ArmInfo.All financial risks in Armenia are manageable. Deputy Minister of Finance of Armenia Armen Hayrapetyan stated this on June 24 from the rostrum of the National Assembly of the Republic of Armenia submitting an agreement with the International Monetary Fund for ratification.
Answering the question of lawmakers that due to the worsening socio-economic situation in connection with the COVID-19 pandemic, funds of the Reserve Fund are being spent, the deputy minister emphasized that government forecasts are usually made based on the worst-case scenarios. However, today it is obvious that these risks are tending to decrease.
Speaking about the possibility of allocating credit resources to provide financial assistance to citizens of the country, the deputy minister recalled that budget programs had previously been approved by the country's parliament. He also noted that as a result of the negative impact of coronavirus on the socio-economic life of the country, the country's GDP will be reduced by 2% points instead of the planned figure of 4.9%. As a result, the nominal GDP by the end of the year will be equal to 6.5 trillion drams instead of the projected 7.3 trillion drams. The financial gap in the state budget will be equal to 250 billion drams, of which 50 billion drams are planned to be obtained from internal sources, and 160 billion drams - from the IMF loan.
It should be reminded that the National Assembly of the Republic of Armenia at an extraordinary meeting on June 24 discusses the draft agreement with the IMF submitted by the government for ratification on raising $ 280 million as a loan to overcome the consequences of COVID-19.
