Armenian government approves draft budget for 2022

YEREVAN, September 30, /ARKA/. The Armenian government has approved today a draft budget designed for 2022.

Presenting it to the Cabinet, Finance Minister Tigran Khachatryan said: " Given the limitations on public financial resources, the economic infrastructure, education and social measures envisaged in the draft budget for 2022 have been chosen in such a way as to create the best environment for achieving 7% annual growth target set by the government for 2022 and in the coming years.”

According to the draft budget, the taxes/GDP ratio is to improve by 0.9 percentage points to 23.4%. The budget deficit is to make about 3.2% of GDP - 242.2 billion drams, and the state debt is to make 60.2% of GDP by the end of 2022.

The 2022 draft budget calls for 2 trillion 188.4 billion drams spending or 27.8% of GDP. This is 18.2% more than in 2021. The spending envisaged for economic and social infrastructure is to grow to 4.4% of GDP in 2022

Some 288.6 billion drams are earmarked to finance infrastructure and territorial development programs in 2022. The amount represents 31.6% growth from 2021. The amount earmarked for the sports, culture education and science is 27.4% more than in 2020 budget - 223.3 billion drams.

More specifically, the budget of science is grow by about 83% from 2021 spending to 25.1 billion drams.

About 580 billion drams have been earmarked for social security programs, which is about 15% more than in 2021.

Finance minister said the increase in some budget items is aimed at improving the protection of the most vulnerable social groups.

The draft budget calls for 1 trillion 946.2 billion drams in revenue. -0-