Cabinet Sends Revised 2024 Budget to the Parliament
On November 3, Prime Minister Irakli Garibashvili held a cabinet meeting where a revised annual budget for 2024 was presented. The initial draft budget was sent to the legislature in September 2023 and revised based on consultations with line ministries and agencies.
PM Garibashvili said the budget estimates are taken “conservatively,” with a projected 5% growth. The deficit is projected at 2.5%, and government debt at 38.2%. The total unified budget is planned for GEL 28.5 billion.
PM said following the revision, the budget spending will increase by GEL 700 million. Out of which GEL 300 million will be sourced from the taxes on profits of the banking and financial sector. The gambling industry will be taxed to make up for an additional GEL 400 million. Part of it would come from a tax hike on gambling from ten to 15%, while taking out profit from the gambling business will also be taxed by five percent, instead of the current two.
The GEL 700 million are projected to be allocated as follows:
- GEL 160 million for the Ministry of Education, facilitating a raise of approximately GEL 500 in the salaries of full-time teachers.
- GEL 65 million will go to the Ministry of Health to subsidize targeting free medication for pensioners suffering from chronic illnesses and funding early cancer patient screening.
- GEL 150 million to the Ministry of Economy, with 70 million earmarked for the Anaklia project, set to have an investor chosen in December or January and construction commencing in March or April 2024. An additional GEL 70 for airport development in Telavi, Kutaisi, and Vaziani.
- GEL 50 million for the Ministry of Infrastructure to support extensive infrastructure projects in ten selected tourist cities.
- GEL 10 million to the Ministry of Defense.
- GEL 50 million to the Ministry of Internal Affairs, with 20 million designated for acquiring new firefighting machinery and technology.
- GEL 20 million to the Ministry of Culture and Sports, with 15 million directed to sports federations and 5 million for salary increases for coaches and medical personnel.
- The Central Election Commission (CEC) will get GEL 25 million to enhance the electronic voting system.
Furthermore, pensions for former law enforcement representatives will increase to GEL 1000, and families of soldiers who lost their lives in the line of duty will receive monthly compensation of up to GEL 1200. Approximately one thousand homeless families with more than three children will receive new homes, the PM said.
Also Read:
- 15/09/2023 –PM Unveils Another Round of Social Initiatives at Cabinet Meeting
- 11/09/2023 – PM Unveils New Initiatives at Recent Cabinet Meeting
This post is also available in: ქართული (Georgian) Русский (Russian)
