ArmInfo.Armenian Finance Minister Atom Janjghazyan is confident that economic growth in the coming years will increase both expenditures and state budget revenues. He said this on July 11 in an interview with journalists regarding the increase in social items of expenditure, taking into account the planned increase in pensions and wages.
According to him, the financial authorities of the country, developing the program of medium-term expenditures for 2020-2022, remained faithful to the program provision previously announced by the government, according to which the RA undertakes to develop a high-tech, industrial, export-oriented and competitive economy. The minister abstained from specifying the details of the program, only noting that the document approved by the Cabinet of Ministers on the eve implies YOY increase in the Armenian economy, at least at the level of 5%.
At the same time, as the chief financier pointed out, it is possible that even 8.5% growth will be recorded, but the Cabinet, planning its expenses and income, decided to take a more balanced approach. It is on the basis of this approach and expectations of GDP growth of 5% that expenditure and revenue items of the state budget were planned. "You can revise budget commitments at any time and increase spending, but fiscal rules dictate the need to invest in infrastructure projects, which is the best way to generate additional revenue," he explained.
As Janjughazyan pointed out, wanting to keep the intrigue, he will refrain today from presenting other details of the program. The document, he said, will be made public within a few days.