11:38, 8 November 2023

YEREVAN, NOVEMBER 8, ARMENPRESS. The financial-credit and budgetary affairs committee of parliament has approved the Pashinyan Administration’s 2024 state budget draft.

The policy and approach is aimed at properly implementing the government action plan, finance minister Vahe Hovhannisyan told lawmakers.

“The school building program has the most important place in this budget. Naturally, we must implement all expenditures and actions in a way for it to increase the economic potential of Armenia, in order to be able to ensure higher economic growth in the future, at the same time maintain fiscal stability, keep the level of debt manageable and do everything to keep the debt below 50%,” he said.

The deficit is projected at 3,2 billion drams.

“But given the demand of additional expenditures and expected projects, we have planned that the entire amount that was previously directed as support to Nagorno-Karabakh, 144 billion drams, will come up from the deficit and appear in our expenditures as support to our compatriots. As a result, next year we will have 4,6% deficit,” the minister added. He said that this won’t have signiciant impact on the fiscal situation. The money that was previously being allocated as a loan will now be released as expenditure, implemented by Armenia.

The 2024 budget envisages 2 trillion 566 billion drams in tax revenues. Hovhannisyan said that his number will likely grow.

Current expenditures will amount to 2 trillion 321 billion drams, while capital expenditures will amount to 710 billion drams.

The budget draft received 4 votes in favor and one vote against in the committee. It will now be debated in the plenary session of parliament.