Armenian finance minister finds 2010 state budget feasible

Armenian finance minister finds 2010 state budget feasible
ARKA, 03.11.2009

YEREVAN, November 3. /ARKA/. Armenian Finance Minister Tigran Davtyan finds the 2010 state budget feasible.

On Friday, speaking at discussions in National Assembly, he said that the budget implies economic stabilization and will enable the country to reach economic development in 2011.

The minister said that the 2010 state budget revenue was planned at AMD 676.6 billion against AMD 772 billion in the 2009 state budget.

He said that tax receipts were planned at AMD 553 billion in the 2010 budget.

The amount is greater than that of 510 billion planned for 2009.

The minister said that taxes will have 16.6% share in GDP in 2010 against 16.4% planned for 2009.

Official transfers from the European Union, Germany and other foreign countries and organizations will amount to AMD 15 billion in 2010.

Expenses totals AMD 859.6 billion in the 2010 state budget.

Of them, 85.7% are current expenses.

Davtyan said that the government left current expenses unchanged – they are equal to those of the 2009 state budget, which was composed before the recession.

Taking into account insufficient resources, the government cut capital expenses to ensure current expenses.

The 2010 budget deficit is planned at AMD 183 billion, which will be covered from inside and outside sources.

“The planned budget deficit is quite large. The 2010 situation will differ from that of 2009, when we had to appeal to the Armenian parliament for permission to enlarge the deficit. We will return to pre-crisis indicators,” Davtyan said.

The dollar is planned to cost 376 in 2010.-0---