"The state's consolidated budget for 2022 sees an increase in tax revenues of 1.2 billion GEL", - the First Deputy Minister of Finance, Giorgi Kakauridze, stated while presenting the amendments to the State Budget 2022.

The major financial document for the current year's fiscal year was introduced, and the speaker discussed how the extra revenues would be dispersed. According to him, adjustments to the state budget were made as a result of economic growth, tourism revenue, and rising export indicators.

"The following modifications are anticipated by the latest macroeconomic forecasts: instead of the forecast rate of real economic growth, it increases from the previous 6% to 8.5%. The predicted GDP deflator, when actual data is taken into account, is 10.5%. The forecasted nominal gross domestic product is set at 72.2 billion GEL, while the consolidated budget's tax revenues will rise by 1 266.0 million GEL”, - the First Deputy Minister stated.

According to Giorgi Kakauridze, while 710 million GEL will be consumed for the reduction of existing debts by the state, 507 million GEL will be used to increase the financing of various state agencies. The speaker provided the MPs with detailed information on the disposal of additional allocations for the ministries and spoke about the programs and projects to which the additional financial resources will be directed.

Irakli Kovzanadze, the Chairman of the Budget and Finance Committee, evaluated the presented changes.

"The budget changes are a result of the recent strong economic growth experienced by the Georgian economy. The actual GDP growth rate during the previous eight months has been 10.3 percent, compared to August's 10.5 percent growth. In the budget, there will be a 6% increase. Aside from interest rates, the economy is expanding in all areas, supporting our forecast in this direction. Due to Georgia's economy growing faster than anticipated, the macroeconomic parameters were updated, and the budget was increased by 8.5 percent rather than 6 percent. Instead of 64.8 billion GEL, the nominal value of the gross domestic product is 72.2 billion GEL. Regarding the deficit, improvement is very crucial to us. The deficit rate dropped from 4.4 to 3.2 percentage points. This is a critically significant matter", - Irakli Kovzanadze clarified.

The Vice President of the National Bank of Georgia and the Auditor General spoke regarding the changes to the state budget.

Mikheil Sarjveladze, the Chairman of the Human Rights and Civil Integration Committee, called on his colleagues to approve the bill.

"Yes, without a doubt, this document merits support given the new expenditure opportunities that have arisen and are only geared toward improvement. The 10 million GEL increase for the prison system is, in my opinion, the most significant development. However, there is not enough money, and the system requires more funding. We recently had to face the possibility that this money may have been set aside for the following year, but the system's budget will be boosted this year”, - Mikheil Sarjveladze remarked.

The discussion resumed with Q&A mode.