ArmInfo. The new program of the Armenian government for 2017- 2022 provides for a consistent increase in the potential for economic growth and ensuring macroeconomic stability.
To this end, the government plans to improve the management of public debt, ensuring its stability. In particular, by the end of 2017, is planned to implement a system for assessing the behavior of participants in the primary market of government bonds. From the beginning of 2018, it is planned to have new fiscal rules that do not impede economic growth and, in the long term, aimed at stabilizing the debt. Until the end of 2019, the government plans to implement a new tool for assessing the various effects of fiscal policy on the economy. Until the end of 2022, it is planned to establish a budgetary framework that involves a sequential increase in capital expenditures in the medium term, with the observance, if possible, of moderate implementation of current expenditures with ensuring their effectiveness.
At the same time, to facilitate interstate trade and cross-border operations, the scope of a number of agreements that exclude double taxation will be expanded. In particular, in the years 2019-2022 is planned to conclude contracts with at least 5 countries.
The program notes that the revenue management policy will be aimed at providing an understandable and predictable environment for businesses and foreign investors, which will enable to fairly distribute resources in the economy and redirect them to export-oriented production.
For the purposeful, effective and economical use of funds, the Government of the Republic in the coming years provides for a transition from the system for assessing the financial indicators of programs invested from the state budget to a system of quantitative and qualitative summary indicators, in parallel with the strengthening of financial discipline.
In order to take into account and effectively manage the assets and liabilities of the public sector, as well as for targeted use of budgetary funds, the government considers it necessary to introduce new accounting and financial accounting standards.
The government in its program attaches importance to the development and expansion of the framework of financial markets. Reducing the shadow economy, launching a funded pension system, and as a result, the formation of internal savings and their infusion into the financial system, will allow to expand the tools and frameworks of the financial market.