The Budge and Finance Committee discussed the Draft Law on State Budget 2024 introduced by the First Deputy Finance Minister, Giorgi Kakauridze.
As the reporter elucidated, the economic tendencies prove to get higher during the year than foreseen upon the planning of the Budget and hence, the Government submitted an initiation to the Parliament for the amendments to the Law on Budget.
According to him, the real economic forecast for the State Budget 2024 has increased from 5.2% to 9% based on the decision of the Government, which entailed the introduction of the changes to the Budget. Correspondingly, it leads to the increase of the GDP real index, the capacity of which shall, in an estimated manner, constitute 90,9 bl. GEL instead of 86 bl. GEL as planned initially.
Per the information of the reporter, the basic economic and fiscal parameters for 2024 are as follows in the final stage: GDP real growth - 9,0%; GDP deflator - 3,1%; average inflation - 1,0%; nominal GDP - 90 895,2 ml GEL; mixed budget tax revenues - 23 260,0 ml GEL; mixed budget expenditures - 29 980,0 ml GEL; mixed budget deficit - 2,5% of GDP; state debt - 36,8% of GDP; deriving from the hereof parameters, the planned index of the mixed budget increases by 218 ml GEL to, in sum, constitute 25,616 ml GEL.
The mixed budget tax revenues increase by 1 207,0 ml GEL, which, as underlined, allows the total coverage of the needs outlined during the year. Pursuant to the introduced amendments, the State Budget revenues in total constitute 25 696 ml GEL, while the expenditures of the State Budget increase by 900 ml GEL and constitute 25 bl. 930 ml GEL.
The Auditor General, Tsotne Kavlashvili, and the Vice-President of the National Bank, Ekaterine Mikabadze submitted the conclusions of their institutions concerning the Draft Law.
G. Kakauridze also introduced the “9-Month Review of the Execution of the State Budget 2024”.
The Committee approved the Draft Law on State Budget 2024 and took note of the Report on the 9-month execution of the State Budget 2024.
