YEREVAN, November 9. /ARKA/. Gagik Minasyan, chairman of the National Assembly’s financial and budgetary committee, speaking Wednesday at a news conference, said that the 3.1% budget deficit projected for 2012 poses no threat to the country’s macroeconomic stability.
“We precipitously increased deficit to 7.5% of GDP amid the crisis, and unlike other countries, we managed to implement large-scale anti-crisis projects and not to cut social projects thanks to that,” he said. “As a result, the economy got cheap credit resources and recovered in a relatively short period of time.”
The lawmaker said that deficit was narrowed by AMD 12 billion, compared with the previous year.
He also said that official grants would be considerably cut the next year, since American program Millennium Challenge is already over.
On September 29, Armenian government approved the 2012 draft budget. The budget revenue is projected at AMD 910 billion, spending AMD 1042.5 billion and deficit 132.5 billion here.
In this draft budget, revenue is planned to be enlarged by 6.8% in 2012, compared with 2011 (AMD 852.4 billion) and spending is projected to grow by about AMD 41.5 billion. ($1 – AMD 382.89). –0—
