THE DRAFT LAW OF 2019 STATE BUDGET IS UNDER The Government of Georgia submitted to the Parliament the preliminary version of the draft law on 2019 state budget of Georgia.
The budget project is planned in accordance to basic scenario of 4.5% real GDP growth. Receipts in the 2019 state budget project amount to 611.7 million GEL. While the budget allocations amount to 12 729.7 million GEL. The budget incomes equal to 10 281.7 million GEL, which is less by 32.6 million GEL (by 3.2%) compared to 2018. This decrease was conditioned by the reduction of the grants. According to the budget project, grants received from international organizations and foreign governments will be lower by 150 million GEL (by 35.6%) and amount to 267 million GEL.
7 According to the 2019 state budget, tax revenues will amount to 9 565 million GEL, which exceeds the 2018 budget plan by 75 million GEL. It is also planned to attract 2 160 million GEL worth of funds through increasing the liabilities. Compared to the 2018 state budget, the costs in the 2019 state budget project has decreased by 441.8 million GEL and is equal to 9 279.1 million GEL. 40% of costs is considered for social security, while 16% is for the remuneration of labor. The 2019 budget deficit will be 1.8% of the GDP. However, with the consideration of transactions made by financial assets, the deficit will be 2.6% of GDP.3 And after considering LEPLs and N(N)LPs founded by the state, this figure will reach 2.8% of GDP.R DISCUSSION.