RA STATE BUDGET FULFILLED WITH 17.6 BILLION DRAM SURPLUS IN FIRST QUARTER OF 2007

Noyan Tapan
Mayt 09 2007

YEREVAN, MAY 9, NOYAN TAPAN. In the first quarter of 2007, the state
budget of the RA (without inflow of funds under credit programs
financed from external sources) was fulfilled with a surplus of
17.6 bln drams (about 48.7 mln USD). The state budget was negatively
financed by 15.5 bln drams from the domestic sources and by 2.1 bln
drams from external sources of financing.

According to data of the RA Ministry of Finance and Economy, the
state budget was negatively financed by 2.1 bln drams at the expense
of treasury bonds (their issue made 9.3 bln drams, redemption – 11.4
bln drams). 433.3 mln drams was allocated from domestic sources of
deficit financing for payment of promissory notes. Available budgetary
resources increased by 12.9 ln drams.

In January-March 2007, 2.1 bln drams was allocated for payment of
external liabilities. In particular, 1.3 bln drams was allocated for
payment of liabilities under World Bank programs, 374 mln drams – for
payment of liabilities under programs implemented with the assistance
of the European Bank for Reconstruction and Development (EBRD), and
411 mln drams was allocated against the commodity credit provided by
the US.

During the indicated period about 2.1 bln drams was allocated for state
debt servicing, with the quarterly program being fulfilled by 94.5%.

Particularly, 1.2 bln drams was allocated for servicing of the domestic
debt, 848.2 mln drams – for servicing of the foreign debt. State debt
servicing expenditures declined by 15.1% compared with January-March
2006.