Abkhazia

At an extended parliamentary committee meeting on the budget, credit organizations, taxes, and finance on December 4, the draft law "On the republican budget for 2024" and the indicative plan of socio-economic development of the separatist Abkhazia for 2024 were discussed.

The main parameters of the state budget of the Republic of Abkhazia for 2024 amounted to revenues of nearly 143 million euros, expenditures of 157 million euros, and budget deficit of 15 million euros.

The main parameters of the republican budget are 109 million euros in revenues, 122 million euros in expenditures, and a 12 million euros budget deficit.

Financial assistance from the Russian Federation is planned: for the socio-economic development of Abkhazia – 39 million euros; for budget investments within the framework of the Investment Program of assistance to the socio-economic development of the Republic of Abkhazia for 2023-2025 – 11 million euros; to finance measures of state support of economic sectors of the Program of socio-economic development of the [separatist] Abkhazia for 2022-2025 – 1.6 million euros.

South Ossetia

On the same day, the de facto government approved a draft amendment to the law "On the State Budget of the Republic of South Ossetia for 2023."

The development of the project is due to the need to adjust the expenditure part of the budget in pursuance of the 22nd protocol of the Intergovernmental Commission on Socio-Economic Cooperation between the [de-facto] Republic of South Ossetia and the Russian Federation on November 17, which involves the redistribution of funds of financial assistance aimed at financing measures of state support of economic sectors of the State Program of Socio-Economic Development of the Republic of South Ossetia for 2022 - 2025 years and for the implementation of the State Program of Socio-Economic Development of the Republic of South Ossetia for 2022 - 2025 years.

In addition, changes are made in connection with the need to redistribute the balance of financial assistance transferred in 2020 and direct it to the purchase of medicines, medical devices, and equipment for the treatment of patients with coronavirus infection COVID-19 and nosocomial pneumonia in hospital conditions.

It is also proposed that changes be made to the revenue part of the state budget for 2023 in accordance with the main indicators of the forecast assessment of revenues, taking into account actual revenues at the end of the ten months of 2023.

With the proposed changes, the total revenues will amount to EUR 90 million, and the tax and non-tax revenues will be EUR 17 million. Budget expenditures remain in the same amount – EUR 96 million.

"The source of the deficit is specified in order to bring it to the norms, which are imposed by the law on the basics of the budget process and budgetary structure in terms of 5% limitation on the deficit of own revenues," the de-facto government noted.