Saturday, November 16 2019 13:47
Alexandr Avanesov

Member of Council of Elders: The draft budget of Yerevan for 2020 is  regressive and non-efficient 

Member of Council of Elders: The draft budget of Yerevan for 2020 is  regressive and non-efficient 

ArmInfo. The draft budget of Yerevan for 2020 is regressive and non-efficient. The head of the "Luys" faction of the Council of Elders of Yerevan, David Khazhakyan,  wrote about this on his Facebook page. According to him, the  presented document provides for the most serious budget deficit of 9  billion drams over the past five years. The salaries fund is  unprecedentedly high, which will be 40% of all capital income. "This  means that we approached the indicator, when almost half of the total  amount collected goes to administrative expenses, the second half -  to solve the problems of the city. 40% is an unacceptably large  indicator," David Khazhakyan wrote.

To recall, yesterday ArmInfo referring to the draft budget of  Armenia's capital posted on single portal of legal acts informed that  in 2020, the budget revenues of Yerevan will amount to 107 billion  120 million drams, compared to 83 billion 077 million drams envisaged  for the current year. Expenditures will be approximately at the level  of 116 billion 233 million drams, instead of 91 billion drams for  2019 (against the approved 84.34 billion drams). The deficit of the  city budget is 9 billion 113 million drams against 1 billion 269  million drams for the current year. Own revenues (local taxes and  fees, revenues from privatization and sale of municipal property,  other own revenues of local budgets) will amount to 26 billion 994  million drams, or 32.5% of the projected total revenue of the city  budget, against about 3 billion drams envisaged for 2019 (29.5% of  total revenues) and about 5 billion 588 million drams actual for  2018. Tax revenues of the capital treasury are projected at the level  of 14 billion 814 million drams, or 17% (2 billion 156 million drams)  more than in 2019. The actual indicator for 2018 was lower than the  forecasted figure by 3 billion 649 billion drams or 32.7%.

Through official grants, according to the draft budget of the  Republic of Armenia for 2020, Yerevan will receive 24 billion 015  million drams, 0.66% or 158 million drams more than within the  framework of the adjusted indicator for the current year.

Other income is projected to generate revenues of 64 billion 675  million drams, against 43 billion 520 million drams for the current  year. The expenditures of the capital's budget in 2020 will grow by  about 31.8 billion drams - up to 116 billion 233 million drams.  Current expenses will account for 90.3%, or about 105 billion drams  (administrative budget), 11 billion 290 million drams - for net  expenses of non-financial assets (stock expenses), and the amount of  receipts and expenses from non-financial assets will be 3 billion 921  million drams.

31.7% of budget expenditures will be allocated to the social sector  (education, health care, social security), 19.5% will be required in  the transport sector, and 17.7% in environmental protection. The  reserve fund of the capital administration will make 10 billion 018  million drams. From the reserve fund of the administrative part of  the capital budget for 2020, 9 billion 228 million 174 thousand drams  will be allocated for the implementation of the Investment Program  for Sustainable Urban Management and Urban Infrastructures  implemented by the Asian Bank - 2: coordination and management  (delegation of authority).  According to the project, an amount of 9  billion 509 million drams or 8.2% of total expenses, which exceeds  the adjusted figure for 2019 by 271 million 684 thousand drams, is  envisaged to support the activities of the governing body. The salary  fund accounts for 5 billion 565 million 619 thousand drams.   Officials also provided a bonus fund in the amount of 34.1% of the  total salary fund. 45 million drams will be allocated for the  establishment of flags.

According to the draft budget for 2020, it is planned to introduce a  new landscaping model. For this purpose, 3.6 billion drams will be  allocated, which is 2.1 billion drams more than the adjusted  indicator for the current year. It is also planned to increase funds  for the resettlement of residents of emergency buildings. It is  planned to allocate 1.5 billion drams for landscaping the yards next  year. The city authorities will send 179mln200 thousand drams for the  overhaul of elevators in apartment buildings, which is 148 million  more than the adjusted figure for 2019. Asphalt volumes will also  increase, sidewalks will be built in the amount of 696 million drams.  About 100 million drams will be allocated for the modernization of  the street lighting network.

In 2020, it is also planned to increase the salary of employees of  municipal music and sports schools, as well as art schools. In the  field of health, the mayor's office plans to implement a number of  major programs. Polyclinics will be repaired (250 mln drams) and  equipped with the necessary modern medical equipment. Kindergartens  will be reequipped in order to accept more children. 

