VARDAN ARAMYAN: IT IS IMMATURE TO SPEAK OF ECONOMIC GROWTH

News.am
17:31 / 08/19/2009

Government will initiate the parliamentary budget follow up in two
cases, RA Deputy Finance Minister Vardan Aramyan told NEWS.am.

"First case – if GDP /deficit rate exceeds 7.5%, having this index
fixed by law, and second case – we have the right to introduce
budget changes of up to 10% and if the limit needs to be exceeded,
Government would be forced to propose a new draft budget," Aramyan
said. Currently, that 10% makes AMD 90bln.

As to the journalist’s statement that Government plans to balance with
12-15% deficit whereas budget projects 9% growth, Aramyan replied:
"We have repeatedly stated that 9% economic growth is impossible under
the current conditions. It is immature to speak of growth under 12-15%
decline."

Commenting on budget implementation, Deputy Minister underlined:
"Budget will be implemented according to the updated version available
on the Governmental website. Outstanding AMD 98bln expenses are
postponed and unlikely to be fully executed, that is will not exceed
10% limit. Thus the Government will not be urged to appeal to the
National Assembly to alter the budget."