PM: 2024 budget to be balanced from fiscal and economic perspectives
PM: 2024 budget to be balanced from fiscal and economic perspectives

We have a lot of projects planned for 2024. Almost GEL 6.7 billion in total will be spent on infrastructure, Georgia’s Prime Minister Irakli Garibashvili announced during a Cabinet meeting.

He emphasized the significance of the planned projects and highlighted the need for active, efficient work and timely decisions to ensure their successful implementation.

“These projects cover various ministries, with the budget of Irakli Karseladze’s ministry being a crucial component of the overall infrastructure spending,” PM said.

The PM said that in the final version of the draft budget, the spending part will increase by GEL 165 million. The largest part of which, GEL 130 million, will be allocated for project funding in various regions.

“The regional fund will reach a total of GEL 580 million, supporting municipalities in funding essential projects for the coming year. Additionally, GEL 15 million will be allocated for compensation to families in Guria, whose homes were damaged during a disaster. There is a plan to allocate an additional GEL 15 million in 2024.

The overall expenditure part of the state budget is projected to be GEL 25 billion, with a combined budget of GEL 28.76 billion, representing a significant increase compared to previous years,” he stated.

The Prime Minister expressed gratitude to the team and ministries for their intensive work and collaboration during the budget planning process.

“We have a budget that is balanced from a fiscal and economic point of view, quite interesting in terms of program content, which will affect the largest part of our population next year and, of course, will contribute to the country’s economy,” said Garibashvili.

According to the Head of Government of Georgia, the employment indicator has reached a record-high indicator in the country.

“As for the current economic stance in general, you are well aware that we have reached a 7% economic growth this year. We are witnessing very good trends even now, as we speak. It is important to maintain this positive trend. I wish to follow-up on the information released by GeoStat [National Office of Statistics of Georgia] last week in relation to the economic performance and employment. Number of employees has been rising in every quarter this year. It kept rising in Q3, Q2 and Q1. Significant increase was observed and record-high indicators were reached in terms of employment levels in the country. We currently have 1.366 million employed individuals in the country. It is an official dataset published by GeoStat. Employment level is also record-high, as a result of the prudent policies pursued by our Government in recent years. It is an outcome of the steps that we took and the peace policy we pursued. Otherwise, if the country were under the previous rule and governance, we would not have had peace or economic growth. We would have had nothing! They would have destroyed and ruined the country for the second and final time, as they did once already. That is why, we maintain the peaceful policy, high economic growth and equally high development pace” stated PM.