Armenian finance minister says next year’s budget to be modest, strained and stabilizing

Armenian finance minister says next year’s budget to be modest, strained and stabilizing
ARKA, 10.09.2009

Finance Minister Tigran Davtian said today next year’s budget will be modest, strained and stabilizing.

He was speaking at a recurrent government session that has approved of a preliminary version of the textual part of a bill on 2010 State Budget of Armenia and a timetable of budget discussions with prime minister.

Tigran Davtian told Cabinet members that the ministry has completed the greater part of the work for drawing up the budget that has not yet numbers and major indices. He added that discussions with the prime minister on next year’s budget will start from September 14.

“All ministries and government agencies are offered to submit their proposals and suggestions that along with the draft budget will be sent to the National Assembly’s approval,’ he said.

Tigran Davtian stressed that the next year’s budget will be modest and built on a 1.3% GDP growth projection and a 2% deflator. He said it is expected that 5.5% of next year’s budget deficit will be covered by funds from internal and external sources.

“We shall be trying to gradually reduce the budget deficit and bring it down to the previous years’ level. The 2010 budget will be modest and strained and I would like to ask my colleagues to treat it with understanding because we shall continue to work in the thrifty manner in a bid to stabilize our economy. Therefore, the 2010 budget will be stabilizing that, unfortunately, means cutting of some spending,’ he said. -0-