POST A COMMENT
Input digits     


News
Ministry of Economy initiated the first workshop on the development  of the securities market in ArmeniaMinistry of Economy initiated the first workshop on the development  of the securities market in Armenia
Molybdenum enrichment plant was launched in Armenia`s Armavir on the  basis of the old glass factoryMolybdenum enrichment plant was launched in Armenia`s Armavir on the  basis of the old glass factory
IMF will continue to support the efforts of the Armenian government  to develop the Armenian economyIMF will continue to support the efforts of the Armenian government  to develop the Armenian economy
The Ministry of Finance of the Republic of Armenia discussed the  concept of universal health insurance proposed by the Ministry of  HealthThe Ministry of Finance of the Republic of Armenia discussed the  concept of universal health insurance proposed by the Ministry of  Health
Non-cash bank card transactions show unprecedented growth for the  second year in a rowNon-cash bank card transactions show unprecedented growth for the  second year in a row
CBA: Armenian card market is gaining momentumCBA: Armenian card market is gaining momentum
The terms of the program to extend the life of Armenian NPP`s second  power unit will be extended until December 31, 2021 The terms of the program to extend the life of Armenian NPP`s second  power unit will be extended until December 31, 2021 
Beeline and the British Council launch a joint program <Coding  Skills: Linking the Present and the Future>Beeline and the British Council launch a joint program
ADB to provide a loan of 36.5 mln euros to Armenia for the second  program of social efficiency and financial marketsADB to provide a loan of 36.5 mln euros to Armenia for the second  program of social efficiency and financial markets
Company owned by daughter of an Armenian oligarch granted another tax  exemption from the government Company owned by daughter of an Armenian oligarch granted another tax  exemption from the government 
German KfW Bank to provide Armenia 40 million euros for actvities in  the field of nature protectionGerman KfW Bank to provide Armenia 40 million euros for actvities in  the field of nature protection
A comprehensive social services center opened in the Shengavit  administrative district of Yerevan with the support of the World BankA comprehensive social services center opened in the Shengavit  administrative district of Yerevan with the support of the World Bank
Minister: There is a positive trend in the country`s water resources  managementMinister: There is a positive trend in the country`s water resources  management
Armenia continues to work on developing a strategy for the SMEs  development Armenia continues to work on developing a strategy for the SMEs  development 
Deputy Minister: 2019 will be the last year of attracting credit  funds for budget assistanceDeputy Minister: 2019 will be the last year of attracting credit  funds for budget assistance
WB to provide Armenia a loan of $ 45.8 million to finance the state  budget deficit in 2019WB to provide Armenia a loan of $ 45.8 million to finance the state  budget deficit in 2019
Deputy Minister of Economy of Armenia participated in the Second  World Eco-Design Conference in Guangzhou, ChinaDeputy Minister of Economy of Armenia participated in the Second  World Eco-Design Conference in Guangzhou, China
Deputy Minister: As of October 10, the Armenian government placed 272  billion drams in the Central Bank of the countryDeputy Minister: As of October 10, the Armenian government placed 272  billion drams in the Central Bank of the country
Lydian Armenia paid over 930 000 USD to local communitiesLydian Armenia paid over 930 000 USD to local communities
Pashinyan: The framework of cooperation with the WB is completely  consistent with the priorities of the Armenian governmentPashinyan: The framework of cooperation with the WB is completely  consistent with the priorities of the Armenian government
By joint efforts, Armenia can be turned into a leading technological  hub - AvinyanBy joint efforts, Armenia can be turned into a leading technological  hub - Avinyan
Mher Grigoryan stated the need for cooperation with the WB in order  to develop the capital market in ArmeniaMher Grigoryan stated the need for cooperation with the WB in order  to develop the capital market in Armenia
Ardshinbank December 16 will begin the initial placement of dollar  bonds in the amount of $ 5 millionArdshinbank December 16 will begin the initial placement of dollar  bonds in the amount of $ 5 million
Armenian State Control Service revealed violations of 2 billion 103  million 988 drams at <Jrar> CJSCArmenian State Control Service revealed violations of 2 billion 103  million 988 drams at CJSC
SRC of Armenia: Starting January 1, 2020, the  cost of duty-free  import of goods will be reduced SRC of Armenia: Starting January 1, 2020, the cost of duty-free  import of goods will be reduced 
AmRating: Increasing toxicity of consumer loans will push banks to  not put all their eggs in one basketAmRating: Increasing toxicity of consumer loans will push banks to  not put all their eggs in one basket
ANPP scheduled stop scheduled for May 15ANPP scheduled stop scheduled for May 15
Vice Prime Minister: Armenia`s cooperation with ADB is complex and  multifacetedVice Prime Minister: Armenia`s cooperation with ADB is complex and  multifaceted
Too big to innovate?  The secrets to innovating at a big corporateToo big to innovate? The secrets to innovating at a big corporate
Central Bank of Armenia keeps refinancing rate at 5.5%Central Bank of Armenia keeps refinancing rate at 5.5%


