Thursday, November 1 2018 16:30

Nikol Pashinyan: The draft budget for 2019 is inertial

Nikol Pashinyan: The draft budget for 2019 is inertial

ArmInfo. The draft budget for 2019 is inertial. The candidate for Prime Minister Nikol Pashinyan  announced this on November 1 in the National Assembly of Armenia.

According to him, the basis of this project is the parameters that  the new government inherited. At the same time, Pashinyan said that  social spending will be increased by 20 billion drams in 2019. "By  this we will increase the incomes of about 100 thousand people, whose  salaries and pensions were below the minimum consumer basket," the  candidate for premiere summed up.  Earlier, ArmInfo, citing the head  of the financial department Atom Janjugazyan, reported that by the  end of 2019 the Armenian government expects GDP growth at the level  of 4.9%, and the state budget deficit will be 150 billion drams or  2.2% of GDP. Calculations were made on the basis of the program of  medium-term expenditures for 2019-2021. with some correction due to  internal and external developments. Initially, according to the  medium-term expenditure program, GDP growth in Armenia for the next  year was projected at 5.3%, but as a result of the growth  adjustments, it is planned that in 2018, instead of 4.5%, by the end  of this year it will be 6.5%. Accordingly, on the basis of changes in  the base, the forecast for the next year was also revised. However,  this does not mean that the nominal value of GDP will decrease, which  will grow by 130 billion drams. Inflation will also be in the  allowable range - 2.7%. In 2019, capital expenditures will increase  from the current 2.3% of GDP to 3%. Tax revenues will amount to 1.396  trillion drams, expenses - 1.614 trillion drams. Most of the state  budget funds will be directed to the implementation of programs in  the social and cultural spheres - 44%. 24% of the total state budget  funds will be spent on solving problems related to maintaining public  order, security and defense, 12.3% are planned to be invested in the  real sector of the economy. In the form of subsidies to the budgets  of local governments, 3.2% of all expenditures will be sent, and 5.8%  - to government agencies. In 2019, the government will direct 10% of  all budget funds to service public debt. In 2018, as a result of a  restrained tax and budget policy, the ratio of public debt to GDP  will be 50.4%. The end of 2019 expects a similar figure. Recall that  according to the state budget for the 2018th year, the revenue part  will be 1.308.2 billion drams, against the approved for 2017 1,210.0  billion drams and actual for the year 2016 1,135.9 billion drams. At  the same time, an increase in tax revenues is expected. In  particular, the Ministry of Finance expects growth in tax revenues to  1, 248. 5 billion drams. Economic growth in 2018 is scheduled at 4.5%  or $ 11,948.9 million.  

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