Armenia to stop taking loans for financing its budget deficit - finance ministry

12.12.2019 14:49
Armenia to stop taking loans for financing its budget deficit - finance ministry

YEREVAN, December 12. /ARKA/. In 2020, Armenia will stop taking loans for financing its budget deficit, Armenian Deputy Finance Minister Armen Hayrapetyan said Thursday at an extraordinary session of the National Assembly.

In his words, the ratio of Armenia's debt to GDP is narrowing faster that expected, and if the budget deficit will be served properly, this will be a positive factor, which will produce a good result.
Hayrapetyan said that the parliament will consider the last loans of this kinds today, and after that the government no longer will take such loans and will focus on targeted loan programs.

The deputy minister stressed that targeted loans will be attracted for particular goals and particular final results.

"We are supporters of attraction of loans under particular programs, and therefore it is implied in the 2020 government budget that Armenia will no longer receive such means for filling the deficit," he said.

Today, Armenian lawmakers will gave their approval for taking $152 million (around €131.4 million) from three financial organizations as budget-supporting loans. -0---


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