IN 2009 ALL BUDGET EXPENDITURES FULLY INCURRED AND NO DEBTS ACCUMULATED
Noyan Tapan
Dec 29, 2009
YEREVAN, DECEMBER 29, NOYAN TAPAN. The expenditures envisaged by the
2009 state budget have been fully incurred and no debts have been
accumulated. RA Minister of Finance Tigran Davtian stated this at
the December 29 press conference. Responding to the question about
his assessment of the budget implementation, taking into account
the fact that the budget implementation will make 900 billion drams
instead of the programmed index of 945 billion drams and Armenia’s
GDP is expected to make 8 billion USD instead of envisaged 12 billion
USD, the minister replied that in the given case the budget can be
considered as implemented because each year some money is saved as
well. According to him, Armenian GDP will amount to 3 trillion 116
billion drams this year.
"The budget is never spent by 100%, each year less money is spent than
envisaged. Of course, this was done by increasing the deficit and
attracting resources from outside, but it is important that we have
not run into debt," Tigran Davtian underlined. As regards the foreign
debt of Armenia, he said that it will not reach 50% of GDP in 2010:
the foreign debt of our country currently amounts to 1,045.6 billion
drams. The minister added that Armenia expects to receive new budgetary
loans of 100 million euros from the European Union, including grants
of 35 million euros. Besides, Armenia is now conducting negotiations
with Russia with the aim of obtaining a new 100-120 million dollar
loan for the development of its diamong cutting sector.