Armenian government approves draft budget for 2018
28.09.2017,
15:42
The Armenian government approved today a draft budget for 2018, which, according to finance minister Vardan Aramyan, calls for 1 trillion and 307 billion drams in revenue, by 100 billion drams more than in 2017.
YEREVAN, September 28. /ARKA/. The Armenian government approved today a draft budget for 2018, which, according to finance minister Vardan Aramyan, calls for 1 trillion and 307 billion drams in revenue, by 100 billion drams more than in 2017.
He said the growth is supposed to be backed by improved tax collection rate. The ratio of taxes to GDP will grow by 1%, and the overall tax revenues in 2018 are to amount to 1 trillion and 247.9 billion drams. According to him, the spending will amount to 1 trillion and 464.2 billion drams.
The minister said 175 billion drams are envisaged as capital expenditures, up from 98.6 billion drams projected for the outgoing year. ‘We put the main emphasis on capital expenditures, which will allow us to intensify the economy," said Aramyan.
The minister said the ratio of budget deficit to GDP is planned at 2.7%, of which the bulk - about 80 billion drams - will be financed from external sources.
As for macroeconomic indicators, according to Aramyan, the economic growth is planned at 4.5%.
"It is planned that the main part of the growth will be provided by the industrial growth of 6.5%; the agricultural sector is expected to grow by 4% thanks to a set of programs, including subsidy programs," Aramyan said.
Aramyan said also that next year’s budget does not plan a rise in salaries and old-age pensions; neither a social spending increase is planned.
"We must stabilize our economic capabilities and potential, therefore we do not undertake new social obligations, which can become a new burden for the government," Aramyan said. ($ 1 - 478.03 drams). --0-
He said the growth is supposed to be backed by improved tax collection rate. The ratio of taxes to GDP will grow by 1%, and the overall tax revenues in 2018 are to amount to 1 trillion and 247.9 billion drams. According to him, the spending will amount to 1 trillion and 464.2 billion drams.
The minister said 175 billion drams are envisaged as capital expenditures, up from 98.6 billion drams projected for the outgoing year. ‘We put the main emphasis on capital expenditures, which will allow us to intensify the economy," said Aramyan.
The minister said the ratio of budget deficit to GDP is planned at 2.7%, of which the bulk - about 80 billion drams - will be financed from external sources.
As for macroeconomic indicators, according to Aramyan, the economic growth is planned at 4.5%.
"It is planned that the main part of the growth will be provided by the industrial growth of 6.5%; the agricultural sector is expected to grow by 4% thanks to a set of programs, including subsidy programs," Aramyan said.
Aramyan said also that next year’s budget does not plan a rise in salaries and old-age pensions; neither a social spending increase is planned.
"We must stabilize our economic capabilities and potential, therefore we do not undertake new social obligations, which can become a new burden for the government," Aramyan said. ($ 1 - 478.03 drams). --0-
