ArmInfo. Armenian Government is intended to drive additionally collected assets at AMD 50 bln to the infrastructure development projects. " I think, today it would be more justified to invest the amount stated and to generate the added value, which, in its turn, could be led for maintaining the state debt, " Vardan Aramyan, Armenian Ministry Charge D'Affair stated in his interview to ArmInfo.
According to Aramyan, as far as budget tax incomes based on the results of QI have already exceeded those planned for AMD 13 bln, the Government took a decision to review the item of capital expenditures to the increase of those. The economic activity has also exceeded the expectations, marking the level of 6- 6,6%. " Already in annual view the Government expects for additional tax-based incomes forming about AMD 50 bln, and accordingly plans to increase the capital expenditures respectively, which will give an option to plan higher indicators of economic growth for 2018," Aramyan said, mentioning that for today Government goes for GDP growth higher indicators, than those set in 2017 budget.
At the same time, according to him, the Government does not forget that similar targets Armenian economy has taken also in the first semester of 2016, which was followed by the period of economic slowdown. Aramyan himself had stated many times that the economic activity indicator could drop down a bit proceeding from basic effect of its growth from the middle of last year. Besides, according to the head of Armenian Financial Entity, Armenian economy has a traditional "postponed" effect depending on Russian one, and negative tendencies there impact the local economy with a certain delay. " Let's suppose for a moment that international market shows a sharp drop[down, which is reflected on export, financial flows and, as a result, we get lower speed of economy growth. In this case, within the framework of anti- cycle policy, when the demand has already fixed its natural dropdown, the Government has to go in other way - reasonably increasing the capital expenditures through involving new loans, allowing with that some increase of budget deficit, of course," the Finance Minister stated.
He accentuated that within the framework of this policy, the additional income of the budget forming AMD 50 bln, will be led first to infrastructure projects - improvement of roads and irrigation systems. " this strategy has its philosophy. But today, despite all our calls for private sector to make investments in the development, within the absence of appropriate quality of roads and other infrastructure units, one could hardly hope for that. The investments should be motivated by highly developed infrastructure," Armayan accentuated.
To recall, according to Armenian State revenue Committee Head Vardan Harutyunyan estimates. Armenia in 2017 QI an unprecedent level of state incomes - AMD 255 bln instead of 242 bln planned. The volumes of shadow economy have also essentially decreased - from 48,8% down to 33,2%. From October 2016 and until April 2017 the Committee secured AMD 653,8 bln. Tax collections, which is 7,6% higher if that for the similar periods of 2015-2016. AMD 500,3 bln of the amount collected was provided by tax authorities, and AMD 153,5 bln - by customs entities. In respect to tax incomes the growth formed AMD 43,1 bln or 9,4%, in respect to tax fees - AMD 3 bln, or 1,9%.
