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Budget Deficit

Published: November 8, 2013 | 1:24 pm
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The United National Movement’s prediction about a GEL 1 billion hole in the State Budget, and an unexpected statement from the Minister of the Economy – for the first time since the appointment of the new government a year ago, the minister has admitted that there are problems regarding the Budget. The deficit is related to lower incomes. However, Giorgi Kvirikashvili has insisted that these issues will not hinder the government from fulfilling its social duties.
The Minister of Infrastructure Davit Narmania has stated that in spite of a lower economic growth rate, all the planned infrastructure projects will be carried out as originally intended. Equally, the Finance Minister Nodar Khaduri remains optimistic, claiming that there are no problems with regards to Budget spending, and a balance of GEL 1 billion has been mobilised for the Budget.
Against the background of these statements, senior UNM figure Zurab Japaridze has stated that this year’s Budget income deficit already exceeds GEL 500 million, and could reach GEL 1 billion by the end of the year. He associates the deficit with slower economic activity and the new government’s unclear economic policies. Experts on the economy have also explained the decrease in Budget income through a decrease in economic activity.
According to the Sakstat data, the country’s economy grew by 1.7% on the average during the first 9 months of 2013.

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