Armenian parliament approves 2016 budget

Armenian parliament approves 2016 budget

YEREVAN, December 9. /ARKA/. By a vote of 97 to 12 and 3 abstentions the Armenian National Assembly has approved today the government budget for 2016. The draft budget was backed by the ruling Republican Party of Armenia and the Prosperous Armenia party. The Armenian Revolutionary Federation/ Dashkantsutyun did not participate in the voting ‘because of unprecedented modest revenue and spending figures.’

Pavel Safaryan, deputy  finance minister, presenting the final version of the document to lawmakers, said that taking into account discussions in the parliament and MPs’ proposals, it was proposed to increase the budget revenue by AMD 15 billion and the spending by AMD 14.3 billion. 

“Additional spending is intended for social, cultural and scientific areas – about AMD 9.4 billion, for economic segment – AMD 2.7 billion and for other segments about AMD 2.2 billion,” he said.

He said the budget is calculated based on the USD's exchange rate of 473.4 drams and the euro’s exchange rate  of 520.83 drams.

"As a result of these changes the spending increases to 1 trillion and 377 billion drams (the ratio of spending to GDP is 25.3%) and revenues increase to 1 trillion and 186.3 trillion drams  (the ratio of revenue to GDP is 21.8%). The resulting deficit is 197 billion drams  (the ratio of deficit to GDP is  3.2%)," said Safaryan.

According to him,  some 1 trillion and 129 billion drams of revenues are to be collected as taxes and dues. The 2016 draft budget projects a 2.2% GDP growth and 4% (± 1.5%) inflation. The projected  budget deficit is 3 5% of GDP.

As regards Armenia's public debt, at the end of 2016 it is expected to grow to  $5.569 billion. Of that amount 86.6% will be the government’s external debt.

The Armenian Revolutionary Federation/ Dashkantsutyun did not participate in the voting ‘because of unprecedented modest revenue and spending figures.’
Prime minister Hovik Abrahamyan said the government will fulfill all  its obligations, provided for the state budget. ($ 1 - 484.6 drams). -0

15:12 09.12.2015





 

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