Vice Governor of the National Bank of Georgia (NBG), Nino Jeladze, delivered remarks at the concluding session of the Parliamentary Committee on Finance and Budget, held in connection with the initial draft of the 2026 State Budget.

In her concluding statement, the Vice Governor highlighted the importance of the ongoing fiscal consolidation process, noting that, in line with the fiscal rule, the consolidated budget deficit for 2026 remains close to a sustainable level of 3 percent.

“According to the NBG’s baseline forecast, in 2025 economic activity — largely driven by increased productivity of production factors — continues to normalize toward its long-term growth rate of 5 percent. At present, the cyclical position of the economy remains positive, and it is expected to return to its equilibrium level in 2026. Against this background, maintaining the budget deficit at a neutral level is optimal,” stated Nino Jeladze.

During her address, Nino Jeladze emphasized that the NBG has no comments on the submitted document — the initial draft of the 2026 State Budget — and that, in the NBG’s assessment, the 2026 budget will not exert inflationary pressure.

The NBG’s opinion on the draft Law of Georgia “On the State Budget for 2026” is based on an analytical assessment of the consolidated budget, as it reflects the impact of fiscal policy on aggregate demand and, consequently, on inflationary processes.