“The Budget changes are conditioned by the high economic growth we enjoy recently. We achieved 10,5% growth in August and the real GDP growth according to the average data for the last 8 months constitutes 10,3%. We have ensured the 6% growth of the Budget; other than the interest rates, our economy demonstrates the growth in all directions as was forecasted by us”, - the Chair of the Budget and Finance Committee, Irakli Kovzanadze stated at the plenary session when discussing the revised Draft State Budget 2022.

He introduced the remarks, proposals and visions concerning the revised version of the Budget and stated that the economic growth exceeding the forecasts conditioned the growth of macroeconomic parameters.

“The higher economic growth served as a foundation for the update of the macroeconomic parameters, entailing 8,5% growth of the Budget instead of 6%. In nominal expression, GDP constitutes 72,2 bl. GEL instead of 64,8 bl. GEL. The improvement is principal for us for the reduction of the deficit, which is decreased from 4,4 to 3.2 points, which has an impact on inflation and allows the Central Bank to reduce the inflation pressure on our economy and the GEL rate. The sum total of the foreign debt is reduced by 883 ml GEL and goes below 40%. Both parameters overseen by our Committee – deficit and debt – are important for fiscal and monetary sustainability. The revised version provides the reduced expenditures by 507 ml GEL and in total, the assignments achieve 19 bl. 678 ml GEL”, - he stated