Armenian parliament begins debates on 2012 draft budget
16.11.2011,
00:00
The Armenian National Assembly kicked off today debates on the next year’s draft budget. Addressing the lawmakers prime minister Tigran Sargsyan said there are three priorities which the blueprint budget addresses. The first is to ensure economic growth a
YEREVAN, November 15. /ARKA/. The Armenian National Assembly kicked off today debates on the next year’s draft budget. Addressing the lawmakers prime minister Tigran Sargsyan said there are three priorities which the blueprint budget addresses. The first is to ensure economic growth and diversification of the economy.
According to him, in the context of this the parliamentarians and the public at large will be presented a program designed to boost industrial development, aimed at increasing opportunities for export of Armenian goods.
He said other important measures aimed at ensuring economic growth include improvement of business environment, to be backed by the government-designed changes to tax laws, creation of free economic zones to encourage investment in Armenia, cooperation with the EU, implementation of reforms that will open up European markets as well as the CIS free trade agreement.
Sargsyan said formation of economic stability is another priority for the government next year to be reached by cutting budget deficit to 3%.
"At the same time we have planned to increase tax revenues by about 101 billion drams, which is comparable to 0.6% of taxes in the overall GDP. This fact is of considerable importance in the context of risks management and withstanding the challenges of 2012," he said.
The 2012 draft budget calls for 910 billion drams in revenues and 1.042.5 trillion drams in spending. The projected deficit is 132.5 billion drams. The amount of revenue is projected to increase by 6.8% from this year's budget (852.4 billion drams). The spending is expected to grow by 41.5 billion drams.
Some 86.1% of it (897.8 billion drams) is projected as current expenditure; 13.9% or 144.7 billion drams are projected as net non-financial expenditure.
Some 46.2% are projected as social spending (education, health, social security), 19.8% as defense, public order and national security spending, 13.2% are planned for boosting economy , 4.5% are projected for paying off Armenia's state debt. Besides, 3.1% of the blueprint budget is projected as official grants to communities and 2% as government reserve fund. -0-
According to him, in the context of this the parliamentarians and the public at large will be presented a program designed to boost industrial development, aimed at increasing opportunities for export of Armenian goods.
He said other important measures aimed at ensuring economic growth include improvement of business environment, to be backed by the government-designed changes to tax laws, creation of free economic zones to encourage investment in Armenia, cooperation with the EU, implementation of reforms that will open up European markets as well as the CIS free trade agreement.
Sargsyan said formation of economic stability is another priority for the government next year to be reached by cutting budget deficit to 3%.
"At the same time we have planned to increase tax revenues by about 101 billion drams, which is comparable to 0.6% of taxes in the overall GDP. This fact is of considerable importance in the context of risks management and withstanding the challenges of 2012," he said.
The 2012 draft budget calls for 910 billion drams in revenues and 1.042.5 trillion drams in spending. The projected deficit is 132.5 billion drams. The amount of revenue is projected to increase by 6.8% from this year's budget (852.4 billion drams). The spending is expected to grow by 41.5 billion drams.
Some 86.1% of it (897.8 billion drams) is projected as current expenditure; 13.9% or 144.7 billion drams are projected as net non-financial expenditure.
Some 46.2% are projected as social spending (education, health, social security), 19.8% as defense, public order and national security spending, 13.2% are planned for boosting economy , 4.5% are projected for paying off Armenia's state debt. Besides, 3.1% of the blueprint budget is projected as official grants to communities and 2% as government reserve fund. -0-
