After the Cabinet meeting on Friday, the Georgian Finance Minister Lasha Khutsishvili stated that collaborative efforts with the Parliament will continue to finalize the 2024 budget, set to be presented in December.

Khutsishvili highlighted a projected GEL 700 million increase in the 2024 budget, mainly sourced from tax revenues. This boost will come from two primary sectors: the financial sector, which experienced an additional 300 million GEL from recent taxation adjustments last year, and changes in gambling business taxation. Specifically, the profit tax will increase from 10% to 15%, and the withdrawal tax, formerly at 2%, will rise to 5%. These changes are anticipated to generate an additional GEL 700 million in tax revenues, to be allocated among relevant ministries.

Khutsishvili detailed an extra allocation of GEL 160 million for the Ministry of Education and Science, bringing its budget to GEL2.5 billion. The healthcare budget will also witness a GEL 65 million increase, enabling free medicines for chronic diseases for pensioners throughout the year and initiating funding for early research of oncology patients.

He further mentioned that around GEL 150 million will be allocated for vital projects like the Anaklia port construction.

“The process of investor selection for the Anaklia project is ongoing, and accordingly, the state will ensure the spending of the money in proportion to its share, whatever funds were needed to start the construction of the port next year. Additionally, airport infrastructure will be updated. Plans include the construction of Kutaisi airport and Telavi airport, along with a comprehensive economic study of the new Vaziani airport,” said Khutsishvili.

According to Minister Khutsishvili, an additional GEL 10 million will be allocated to the Ministry of Defense, and GEL 20 million will be spent on sports.