Tuesday, November 15 2011 19:21

Central Bank of Armenia: Armenia's national budget 2012 is based on the mid-term spending program


ArmInfo. Armenia's national budget 2012 is based on the mid-term spending program, Chairman of the Central Bank of Armenia Artur Javadyan said on Tuesday while presenting in the parliament the CB's resolution on the draft national budget 2012.

He said that the national budget 2012 will help the Government to ensure macro-economic stability and to continue efforts to foster economic growth. In 2012 the budget deficit will be reduced by 0.6% to 3.1% of the GDP. This will help to curtail the national debt. The tax and social revenues will be increased by 0.8%, with the share of taxes in the GDP to make up 0.6% and social payments - 0.2%. 13% growth of tax revenues, social payments and taxes will be ensured through administrative and legislative reforms.

Javadyan pointed out the need to spend the budgetary funds effectively so as to ensure the planned 8.8% growth in allocations for education, health care and social security and the 30.3% raise in wage assignments. If successful this program will ensure economic growth and 4% (+ / -1.5%) inflation.
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