Armenian government approves plan of measures to reform financial management system

28.11.2019 16:55
Armenian government approves plan of measures to reform financial management system

YEREVAN, November 28. /ARKA/. The government of Armenia has approved today a plan of measures designed to reform the financial management system for 2019-2023. The main purpose of the plan is to guarantee an equitable distribution of public goods.

Finance Minister Atom Janjughazyan said the plan calls for targeted, efficient and economical use of public goods, predictability and compliance of regulations, forecasts and decisions, as well as organization of all processes in an atmosphere of sufficient transparency and reporting.
The minister said the limelight will be on the fiscal regulation, which is a prerequisite for the effective implementation of the government's fiscal policy

He said the level of predictability of budget policy is extremely important not only in terms of the budget execution, but also for those who will use the results of this policy.

"In other words, we must ensure that all measures are related to the policies specified in the government program of actions. All this should be carried out exclusively in an atmosphere of transparency and full accountability. These are the goals that should pursue structural changes," the minister said.

According to him, the plan of measures is based on government priorities, which are reflected in its program, namely: effective cost management of credit and grant programs, development of systems for the effective management of public debt and their modernization, reform of tax policy and increasing the efficiency of administration in order to reduce the shadow share of the economy and create a competitive business environment, targeted, economical and efficient use of public resources, introduction of tools for creating added value, transition to a strategic planning system in order to increase the targeting of costs, an increase in the share of resources allocated for the development of human capital, infrastructures and an increase in capital expenditures and introduction of a transparent public procurement system. 0-

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