Irakli Garibashvili, Prime Minister of Georgia held and led a meeting of the Economic Council today.

Meeting held within the Government Administration was focused on the discussion of positive trends currently witnessed in the economy of the country.

Topics of discussion included the low level of inflation and budget execution data. As noted by Lasha Khutsishvili, Minister of Finance of Georgia, annual inflation of consumer prices in July reached 0.3%, while the budget execution in the first 6 months of 2023 exceeded projections. Head of Government of Georgia was also briefed about the implementation of infrastructure projects in the regions of the country. As noted by Irakli Karseladze, Minister of Regional Development and Infrastructure of Georgia, MRDI executed the state budget with a surplus of 13.5%, that is 1 331.1 MLN GEL in the first 6 months of 2023. Construction of 203 kilometers of road infrastructure is progressing at highways, which will be commissioned gradually in 2023-2024 years. Rehabilitation of internal and access roads is progressing as well throughout the country with a total length of almost 1800 kilometers. Water supply and sewage projects are implemented at 167 locations in the total value of over 3 BLN GEL. For the development of sports infrastructure, gyms and multi-functional sports centres are constructed in Akhaltsikhe, Zugdidi, Arkhiloskalo Village, Bolnisi and Tsnori. Construction of a sports complex in Rustavi is being completed. At the decision of the Prime Minister of Georgia, agreements have been concluded for the construction of 130 new kindergartens within the Program of Construction and Rehabilitation of Kindergartens in Georgia, while tenders aee being announced. Economic Council also considered a widescale project for the construction and rehabilitation of 800 schools in the total value of 1 BLN GEL, which was also launched at the decision of the Prime Minister of Georgia. Within its first phase 80 new schools are constructed and 200 -rehabilitsted. Next phase will commence in 2024 and get completed in late 2026. Project ensures equal access to and improvement of education resources. Initiative is aimed for over 230 000 beneficiaries.

At the decision of the Prime Minister of Georgia, 8 tenders have been announced for the development of cities and resorts within a new 5-year program. Phase One has 11 locations for development.

Topics of discussion included positive trends towards tourism. As noted by Levan Davitashvili, Deputy Prime Minister and Minister of Economy and Sustainable Development of Georgia, proceeds from tourism in Q1 and Q2 of 2023 exceeded data of 2019 and reached a record-high level at 1 804 529 935 USD, which is a recovery of comparable data of 2019 at 123.9%. Compared to 2022 year, proceeds from tourism are increased by 57.9%. Overall, as of Q1 and Q2 of 2023, Georgia received 1.8 BLN USD from international visitors and travelers.

Addition of new flight destinations and opportunities for the increased intensity of flights with China were discussed today. It was noted that increased intensity of flights with various countries and addition of new ones will facilitate the development and advancement of tourism and aviation sectors in the country.

Economic Council also discussed the performance of large economic projects and steps to be made towards this end in future.