Draft of Budget Submitted to Parliament

The draft budget for 2004 has been presented by Prime Minister Zurab Zhvania at the session of the Parliamentary Committee for Budget and Finances on May 3.

According to the draft, revenues are set at 1.537 billion Lari (USD 768,5 million), an increase of 463 million Lari over 2003. Expenditures will amount to 1,728 billion Lari (USD 864 million) – an increase of 521 million over 2003.

Priority areas for spending will be the social sector, defense, agriculture and energy, according to Prime Minster Zurab Zhvania.

Defense budget increases by 2,9 million Lari over 2003 and will consist 77,4 million Lari [38,7%] in 2004.

GDP growth in 2004 is set at 6% compared with the 5 percent achieved in 2003.