Irakli Kovzanadze: we have achieved the figures in the State Budget 2019 unprecedented in the history of independent Georgia

05 Feb 2019
Irakli Kovzanadze: we have achieved the figures in the State Budget 2019 unprecedented in the history of independent Georgia

According to the Chair of the Budget and Finance Committee, Irakli Kovzanadze, the Committee oversees in three directions: Finance Ministry, National Bank and State Audit Service.

The budget-related activity is attributed to the full competence of the Finance Ministry – budget consideration and the legislation on the state budget, tax and customs. I would like to outline the state budget 2019 and state that we have achieved the figures in the State Budget 2019 unprecedented in the history of independent Georgia. As you know, the assignments in the budget 2019 exceed 13 bl. GEL and achieve 13 bl. 90 ml GEL. The deficit varies within 2.6% and inflation constitutes 3%. These are the figures communicated with every international institution, including IMF. State budget in this regards is the guarantee for macro-economic stability, financial sustainability and economic growth”.

The National Bank is the structure responsible for price stability in the country, bank supervision and enjoys the extended rights on implementation of the legal changes.

Last year, we have started implementation of the key legislation empowering National Bank to undertake stricter supervision in all directions and commence supervision in non-bank sector. This law entailed withdrawal of the non-profile assetse from the bank sector”.

He touched upon protection of consumers rights, increased oversight function of the NB, reduction of excessive debts etc. Speaking about the Audit Service, he stated that the SAS publishes 75-80 reports per annum.

These reports are being submitted to the Parliament. Our new Rules of Procedure outines the standing group at the Budget Committee which according to the German model considers the reports. It is important that we hold the leverage to control public finances held by MPs. Ministries and concerned agencies are as well allowed to participate. These conclusions constitute the subject of interest of all the instituions within this control mechanism”.

46% of the initiated drafts was considered by the Budget Committee.