Exchange rates
12.12.2019
RUB7.560.03
USD477.71-0.31
EUR531.551.76
GBP629.961.94
CAD362.731.58
JPY43.96-0.02
CNY68.000.08
CHF486.120.82


Experts
Analysts Opinion on Central Bank Report Analysts Opinion on Central Bank Report 
Mining Industry as a Fanciful Game of Cats-and-MiceMining Industry as a Fanciful Game of Cats-and-Mice
Tigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakesTigran Khachatryan: Attracting several transnational investors to  Armenia will allow the country to start playing for high stakes
During the first 5 years, the agricultural insurance market in Armenia will operate at a lossDuring the first 5 years, the agricultural insurance market in Armenia will operate at a loss
Artak Kamalyan: Education is the key to success. Everything else is of secondary importanceArtak Kamalyan: Education is the key to success. Everything else is of secondary importance
Head of PSRC: Whatever the agreement, the domestic tariff is  dependent on the price at the borderHead of PSRC: Whatever the agreement, the domestic tariff is  dependent on the price at the border
IMF: Armenia needs to achieve sustainable inclusive growthIMF: Armenia needs to achieve sustainable inclusive growth
Artur Atoyan: Problems of fish farmers are solved by the communist  method, that is, they are not solved at allArtur Atoyan: Problems of fish farmers are solved by the communist  method, that is, they are not solved at all
HSBC Bank Armenia digitalizes cooperation with retail clients HSBC Bank Armenia digitalizes cooperation with retail clients 
AmRating agency in cooperation with European Rating-Agentur Expert RA  GmbH has issued regular research on Armenia`s banking systemAmRating agency in cooperation with European Rating-Agentur Expert RA  GmbH has issued regular research on Armenia`s banking system
Yulia Ustyugova: Armenia can get access to IMF “insurance line”Yulia Ustyugova: Armenia can get access to IMF “insurance line”
Armand Arton: The question whether citizenship should be granted in  return for investments is rather rhetoricalArmand Arton: The question whether citizenship should be granted in  return for investments is rather rhetorical
Former head of the Ministry of Finance: <Confrontation> with Lydian may cost much to ArmeniaFormer head of the Ministry of Finance: with Lydian may cost much to Armenia
Vardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDPVardan Aramyan: It will be unreasonable if the government goes to revise the allowable national debt ceiling in GDP
HSBC Bank Armenia increases efficiency and focuses on digital servicesHSBC Bank Armenia increases efficiency and focuses on digital services
Bulgarian Minister: The level of Armenian-Bulgarian economic  cooperation is still unsatisfactoryBulgarian Minister: The level of Armenian-Bulgarian economic  cooperation is still unsatisfactory
Expert: Recruitment market in Armenia from the point of view of  supply and demand is sleepingExpert: Recruitment market in Armenia from the point of view of  supply and demand is sleeping
Expert: Despite the adequacy of Armenian banks` capitals, the  opportunities for its optimal use are severely limitedExpert: Despite the adequacy of Armenian banks` capitals, the  opportunities for its optimal use are severely limited
Association of Organic Agriculture is being created in ArmeniaAssociation of Organic Agriculture is being created in Armenia
Pailak Tadevosyan: Governments change in Armenia, but taxation  approaches do not changePailak Tadevosyan: Governments change in Armenia, but taxation  approaches do not change

Search by date

Government Bonds

Issue volume

10 billion

Volume of T-bills for placement

200 million

Volume of submitted competitive applications

200 million

Volume of satisfied bids

200 million

Yield at cut-off price

 5.8314%

Maximum yield

 5.8314%

Мinimum yield

 5.8314%

Weighted average yield

 5.8314%

Number of participants

2

The maturity date of T-bills

03.02.2020

ArmEx

 

СПРОС (Покупка)

USD

Средневзв. Цена

482,00

ПРЕДЛОЖЕНИЕ (Продажа)

  USD

Средневзв. Цена

-

СДЕЛКИ

USD

Цена откр.

