Thursday, December 21 2017 19:07
Naira Badalian

Artsakh Republic Parliament adopted the main financial document for 2018

Artsakh Republic Parliament adopted the main financial document for  2018

ArmInfo. The Parliament of the  Republic of Artsakh, following discussions in the standing  commissions of the legislative body, approved the "Budget-2018".  Presenting the document, the Minister of Finance of the Republic  Grigory Martirosyan noted that at the second stage of the discussions  32 proposals amounting to 4.8 billion AMD were submitted.

As a result, the state budget of the Republic of Artsakh for 2018 in  terms of revenues will amount to 96 billion 428 million AMD, and in  terms of expenditures - 101 billion 538 million AMD, the deficit will  make 5 billion 110 million AMD. Next year the highest share is  envisaged in the agricultural sector, the energy sector and the  processing industry.

Earlier, on December 14, December 14, in the Artsakh National  Assembly, presenting the draft law of the Republic of Artsakh "On the  state budget of the Republic of Artsakh for 2018", the Minister of  Finance of the Artsakh Republic Grigory Martirosyan noted that he was  drafted taking into account the main provisions of the program of the  President of the Republic of Artsakh on 2017-2020 with the aim to  provide the basis for stable economic growth, development of priority  sectors of the economy, and the formation of a favorable business  environment.

Referring to the economic growth for 2017, the Minister stressed that  the current economic environment, as well as the economic development  trends, allow to expect higher economic growth rates than forecasted  in the medium-term expenditure program for 2018-2020. According to  expectations, it will be about 15%, which is the highest in the last  ten years. The growth is due to the increase in the added value of  the mining industry and other branches of material production.

The Minister added that in 2018 the budget policy to be implemented  will be characterized by budgetary solutions that provide an average  8 percent economic growth in the future. Thus, next year the volume  of GDP is projected at a rate of 291 billion drams, thus ensuring  real growth of 8 percent. The sectoral structure of economic growth  will be preserved, which is due to the increase in the volume of  production envisaged for the next year, primarily in the mining  sector by about 40 percent and forecasting world prices for copper.  The inflation rate is predicted to be within 4 percent.

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