Georgia's budget faces GEL 2.5 billion in lost due to pandemic

Georgia's budget faces GEL 2.5 billion in lost due to pandemic

access_time2020-12-29 15:19:56


According to the Minister of Finance Ivane Machavariani, in 2020 the country's budget has lost GEL 2.5 billion lari in  tax revenues due to the economic crises caused by the pandemic.

 

A total of GEL  4.2 billion were spent on other measures to combat the pandemic and mitigate the economic impact  of COVID-19.


“The pandemic cost us GEL 7,1 billion that is a very strong blow to fiscal indicators. The budget deficit increased to 9.1% to GDP, in 2021 it will  fall to 7.6%. The ratio of public debt to GDP has also grown that crossed the 60% mark. It is quite clear  how  difficult is to plan  the budget for 2021, ”the Minister of Finance notes.

 


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