IMF: State Budget of Georgia will Grow to 16.2 billion GEL in 2020
The International Monetary Fund (IMF) has published the revised parameters of the state budget of Georgia, under which the 2020 state budget will amount to 16.26 billion GEL, up 1.8 billion GEL year on year.
Under the new report, the Georgian Government expects the revenues from incomes tax to decline by 1.45 billion GEL compared to the initial plan. On the whole, the expenditures forecast amounts to 10.7 billion GEL, including VAT forecast – 4.8 billion GEL, excise tax – 1.4 billion GEL, while the Government plans to collect 4 billion GEL from incomes tax. As a result, the state budget expects to collect 12.14 billion GEL from all taxes.
As for state debts, in 2020 the Georgian Government plans to take debts of 4.1 billion GEL to finance the income tax gaps.
As for the budget expenditures, social allowances will grow essentially, surpassing 5.9 billion GEL, while state subsidization will hit 1.5 billion GEL.
The Ministry of Finance has submitted the revised budget bill yet, however, the new parameters are expected to match the IMF indicators.