482,00

Цена закр.

482,00

Мин. Цена

482,00

Макс. Цена

482,00

Ср/взв. Цена

482,00

-0.16

Кол-во сделок

1

Объем (инвал.)

200 000

0бъем (драм)

96 400 000

Commented
Mining Industry as a Fanciful Game of Cats-and-MiceMining Industry as a Fanciful Game of Cats-and-Mice
Russian processing company Russian processing company "MultiCarta" discussed cooperation  opportunities with Yerevan Municipality in the transport sector
$ 270 Million to be invested in the construction of the first  skyscraper in Yerevan$ 270 Million to be invested in the construction of the first  skyscraper in Yerevan
The AGBU Women Entrepreneurs Program Launched in Artsakh: FRUITFUL  ARMENIA Foundation is the partnerThe AGBU Women Entrepreneurs Program Launched in Artsakh: FRUITFUL  ARMENIA Foundation is the partner
Forecast: Armenia has good prospects for expanding its presence in  the Polish marketForecast: Armenia has good prospects for expanding its presence in  the Polish market
Armenian government`s delegation headed by Prime Minister will take  part in the St. Petersburg International Economic Forum on June 6-7Armenian government`s delegation headed by Prime Minister will take  part in the St. Petersburg International Economic Forum on June 6-7
Concessionaire of Zvartnots International Airport promises to become  one of the best operators in the worldConcessionaire of Zvartnots International Airport promises to become  one of the best operators in the world
Arthur Javadyan: Central banks are not responsible for economic  growthArthur Javadyan: Central banks are not responsible for economic  growth
Forecast: Electricity exports to the Middle East through Iran are a  key component of Armenia`s geo- economic strategyForecast: Electricity exports to the Middle East through Iran are a  key component of Armenia`s geo- economic strategy
ArmInfo IC: In Armenia,  CMTPL loss ratio increased up to 64.5% in Q1  2019ArmInfo IC: In Armenia,  CMTPL loss ratio increased up to 64.5% in Q1  2019
From January 1, 2020, the cost of customs clearance of cars from  non-EEU countries in Armenia will increase by at least 4-5 fold:  whether the market for used cars is going upFrom January 1, 2020, the cost of customs clearance of cars from  non-EEU countries in Armenia will increase by at least 4-5 fold:  whether the market for used cars is going up
Overdue loans accelerate growth in banking system of ArmeniaOverdue loans accelerate growth in banking system of Armenia
RA Prime Minister: European Union is not ready to finance 100% of  development programs implementation in ArmeniaRA Prime Minister: European Union is not ready to finance 100% of  development programs implementation in Armenia
Converse Bank offers online loans at a low effective interest rateConverse Bank offers online loans at a low effective interest rate
Renco company will attract additional shareholders and partners to  the project of building a new thermal-power plant in ArmeniaRenco company will attract additional shareholders and partners to  the project of building a new thermal-power plant in Armenia
T.Avinyan: The Government is open for cooperation and encourages  active dialogue and interaction in all areas T.Avinyan: The Government is open for cooperation and encourages  active dialogue and interaction in all areas 
Agreement on construction of a new unit with combined gas cycle  signed in YerevanAgreement on construction of a new unit with combined gas cycle  signed in Yerevan
Veolia Jur: Regulatory charges are false and unfoundedVeolia Jur: Regulatory charges are false and unfounded
Armenian Prime Minister: We are gaining momentum for economic takeoffArmenian Prime Minister: We are gaining momentum for economic takeoff
Through the mobile banking application of Ardshinbank you can get a  loan in seconds.Through the mobile banking application of Ardshinbank you can get a  loan in seconds.
By the end of 2018, By the end of 2018, "Galburdjian Group" will launch the production of  sesame oil in Armenia
Expert: Armenia has a problem with effective use of water resources,  rather than small hydropower stationsExpert: Armenia has a problem with effective use of water resources,  rather than small hydropower stations
Investment forum Investment forum "Energy Week 2018" to be held in Armenia