Home / Economy / Kumsishvili: a Resource of 120 mln Remained in The Companies as a Result of Fiscal Reforms in May
Kumsishvili: a Resource of 120 mln Remained in The Companies as a Result of Fiscal Reforms in May

Kumsishvili: a Resource of 120 mln Remained in The Companies as a Result of Fiscal Reforms in May

Dimitri Kumsishvili, Minister of Finance, evaluated fiscal reforms at the ongoing economic conference in the framework of “Ambassadorial 2017”.

According to him, as a result of 6 months’ fiscal reforms, a resource of about 120 million GEL remained in the companies in May comparing to the previous year.

The Minister reviewed other economic parameters. He pointed out that 1,143 billion GEL is spent form the consolidated budget in order to accelerate the infrastructure projects. The figure is 269.7 million GEL (30.9%) higher than the previous year’s index.

Kumsishvili notes about the dynamics of budget revenues. In January-June, 4.748 million GEL is mobilized in the consolidated budget from the taxes. The growth has made up 14.2%, expenditures – 5.841 million GEL and increased by 11.7% comparing to the previous year.

All major investments were made in the transport and communications segment in Q1and its share was 39%, Energy – 13%; Construction – 10%, Financial Sector – 8%; Manufacturing Industry – 7%; Hotel and restaurants – 6.7%; Real Estate – 4%; Other sectors – 12%.

“Ambassadorial 2017” hosts Economic Conference. The Conference on Economic Diplomacy is held for the first time at the enterprise GeoCep, which has been funded within the frame of project “Produce in Georgia”.