Georgia approves state budget for 2020

By Trend

Georgian Parliament approved the country's state budget for 2020 with 83 votes in favor and one vote against at a plenary meeting, Trend reports citing Georgian media outlets.

In the latest version of the state budget for 2020, the total budget increased by 221 million lari ($75.9 million) and are defined at 14.4 billion lari ($4.9 billion).

Tax income in state budget is forecast at 10.4 billion lari ($3.6 billion).

Forecasted economic growth decreased from 5 percent to 4.5 percent, while the budget deficit is forecasted to be 2.4 percent of gross domestic product.

According to the budget, inflation target defined by the National Bank of Georgia remains at 3 percent.

As reported, in 2020 1.9 billion lari ($0.65 billion) will be spent on the educational sector.

In the final version of the 2020 budget, the construction costs for vocational education institutions increased by 5 million lari ($1.7 million) and costs for sports infrastructure increased by 5 million lari ($1.7 million).

In addition, costs for education projects and programs have been increased by 15.2 million lari ($5.2 million) in total.