NKR government approves draft budget for 2012

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Economy

30.11.2011, 01:53

The government of the Nagorno-Karabakh Republic (NKR) said it approved Monday a draft budget for 2012.

YEREVAN, November 29. /ARKA/. The government of the Nagorno-Karabakh Republic (NKR) said it approved Monday a draft budget for 2012. Deputy prime minister Spartak Tevosyan, who is also finance minister, said despite adverse global economic outlook the government expects the local economy to expand by 9% this year. The GDP projection for 2012 is also 9 percent.

The draft budget calls for 65.1 billion drams in revenue that will include also an Armenian government assistance provided as a loan and for 70.3 billion drams in spending. The projected deficit is 5.2 billion drams. The deputy prime minister said the funding for agriculture, health, education, social, environmental and other sectors is set to increase in 2012.

He said the budget envisages also a pay rise for health, agricultural sector workers and civil servants, who will be also eligible to a package of social benefits. The basic pension size is set at 13,000 drams.

He said that fiscal policy next year is aimed at creating a favorable environment for economy to ensure sustainable development. -0-

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