Armenian 2016 budget deficit to be 3.5% of GDP, IMF

28.09.2015 12:01
Armenian 2016 budget deficit to be 3.5% of GDP, IMF

YEREVAN, September 28. / ARKA /. Armenia's budget deficit in 2016 will make 3.5% of GDP, Chief of IMF Mission to Armenia, Mark Horton, told a last Friday news conference. He said during a meeting with prime minister Hovik Abrahamyan that same day he discussed the draft state budget for 2016, which names all the sources of spending financing.

According to him, 3.5% is a permissible indicator, however, he added that IMF believes that achieving it will not be easy, especially given the existing high risks in the current uncertain economic and fiscal conditions, as compared to previous years.

He said the draft budget will be sent to parliament’s consideration before 1 October. According to him, the draft provides for some tax changes, in particular, for an increase in excise tax rates, which were adopted by parliament in June this year.

According to official data, first half budget deficit amounted to about 52 billion drams. Also 549.7 billion drams were collected as budget revenues while the spending was 605.9 billion drams.

The 2015 budget revenues are planned in the amount of 1 trillion and 191 billion drams. The projected spending is 1 trillion and 305 billion drams or 26.82% of GDP. The projected deficit is 114 billion drams or 2.34% of GDP. ($1 – 474.62 drams). --0--


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