Ministry of finance: budget deficit to reduce to 5-5.5% of GDP in
Armenia

YEREVAN, August 28. /ARKA/. State budget deficit will reduce by 1% down
to 5-5.5% of the country’s Gross Domestic Product (GDP) by the end of
2010 as compared to the level of 2009, Armenian Minister of Finance
Tigran Davtyan told a press conference in Novosti international press
center Friday.

The deficit is reduced bearing in mind the need to return to the
current deficit that is 3% of the GDP in the subsequent years, Davtyan
said.

On June 2, Armenian Parliament amended the law about budgetary system.
Under the amendments, the allowable state budget deficit level was
brought from 5% up to 7.5%.

Budget deficit has not exceeded 3% (as compared with the planned 5%) in
Armenia over the last years, the Ministry of Finance reports.

According to the Ministry, increased deficit will not bring the
national debt up ` it is about 13% now with the allowable upper limit
at 50%. N.V. `0–