12:40, 1 June, 2021

YEREVAN, JUNE 1, ARMENPRESS. In 2020 Armenia has managed to ensure the macro-economic stability despite the difficulties caused by the pandemic and the war, Caretaker Finance Minister Atom Janjughazyan said at the joint session of the parliamentary standing committees, adding that, however, the government has paid a price, that is the increase in debt.

He reminded that Armenia, like many other countries, has revised its fiscal policy during the year, making it in accordance with the economic decline period.

The caretaker minister also talked about the anti-crisis measures taken by the government. “We should notice that all these could not have a price which needs to be paid. That price, in fact, was the change in the state debt”, he said, proposing to assess the situation objectively. “The government’s debt-GDP ratio comprised 63.5%, the state budget deficit has been nearly 5%, which is logical in the context of revised fiscal policy”, he added.

“Balanced revisions, anti-crisis measures have been carried out, as a result of which we managed to ensure the macro-economic stability, which has no alternative from the perspective of further development”, he said.

The caretaker minister reminded that 7.6% economic decline has been registered in 2020.

Editing and Translating by Aneta Harutyunyan