Posted: 1 month ago

Details of 3.4-billion GEL Bailout Plan Budget

Deputy Finance Minster of Georgia Giorgi Kakauridze has analyzed details of the bailout plan budget. At the government meeting, he unveiled the structure of the 3.4-billion GEL assistance package that the Government includes in the 2020 updated budget.

The structure of the 3.4-billlion GEL bailout plan budget is as follows:

450 million GEL was allocated for paying 200-GEL social allowances to the citizens who lost job places amid the pandemic. The allowances will be issued for 6 months.

The 250 million GEL is a preferential income tax;

The budget of the 300-GEL single-time allowance program is 75 million GEL.

Utility bill were subsidized by 170 million GEL.

The assistance for socially vulnerable families amounted to 48 million GEL;

The program for families with many children was subsidized by 13 million GEL.

The program for personas with disabilities – 24 million GEL.

Donations to StopCovFund amounted to 133.5 million GEL. These resources will be spent on COVID-preventive measures.

Subsidization of quarantine zones and flights – 45 million GEL;

Virus prevention and healthcare programs – 345 million GEL;

Credit-guarantee schemes – 330 million GEL;

Subsidizing loan interest rates for hotels – 70 million GEL;

Exempting travel facilities from property tax – 45 million GEL;

Small grants – 20 million GEL;

Assistance for development sector – buying new apartments for forcibly displaced persons and subsidization part totaling 40 million GEL;

Agriculture sector support program – 139 million GEL;

VAT turnover that is not reflected in the part of expenditures – 600 million GEL;

Long-term liquidity for commercial banks – 600 million GEL”, Giorgi Kakauridze noted.