Monday, September 25 2017 17:05
Naira Badalian

Vardan Aramyan denies:  there were no instructions to ministries about 7% to cut costs

Vardan Aramyan denies:  there were no instructions to ministries about 7% to cut costs

ArmInfo. Yerevan. Armenian Finance Minister Vardan Aramyan denies media's information that when discussing the budget for 2018, all ministries were internally ordered to cut expenses by about 7% so that available funds could be used to service the country's public debt in the future. The share of truth in all this, as Finance Minister of Armenia Vardan Aramyan told ArmInfo correspondent on Sept. 25, is to show some restraint in the formation of current expenses.

According to the Minister, a small revolution was carried out in the preparation of the medium-term expenditure program for 2018-2020. For the first time, going beyond the framework of economic ideology, so-called "protected" expenditures were withdrawn. Thus, it was decided that starting from 2018, Armenia plans to increase defense spending by 26-27 billion drams annually, bringing from the current 3.7% to 4% of GDP. In the same group, expenditures were incurred for servicing the state dogleg and expenses arising from Armenia's international obligations, as well as funds allocated for financial equalization programs for communities and for capital expenditures. "The funds were allocated to the spheres, and the request was sent to the departments to determine their own priorities." Thus, there was no internal indication that the ministries cut their budget by 7%, "the minister explained, adding that the main task financial department for today is to ensure through proper management of fiscal policy to ensure a gradual economic growth. As for the national debt, Vardan Aramyan explained that in 2016 the total state debt was 56.6% of GDP or $ 5.9 billion, while the external debt plus the Central Bank's debt was $ 4.8 billion. By the end of 2017, it will grow to 58.8% of GDP - Armenia's external debt will increase by $ 400 million, domestic debt - by $ 30 million. "The total external debt will be $ 5.4 billion, and the domestic debt - $ 1 billion 269 million," the minister said. At the same time, the Armenian government sees no problems in the government debt management plan, as the head of the Armenian Ministry of Finance once again pointed out.

To remind, the total state debt of Armenia reached $ 6.259 billion by August 31, 2017. As of August 31 this year, the external debt amounted to $ 5.020 billion, and domestic - $ 1.238 billion. From 2017 to 2020, the projected annual growth of government debt on average will be $ 480 million.

