YEREVAN, July 8. / ARKA /. The Armenian government on Wednesday approved its medium-term revenue and spending programs for 2016-2018. Finance minister Gagik Khachatryan said the 2016 budget revenues are expected to amount to 1 trillion and 211 billion drams, which would make 24.6% of the projected GDP. He said the figure is by 19.8 billion drams more than projected for 2015.
The minister said the growth is to be secured by improved revenue collection rate. For 2017 revenues are projected at 1 trillion and 306 billion drams, or 24.7% of GDP, and by 95.1 billion drams more than the 2016 revenue rate.
According to him, revenue growth is to be ensured by improved tax collection rate that would translate into additional by 105 billion drams revenue as well as by cutting the amount of government-released grants by 7.6 and 2.3 billion drams respectively.
The government also plans to collect 1 trillion and 417 billion drams in revenues in 2018, which would make 24.8% of the GDP. The projected figure is by 111 billion drams more than in 2017. Khachatryan said the growth is to be secured by increased tax revenues by 128 billion and by cutting government-released grants.
According to the minister, the 2016 spending is projected at 1 trillion and 346.6 billion drams (27.4% of GDP), which is by 41 billion drams more than the 2015 spending. The budget deficit in 2016 is expected to the tune of 135.4 billion drams (2.75% of GDP, and by 21 billion drams more than in 2015.
The 2017 spending is projected at 1 trillion and 414 billion drams or 26.7% of GDP. It is by 67.7 billion drams than the 2016 spending. The budget deficit is projected at 108 billion drams or 2% of GDP and by 27.4 billion drams less than the 2016 figure.
The minister said also the 2018 spending will amount to 1 trillion and 517 billion drams or 26.5% of GDP. It is by 102.7 billion drams more than the previous year figure. The budget deficit will amount to 99.6 billion drams (1.7% of GDP, down 8.3 billion drams from 2017).
Khachatryan said the increase in spending will be supported by revenue growth and also by cutting some spending. ($1-474. 39 drams) -0-
