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Georgian Parliament Committees Support Amendment To 2023 State Budget

Giorgi Kakauridze, the First Deputy Minister of Finance, declares that during the planning of the 2023 budget, funding increased in nearly all areas. Despite this significant growth, additional financing needs were identified for 2023. Consequently, the draft law specifies the revenues and expenditures of the state budget for the current year.

Kakauridze reported that Georgia experienced real economic growth of 7.6% in the first half of 2023. The updated economic growth forecast for the entire year is 6.5% instead of the previous 5%. Higher-than-planned economic growth results in an increase of over 500.0 million GEL in tax revenues for the consolidated budget, allowing for the financing of identified needs and the reduction of debt collection targets set for 2023

The committees expressed their support for the proposed bill.