ArmInfo. The Armenian government intends to harmonize the investment programs implemented in the country with the state budget of the Republic of Armenia. The National Assembly of the Republic is discussing amendments to the law "On the budget system" in the first reading at the plenary session on January 22.
As Deputy Minister of Finance of the Republic of Armenia Vahan Sirunyan noted in his speech, the management of the investment process is currently regulated within the framework of public-private partnership, according to which the process of assessing investment programs and their significance takes place. In parallel with this, the budget process is carried out during the development of the draft of the main economic law of the country, its approval and submission of reports on its implementation. Meanwhile, the country's budget system lacks such concepts as "public investment", "investment program", which creates various problems and leads to different interpretations. In particular, this concerns how they are combined with budget programs. All these concepts will now be presented in the law "On the Budget System", thereby ensuring a connection between both laws.
It is proposed to establish that the concept of "public investments" will include all investments that are formed at the expense of the state budget and budgets of local authorities, including at the expense of credit and grant agreements concluded by the Government of the Republic of Armenia without the acquisition of non-financial assets and without the creation of non-financial assets that lead to the emergence of additional expenses or additional financial obligations for the state budget. Public investments will be presented in the state budget of the country as a separate program or event. For this reason, the concept of "state programs" is being streamlined.
