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Georgia’s 2018 Budget Appropriately Targets Further Fiscal Consolidation

The 2018 budget appropriately targets further fiscal consolidation, IMF reports. The 2018 budget envisages a further decline in the deficit while allowing for an increase in capital spending. To achieve this, efforts to strengthen revenue administration should continue, especially to prevent the buildup of VAT claims. The authorities should also …

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2018 State Budget Allocations for Ministries

Ministry of Finance of Georgia published the 2018 state budget bill, under which total budget expenditures will rise by 949mln GEL as compared to 2017. Major growth in budget funding is provided for Ministry of Regional Development and Infrastructure – 572mln GEL. The funds will be mainly spent on road …

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Ajara Budget Plan Fulfilled by 54.2% Surplus

Ajara Autonomous Republic has fulfilled the budget plan by 54.2% surplus, while the consolidated budget plan was fulfilled by 40.6% surplus. According to information of Ministry of Finance and Economy of Ajara, the January-August budget plan was 119.467 GEL, but the real fulfillment constituted 184.271mln GEL ( 154.2%). According to …

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Budget Organizations Spend 34.6mln GEL on Official Business Trips in 1H17

In the first half of 2017 budget organizations spent 34.6mln GEL on official business trips, including the Parliament spent 1.2mln GEL, the President’s administration – 401 636 GEL, Government’s office – 1.4mln GEL. In January-June period Ministry of Finance spent 90 792 GEL on official business trips, Ministry of Economy …

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Tourism Revenues Exceed Two Billion USD

Fitch georgia

The numbers of tourists in Georgia have increased by half a million, and tourism revenues exceed two billion USD. The Prime Minister of Georgia commented on the positive tourism statistics at today’s Government meeting. According to Giorgi Kvirikashvili, it is truly commendable that, in 2016, over 6,350,000 international guests visited …

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Georgia Receives Financial Aid From Asian Development Bank

After ratification of signed agreement between Georgian Parliament and Asian Development Bank, Ministry of Finance of Georgia received financial aid totaling 98,7 million USD. According to Deputy Minister and head of Fiscal department, Tsotne Kavelashvili, aid which is 255 million GEL, will be converted into national currency, at the end …

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The World Bank Announces on Continuation of Georgia’s Support

The World Bank Announces on Continuation of Georgia’s Support

Dimitri Kumsishvili has introduced the Vice-President of World Bank 4-point plan of the government and basic direction of 2017 budget. Minister of Finance and Cyril Muller have discussed cooperation priorities of Georgia and the World Bank at the meeting. Dimitri Kumsishvili noted, that 2017 state budget totally serves to the …

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2017 State Budget Key Parameters

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Last week the 2017 state budget bill was submitted to the Parliament of Georgia. The document determines the 2017 forecast revenues by 8 715.0 million GEL, while the forecast tax incomes were fixed at 8 170.0 million GEL, that is 22.3% of total GDP. Under the submitted bill, in 2017 …

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PMCG: State Budget Expenditures in 1H16 Rose by 7.4%

PMCG: State Budget Expenditures in 1H16 Rose by 7.4%

In the first half of 2016, the state budget expenditures rose by 7.4% (+277 million GEL) and constituted 47% of the 2016 planned expenditures (8.5 billion GEL). According to the Policy and Management Consulting Group, this year we should expect the government to balance expenditures. The state budget expenditures have …

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Ajara Budget Records Surplus Fulfillment

The consolidated budget of the Autonomous Republic of Ajara was fulfilled by 22.5% surplus, while the republican budget was fulfilled by 29.8% surplus. According to the Ministry of Finance and Economy of Ajara, in January-August of 2016, the Ajara consolidated budget plan was 157.458 million GEL, but the real fulfillment …

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