Alterations required in Georgian budget
By M. Alkhazashvili
Monday, September 1Over the last several years the Georgian budget has frequently been amended, and most of these amendments have proven positive, with extra income accruing. Now urgent budget amendments are needed as a result of the Russian aggression and the damage it has done to the Georgian state.
The destruction of civilian and military infrastructure have made an absolutely new approach necessary. Economic stability will have to be maintained with a thoughtful interventionist policy, implemented by the National Bank and appropriate economic agencies. Georgia is receiving considerable financial and in-kind assistance, but this will not completely compensate the country for revenues it will not now receive due to the Russian aggression.
The financial monitoring system needs to be seriously re-examined to ensure the efficient and transparent usage of the financial resources received from abroad. It is not yet known what kind of amendments will be introduced in the budget but one thing is clear: Georgia is facing very serious economic challenges.