Tue, 29 April
19.1 C
Yerevan
USD: 389.46 RUB: 4.73 EUR: 441.92 GEL: 141.70 GBP: 519.38
spot_img

Armenia may raise level of budget deficit to 2.3% of GDP, IMF resident representative says

YEREVAN, October 31. / ARKA /. Armenia may raise the level of its budget deficit to 2.3% of GDP, instead of the earlier projected 2%, IMF Resident Representative in Armenia, Teresa Daban Sanchez, said at a news conference today.

She said given well-managed macroeconomic policy, the government may pursue economy stimulating policy in 2015 and increase the budget deficit to 2.3% of GDP in the first place by increasing spending on capital and infrastructure projects.

According to her, that would allow the government to channel additional funds into the economy to have a positive impact on all sectors. She said the Armenian government can do so because of its failure to fully meet its 2013 and 2014 spending targets.

Consequently, the state budget deficit in 2014 is expected to be only 1.5% of GDP. Besides, Armenia may attract funding from donors and from sale of Eurobonds, she added.

Armenia’s 2014 budget calls for 1 trillion and 135 billion drams in revenues and 1 trillion and 245 billion drams in spending. The projected budget deficit is 110 billion drams or 2.3% of GDP.

The draft state budget for 2015 calls for 1 trillion and 221 billion drams in revenues (nearly $2.9 billion) and 1 trillion and 337 billion drams in spending ($3.1 billion). The projected deficit is 116.6 billion drams. . ($ 1 – 411.74 drams) -0-

spot_img

POPULAR

Euro exchange rate down 1 point, while US dollar and ruble up

The average market exchange rate of the U.S. dollar to the Armenian dram on April 25, 2025, rose by 0.77 points compared to April 23 and amounted to AMD 390.33.

Armenia may access $25 mln from the IMF under the SBA agreement in June

An International Monetary Fund (IMF) team led by Iva Petrova visited Yerevan from March 31 to April 10, 2025, to conduct discussions for the fifth review under the Stand-By Arrangement (SBA) with Armenia.

In February, deposits in Armenian banks grew by 1%, loans decreased by 0.1% due to dram funds

In February 2025, deposits in Armenian commercial banks grew by 1% (MoM), while loans decreased by 0.1% (MoM), in both cases the changes were due to funds denominated in drams.

Armenian Banks Contribute AMD 28.3 Billion in Taxes During Q1 2025

In the first quarter of 2025, all 18 commercial banks in Armenia ranked among the top 1,000 taxpayers, collectively contributing AMD 28.3 billion in taxes and duties, as reported by the State Revenue Committee.

Armenia’s international reserves rose to $3.9 billion in March, providing 2.9 months of import coverage – WB

Armenia's international reserves increased to $3.9 billion in March 2025, offering 2.9 months of import coverage, according to the World Bank's Monthly Economic Update for April 2025.

LATEST NEWS

spot_imgspot_imgspot_img