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. Last Updated: 07/27/2016

Georgian Government Approves Draft Budget

TBILISI, Georgia -- Georgia's government has approved a draft budget for 1996 with a deficit of 217 million lari ($175 million) or 3.8 percent of gross domestic product, finance minister David Yakobidze told Reuters on Tuesday.

The draft plan, which still has to be approved by the parliament, would be discussed there after Feb. 20, he said.

The budget assumes expenditure of 772 million lari and revenues of 555 million lari.

Georgian leader Eduard Shevardnadze said Monday Georgia would get 270 million lari worth of foreign loans in 1996, which will partly be used to cover the deficit.

A representative of the International Monetary Fund told a local newspaper the fund planned to extend to Georgia about $70 million in 1996, paying the first tranche in February.