Georgia’s Ministry of Culture, Sports and Youth will have a £401 million ($144 million) budget next year after a joint meeting of the Sports and Youth Affairs Committee of the Georgian Parliament and its culture counterpart on Tuesday approved the first version had draft budget 2023.
First Deputy Finance Minister Giorgi Kakauridze presented the draft with the main directions and financial indexes of the document, the press service of Parliament said.
The figure, announced as part of the ministerial approval of next year’s budget, marks an increase from last year’s £343 million (US$123.18 million) budget for the state body, cultural institutions, sports federations and managing youth affairs.
Kakauridze also presented the main indices of the entire state budget, according to which the revenue portion of the budget was set at £21 billion ($7.54 billion) and expenditure at £24 billion ($8.62 billion).
He also said that the consolidated budget deficit is expected to be 2.8 percent of gross domestic product, while the public debt ratio is expected to be 39 percent of GDP.
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