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Sunday, 19 August 2018


The Georgian government promises to provide the funds

2009-06-10 13:57

3010.jpegThe Georgian government is expecting to gain budget earnings to the amount of 312 million laris (190 million dollars). Extra money is going to be raised by means of saving on the officials and grants from the Western countries. People will apparenlty feel a kind of relief in autumn.


Minister of Finance Kakha Baindurashvili has brought his fellow countrymen reassuring news: the state budget is going to grow by 312 mln laris. The minister is hoping for a 1,5% increase of GDP this year despite the economical and political crisis. So, what has made the minister of finance deflate the words of his patron, Prime Minster Nika Gilauri, who announced on the 1st of June that the government is expecting a 1,5% reduction of economy instead of an earlier forecasted growth?

Recalculation of items has shown that the grants increased by the Western countries and organizations to the amount of 110 and a half million laris may partially reimburse the reduced tax revenues paid to the Revenue Department. Besides, the government decided to reduce the expenses of ministries and administrations as has been required by experts and the opposition. For instance, the funding of Ministry of Defense will be cut down for 45 mln laris, the funding of Ministry of Finance will be cut down by 19 mln laris and the funding of Ministry of Regional Development and Infrastructure will be reduced by 9,5 mln laris. The Presidential Administration expenses will also be put down by 1,7 mln laris and the Stationary Office expenses are going to be put down by 1 mln laris. After the financial document audit the budget obligations have been increased from 536,6 mln laris to 1,034 bln.

Reports on investment projects of the Western companies that do not fear to invest funds in an unstable country make the government feel more optimistic as well. Thus recently, according to Business Georgia portal, during the meeting with Baindurashvili, the USA Chamber of Commerce representatives promised to invest 100 mln dollars in Georgia. Pioneer Cement Industries, an Indian company, took part in a tender on cement limestone production at the Babadiarsk field in Marneulski region. The Indians paid 3,3 mln dollars for the license, having promised to construct a factory that will require the investment of 150 mln dollars.

The local businessmen are not idling their time away either.

At the resource development licenses auction sale held by the Economic Development Ministry, the Karier Company acquired the right for sand and gravel extraction for 603 151 laris in Khobi, the village of Bia, and Geologist & Mineral Resources LLC bought a 28 thnd laris Gombori license for sand and crushed stone extraction.

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