Reserve fund to prevent macroeconomic stability risks to be  established - CBA chairman 

ArmInfo.Armenia's draft 2026 state budget envisages increased competitiveness and a significant expansion of investment in human capital, economic  infrastructure, and security. This was stated by Martin Galstyan, Chairman of the Central Bank of Armenia, from the podium of the  National Assembly of the Republic of Armenia on November 12.  According to him, the factors that contributed to significant  economic growth in previous years are gradually being neutralized.

Maintaining high GDP growth rates next year will largely depend on  government policies aimed at increasing labor productivity, promoting  exports, and improving the investment climate. In this context, given  the instruction on fiscal consolidation, the Central Bank places  particular emphasis on improving the efficiency of expenditures  envisaged in the draft state budget. This primarily concerns  improving the efficiency of budgetary funds in the implementation of  economic and infrastructure programs.

The head of the Central Bank recalled that the draft envisages 5.4%  GDP growth in 2026 while ensuring public debt stability. Given the  geopolitical uncertainties prevailing globally, the Central Bank  emphasizes the significant internal and external risks associated  with the country's economic development scenarios.  Given these  risks, the Central Bank calls for strictly limiting the use of the  resources of the government's Reserve Fund, directing them  exclusively to mitigating potential risks to macroeconomic stability.

The head of the Central Bank emphasized that active discussions  regarding this fund have taken place throughout the current year, and  that its creation should be directed exclusively toward preventing  all potential risks. It is also important to continuously monitor  risks and implement preventative measures.

Galstyan recalled that, according to the document presented, the  share of taxes in the country's GDP will increase by another 0.4  percentage points in 2026, bringing taxes to 29.4%. In this context,  the need for efficient budget spending was emphasized.