Armenian government discusses applications for budget financing of  the Ministry of Economy for 2020

ArmInfo. On October 23, under the chairmanship of Prime Minister Nikol Pashinyan, the government of Armenia held discussions on applications for budget financing of  state departments. Today, applications for budget financing by the  Ministry of Economy for 2020 were discussed.

According to the press service of the Prime Minister, the  applications were discussed taking into account the main tasks of the  departments, requiring urgent resolution of issues, priorities, as  well as ongoing reforms.

In particular, issues of ensuring economic growth, improving the  business environment, stimulating SMEs, developing international  economic cooperation, improving the quality of tourism  infrastructures and activities aimed at reforms in the field of  agriculture were raised.

The Prime Minister noted the importance of the productive and  coordinated work of the Ministry of Economy in the above areas, and  the targeted nature of the costs. In accordance with this, during the  discussion, the Prime Minister gave the heads of departments specific  instructions.

Earlier, ArmInfo reported that according to the draft budget for  2020, the Ministry of Economy of Armenia will receive 33.196.3  million drams from the state treasury next year. 183.1 million drams  out of the specified amount will be directed to activities to manage  and coordinate the programs of SMEs (the same amount was allocated in  the current financial year). The ministry will direct 528.0 million  drams to stimulate exports and investments, compared to 1072.1  million drams in 2019. Allocations for tourism development programs  also reduced by 86.4 million drams - up to 200.0 million drams.  2.151.0 million drams will be allocated for subsidizing agricultural  loans, against 2.030.8 million drams this year. The authorities will  send as much as 998.9 mln drams to the loans subsidizing companies  during the procurement season. Appropriations for measures to  implement the agricultural insurance system will increase - from  500.0 million drams in 2019 to 600.0 million drams in 2020.