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In the First Quarter of 2015 State Revenues from Privatization Amounted to GEL 53 Mln

According to the budget implementation report, in the first quarter of 2015 revenues amounted to GEL 2.3 billion which is 4.8% more than in the same period in 2014. Part of this amount falls on the privatization of various objects.

The privatization plan originally amounted to GEL 10.5 million, in fact, this figure reached 63 million. In addition, in this period it was planned to take international debt in the amount of GEL 22 million, but the funds have not been received. With regard to preferential investment loans, in the first quarter they amounted to GEL 81 million which is 8% less than the forecast.Budget revenues through taxation amounted to GEL 2.1 billion which is 96.9% of the plan. As of April 1, the budget residues amounted to 643 million while in January 1 – 434 million respectively, this figure has increased 48% in 3 months. As reported, the Georgian government has developed a number of measures, including the privatization of various public facilities to get out of the financial crisis. To date, “Batumi Tower” building has already been sold in the Black Sea resort.

The building was purchased by “Redco”, which will pay $ 25 million for the object. Another building of a former drug treatment center in Tbilisi was also privatized; its cost amounted to $ 3 million. The International Monetary Fund (IMF) predicted the economic slowdown in Georgia from 5% to 2%. A similar statement was made by the Economy Minister George Kvirikashvili a month ago, but despite this, the government continues to work in conditions of a 5% economic growth forecast. Accordingly, the budget for 2015 has not been revised yet. According to the Minister of Economy, a clearer picture of the economy’s prospects for 2015 will appear based on the data for 2 quarters of 2015, and only then it will be possible to make predictions about the pace of growth.