Armenian parliament begins 2018 draft budget debates
15.11.2017,
15:25
The parliament of Armenia began today discussions on the draft state budget for 2018.
YEREVAN, November 15. /ARKA/. The parliament of Armenia began today discussions on the draft state budget for 2018. According to finance minister Vardan Aramyan, the spending and revenues will increase against the backdrop of the stable budget deficit. The draft budget, approved by the government in late September, calls for 1 trillion and 307 billion drams in revenues and 1 trillion and 464.2 billion drams in spending. The projected deficit is 156.9 billion drams.
The minister told the parliament that the spending and revenues will increase by almost 100 billion drams respectively, but the deficit will remain at the same level. "We believe that such a deficit indicator is adequate for our country in the current conditions, since the main task for us is to form a stable national debt and certain mid-term and long-term "airbags", he said.
The minister said the projected growth in revenues is to be secured by improved tax collection and tax administration along with increased productivity of some industries. Aramyan added that contrary to 2017 when the main source of deficit coverage were external sources, in 2018 it is to be covered both from external and internal resources.
"Our goal is to ensure economic growth of 5% in the medium term, since a lower growth will not allow the government to achieve the planned goals," he said.
Central Bank governor Artur Javadyan added that the projected deficit for 2018 is 2.7%, down form 3.5% deficit forecast for the outgoing year. At the same time, the GDP in 2018 is expected to grow by 0.1 percentage points only.
In his words, the economic growth in 2018 will depend on external developments, in particular, the Russian economy, on copper prices, as well as on domestic reforms implemented this year, the expanded monetary policy and the impact of low interest rates in 2018 . ($ 1 - 488.03 drams). --0-
The minister told the parliament that the spending and revenues will increase by almost 100 billion drams respectively, but the deficit will remain at the same level. "We believe that such a deficit indicator is adequate for our country in the current conditions, since the main task for us is to form a stable national debt and certain mid-term and long-term "airbags", he said.
The minister said the projected growth in revenues is to be secured by improved tax collection and tax administration along with increased productivity of some industries. Aramyan added that contrary to 2017 when the main source of deficit coverage were external sources, in 2018 it is to be covered both from external and internal resources.
"Our goal is to ensure economic growth of 5% in the medium term, since a lower growth will not allow the government to achieve the planned goals," he said.
Central Bank governor Artur Javadyan added that the projected deficit for 2018 is 2.7%, down form 3.5% deficit forecast for the outgoing year. At the same time, the GDP in 2018 is expected to grow by 0.1 percentage points only.
In his words, the economic growth in 2018 will depend on external developments, in particular, the Russian economy, on copper prices, as well as on domestic reforms implemented this year, the expanded monetary policy and the impact of low interest rates in 2018 . ($ 1 - 488.03 drams). --0-
