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. Last Updated: 07/27/2016

Georgia Approves 2000 Budget Plan

TBILISI, Georgia -- Georgia's parliament adopted a 2000 budget of just over $630 million in final readings Friday.

The budget of the Caucasus state was passed 134 to 23, and projects a deficit of 30 percent of gross domestic product, to be covered by domestic resources and loans from international financial organizations.

The spending plan, closely watched by the International Monetary Fund, was passed in the second and third hearings simultaneously.

Spending is projected at 1.263 billion lari ($631 million) on revenues of 870 million lari, tax revenues are projected at 10 percent to 12 percent of GDP, inflation at 8 percent to 9 percent and the lari currency was expected to fetch an average of 2 per dollar.

The government also plans to clear wage and pension arrears of about 100 million lari this year.

The IMF estimated 1998-1999 arrears at about 280 million lari.