Expenditures to the State and Consolidated Budgets have been executed with 100% in 2021. It was announced by H.E. Lasha Khutsishvili, Minister of Finance of Georgia at the Executive Government Meeting.
As he also noted, expenditures from the state budget reached 19.799 BLN GEL, while those of the consolidated budget – 22.260 BLN GEL.
According to him, significant amounts were channelled towards infrastructure. Consolidated budget spent over 4.768 BLN GEL on advancing the infrastructure in the country in 2021, which is 8.1% of the Gross Domestic Product (GDP). According to the Minister of Finance of Georgia, capital expenditures (CapEx) are projected at 9% of GDP this year, which is a historic maximum of its kind for the country.
“As for the measures related to the pandemic, over 1.930 BLN GEL were in total spent, out of which over 1.188 BLN were used to meet the needs in the healthcare sector of the country. Social allowances related to the pandemic totaled almost 410 MLN GEL, while business support – over 335 MLN GEL. The latter includes an impact of the tax concessions for the personal income and property taxes, which was over 250 MLN GEL” stated H.E. Lasha Khutsishvili, Minister of Finance of Georgia.
As he also noted, the country reached double-digit economic growth in 2021 and fully financed all the costs and challenges borne by the healthcare sector. Also, funds were used to finance rather important projects, thereby succeeding in the reduction of the budget deficit and government debt.