 2021 in the Parliament. The head of the Department said this at a briefing on Thursday.
The final version of the state budget for next year should be submitted to the Parliament in November, and it will be approved by the new composition of the legislative body before the end of the year. Meanwhile, the Georgian opposition is protesting the results of the parliamentary elections and renouncing its mandates. What will be the composition of the Parliament of the tenth convocation, is still unknown.
What data is used to calculate the budget
According to the forecast of the Georgian government, the country's economic growth in 2021 will be 5%. Inflation will be 3%, and the state budget deficit according to the IMF methodology should not exceed 2.6% of GDP. Therefore, the government has decided to calculate the budget based on GDP growth of 5%, considering the deflator of 4%.
The nominal GDP is planned to reach 54.5 billion lari ($16.3 billion at the current exchange rate) next year.
Main parameters of the state budget
According to the draft law, state budget allocations are set at 17.1 billion lari, including budget funds - 15.6 billion lari, and funding from donors - 1.5 billion lari.
Revenues to the state budget are planned at the level of 14.8 billion lari, including budget revenues - 11.3 billion lari. Tax revenues to the budget are projected at 10.5 billion lari, and grants-0.3 billion lari. The growth of external liabilities is planned at the level of 2.2 billion lari.
Sputnik-georgia.ru
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