Mon, 20 October
12.1 C
Yerevan
USD: 382.59 RUB: 4.71 EUR: 447.25 GEL: 141.36 GBP: 513.89

Crisis pushes government to cut upkeep of state machinery by 7%

YEREVAN, November 3, /ARKA/. The Armenian government plans to cut upkeep of state machinery (all level government officials) next year by 7% to 50.2 billion Drams. A deputy finance minister Pavel Safarian said the decision to cut the maintenance expenses is prompted by the global economic and financial crisis.

Speaking at A Monday parliament hearing on next year’s budget he said these expenses will make 1.56% of the GDP, down from 1.63% in 2009. The government personnel upkeep in 2010 will make 5.84% of all budget spending. In 2008 it was 5.88%.

Pavel Safarain said 67% of the earmarked sum will be paid as salaries, which will not grow next year. According to him, in 2010 the average salary of government officials will make 40,000 Drams, that of customs officers-55,500 Drams. He also said the number of government personnel will be cut by 300 people to 16,900.

According to the 2010 draft budget, the government plans to collect 676. 6 billion Drams of revenues, down from 772 billion projected for 2009. It also plans to spend 859.6 billion drams, of which 85.7% will be current expenditures. Tax revenues for 2010 are projected at 533 billion Drams, up from 510 billion, projected for 2009. M.M. -0-

spot_img

POPULAR

Ranking of the most profitable banks in Armenia based on results of second quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the second quarter of 2025.

Investor of the new era: how the capital management culture is changing in Armenia

Interest in investments in Armenia is growing, but it is too early to talk about an established capital management culture.

The UAE instead of Europe : why Armenia needs to change its approach to crypto regulation – EXCLUSIVE

The Armenian Forum on Cryptocurrency Assets, organized by the Cilicia Business Club, was recently conducted in Yerevan.

Net loan portfolio of Armenian banks in Q2 2025 increased by 6.11% to AMD 6.8 trillion

The combined loan portfolio of 17 Armenia-based commercial banks upped  by 6.11% in Q2 2025 compared to Q1 2025, amounting to AMD 6.82 trillion, according to a ranking compiled by  the ARKA news agency.

Armenia is experiencing an investment boom: opportunities, barriers and main misconceptions

Armenia's investment market is experiencing a period of active development: the number of issues is growing, digital technologies simplify access to financial instruments.

LATEST NEWS

spot_imgspot_imgspot_img