POST A COMMENT
Input digits     


News
PSRC starts process of revising electricity tariffsPSRC starts process of revising electricity tariffs
Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019Poverty rate in Armenia in 2021 increased by 0.1% compared to 2019
Armenia`s government to support IT sector Armenia`s government to support IT sector 
Ardshinbank holds a campaign 10000 AMD for every 300th client making a money transferArdshinbank holds a campaign 10000 AMD for every 300th client making a money transfer
Armenia`s share in UNECE programmes 22%Armenia`s share in UNECE programmes 22%
EU to issue 33mln EUR grant to Armenia EU to issue 33mln EUR grant to Armenia 
Nikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effectNikol Pashinyan: Introduction of  universal income declaration system  will have significant anti-corruption effect
On December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 millionOn December 1, Ameriabank to start initial placement of next tranche  of USD bonds in amount of $10 million
Models of cooperation between public and private sectors are being  developed in ArmeniaModels of cooperation between public and private sectors are being  developed in Armenia
Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.Joint Initative of HSBC Bank in Armenia and Jinishian Memorial Foundation (JMF) promotes innovative and sustainable agriculture among the small holder farmers.
Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman Civil Contract nominates Armen Nurbekyan for post of CBA Deputy  Chairman 
Economy Ministry to provide Economy Ministry to provide "oxygen" for IT companies working with  international market 
Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities Party: Draft state budget of Artsakh for 2023 does not reflect  internal and external realities
Mher Grigoryan noted key importance of programs implemented jointly  with EBRD Mher Grigoryan noted key importance of programs implemented jointly  with EBRD 
Vahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDPVahan Kerobyan: Our goal is to bring the volume of investments to 25%  of GDP
Ameria PhonePOS.  New application for receiving non-cash payments with a smartphoneAmeria PhonePOS.  New application for receiving non-cash payments with a smartphone
EDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  SargsyanEDB developed concept for establishing platform on which  multicurrency digital transactions may be carried out - Tigran  Sargsyan
EDB announces 2nd contest of digital technologiesEDB announces 2nd contest of digital technologies
Economy Ministry to support IT companies affected by dram  appreciationEconomy Ministry to support IT companies affected by dram  appreciation
Expert: There are a lot of random people in the tourism sector of  Armenia todayExpert: There are a lot of random people in the tourism sector of  Armenia today
Incomplete fulfillment of capital expenditures indicates a lack of  professionalism - EconomistIncomplete fulfillment of capital expenditures indicates a lack of  professionalism - Economist
EDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMDEDB forecasts 4.2% GDP growth in Armenia in 2023 and gradual  devaluation of AMD
Sporadic construction of solar power plants could undermine Armenia`s  food security - expertSporadic construction of solar power plants could undermine Armenia`s  food security - expert
ADB to help Armenia develop wind energyADB to help Armenia develop wind energy
US considers granting Armenia market economy statusUS considers granting Armenia market economy status
Another dollar tranche of bonds from IDBankAnother dollar tranche of bonds from IDBank
Tourists arriving in Armenia faced difficulties due to cashless  payment requirements - MPTourists arriving in Armenia faced difficulties due to cashless  payment requirements - MP
Armenia`s tax authorities on peculiarities of taxation when renting  apartmentArmenia`s tax authorities on peculiarities of taxation when renting  apartment
AraratBank acts as an underwriter of National Mortgage Company RCO bonds   AraratBank acts as an underwriter of National Mortgage Company RCO bonds  
Converse Bank customer wins Visa campaignConverse Bank customer wins Visa campaign
Armenia`s economy recovered quickly after `September shock` - Vahan  KerobyanArmenia`s economy recovered quickly after `September shock` - Vahan  Kerobyan
AraratBank launches Google Pay for its card usersAraratBank launches Google Pay for its card users
Goods imported to Armenia to be liable to excise taxGoods imported to Armenia to be liable to excise tax
Armenia`s national debt in terms of figures not essential - Armenia`s  premier Armenia`s national debt in terms of figures not essential - Armenia`s  premier 
French Development Agency to open permanent office in YerevanFrench Development Agency to open permanent office in Yerevan
Proposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran JrbashyanProposed reform to introduce system of mandatory universal income  declaration system for all resident citizens in Armenia cannot ensure  achievement of the declared goals: Tigran Jrbashyan
IDBank  “MalatiaIDBank  “Malatia" branch now more comfortable and modern
Largest mining company in Armenia presents its first ESG reportLargest mining company in Armenia presents its first ESG report
It is already possible to make payments with IDBank cards via Apple PayIt is already possible to make payments with IDBank cards via Apple Pay
 Converse Bank announces the launch of the  new coupon bonds placement Converse Bank announces the launch of the  new coupon bonds placement
Vine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 yearsVine and Wine Foundation of Armenia: Volumes of wine production in  Armenia almost doubled over 5 years
Armenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmenArmenia`s minister of territorial administration hosts  Ukrainian-Armenian businessmen
Iranian Minister of Energy announces launch of project for  synchronization of electricity between   Iran, Azerbaijan, Armenia and RussiaIranian Minister of Energy announces launch of project for  synchronization of electricity between  Iran, Azerbaijan, Armenia and Russia
Armenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz FanyanArmenia`s economy most likely to not reach its historical high by the  end of 2022: Haykaz Fanyan
Yerevan, Tehran continue to expand economic relationsYerevan, Tehran continue to expand economic relations
Success of the family business based in Tavush: from a home to a guest house and a small winerySuccess of the family business based in Tavush: from a home to a guest house and a small winery
Armenia becomes popular destination for BelarusiansArmenia becomes popular destination for Belarusians
Satlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce itSatlantis CEO: Armenia did not buy an expensive Mercedes, but rather   established a plant that will produce it
Robert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the yearRobert Khachatryan: Satellite Control Center in Armenia to be ready  by the end of the year
Armenia starts construction of its first satelliteArmenia starts construction of its first satellite
Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )Participation of GeoProMining in state subvention projects in Armenia reaches 1 billion 700 million drams ($ 4.2 million )
Significant progress has been made on the issue of launching the  ferry crossing Poti - Port Kavkaz - Deputy MinisterSignificant progress has been made on the issue of launching the  ferry crossing Poti - Port Kavkaz - Deputy Minister
Armenia sings two loan agreements with AFD, ADBArmenia sings two loan agreements with AFD, ADB
Multifunctional cultural production cluster to open in DilijanMultifunctional cultural production cluster to open in Dilijan
Vice-President of Interstate Bank: After the developments at the  beginning of 2022, the turnover in the national currencies in the  correspondent banks of the Interstate Bank has increased  significantlyVice-President of Interstate Bank: After the developments at the  beginning of 2022, the turnover in the national currencies in the  correspondent banks of the Interstate Bank has increased  significantly
On November 22, Converse Bank to sell AMD, USD bonds worth AMD 3  billion, USD 10 million On November 22, Converse Bank to sell AMD, USD bonds worth AMD 3  billion, USD 10 million 
Armenia`s economy is unhealthy: Economist offers ways to solve  existing problemsArmenia`s economy is unhealthy: Economist offers ways to solve  existing problems
Google pay and Google wallet available in ArmeniaGoogle pay and Google wallet available in Armenia
Europrotocol is losing its popularity in Armenia due drop in  confidence in insurers; Market is getting adventurousEuroprotocol is losing its popularity in Armenia due drop in  confidence in insurers; Market is getting adventurous
If the potential for electricity export to Iran is activated, it will  affect domestic tariffs - Mher GrigoryanIf the potential for electricity export to Iran is activated, it will  affect domestic tariffs - Mher Grigoryan
Read more


Exchange rates
01.12.2022
RUB6.46-0.03
USD395.350.48
EUR411.923.03
GBP480.036.42
CAD294.382.83
JPY28.970.53
CNY55.510.49
CHF418.402.79