Irakli Kovzanadze on 2018 State Budget Increase

Chairman of the Budget and Finance Committee, Irakli Kovzanadze, has said that 2018 State Budget represents the current economy and corresponds to the countries challenges as well as reality. 

"The most important thing is that the 2018 State Budget is macroeconomically viable. It's based on a 3% deficit and a projected economic growth of 4.5%. I would like to point out that according to the IMF data, GDP growth in Georgia is one of the best in the post-soviet countries, and in the region as a whole", - Irakli Kovzanadze said of the 2018 State Budget draft law in the Parliamentary tribune. 

According to Irakli Kovzanadze, economic growth will be the result of forming an adequate State Budget, with both tax revenues in total revenues set to increase in 2018.

State Budget expenses are also increasing, and will exceed 12 billion 403 million GEL. In 2018, State Budget expenditures of Ministries - Ministry of Economy and Sustainable Development, Ministry of Agriculture, Ministry of Regional development and Infrastructure, Ministry of Labour, Health and Social Affairs, Ministry of Education and Science - are set to increase also. 

"In the 2018 State Budget, the budget of the Ministry of Regional Development and Infrastructure has increased by approximately by 574.5 million GEL, which is almost 46% growth, and means that a minimum of 1 billion 833 million GEL will directly or indirectly be used for economic improvement, business support, economic growth, employment and ensuring welfare" - stated Irakli Kovzanadze at the Parliamentary session where the 2018 State Budget draft law was discussed. 

According to Irakli Kovzanadze, the 2018 State Budget draft, which is presented to Parliament by government, properly represents and adequately responds to the reality and challenges Georgia faces.

By Tamzin Whitewood