Kovzanadze: Macroeconomic Parameters Will Be Maintained in the Budget, Other Indicators May Be Adjusted

09:00 Sun, 16 May

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16.Oct .2020 16:15

Kovzanadze: Macroeconomic Parameters Will Be Maintained in the Budget, Other Indicators May Be Adjusted

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"Macroeconomic parameters will be maintained in the 2021 budget, and all other indicators may be subject to change," said Irakli Kovzanadze, Chairman of the Parliament's Finance and Budget Committee, at a committee meeting where the initial version of the 2021 draft budget was discussed.

According to him, next year's budget is projected at 5% economic growth, with a nominal GDP of 54 billion 525 million, with inflation at 3%.

"According to the initial version of the budget, but I repeat, in the current pandemic situation, this figure will probably change, 17.07 billion GEL will be spent next year. Tax revenues are expected to increase to 10.45 billion GEL by 2021 - 1.1 billion GEL more than this year." - said Irakli Kovzanadze.

Today, the Finance and Budget Committee held a concluding session on the first version of the draft budget for 2021. The draft budget will be returned to the government with comments and remarks from the Parliament. A revised version of the document is required by law to be submitted to Parliament no later than November 5th.

Parliament of Georgia Irakli Kovzanadze Finance and Budget Committee