Parliament Approves Revised 2021 Budget
Georgian Parliament approved on July 22 the revised 2021 state budget, with government expenditures increasing by GEL 1.1 billion (USD 350 million) to GEL 19.5 (USD 6.3) billion.
The upward revision comes as the Finance Ministry’s revised forecasts show 7.7% economic growth in 2021, as opposed to 4.3% projected in December 2020.
The amended budget sets government revenues at GEL 17.9 (USD 5.8) billion, up by GEL 1.2 billion (USD 390 million) from the initial estimate. The budget deficit decreases from 7.6% to 6.9%, while government debt is slashed down to 54.6%, previously expected to have surpassed the 60% threshold in 2021.
Of the increased budget assignments, GEL 600 (USD 192) million will go to the Ministry of Health, and GEL 446 (USD 143) million will be provided to bolster the government’s efforts against COVID-19. Economy and Infrastructure Ministries will receive additional GEL 36 (USD 11.6) million and GEL 90 (USD 28.9) million, respectively.
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