Government expects 2016 budget deficit to be 5.9-6 percent

YEREVAN, October 4. /ARKA/. Armenia’s 2016 budget deficit will make about 5.9-6% of GDP, finance minister Vardan Aramyan told a news conference today. According to him, over the past two years the government has been pursuing the so-called counter-cyclical fiscal policy, which resulted in the increased budget deficit which was necessary to raise investments for the economy and compensate for the drop in foreign exchange receipts.

“As a result the state budget deficit in 2015 amounted to 4.8% of GDP and in 2016, we expect it to be 5.9-6%”, – said Aramyan.

He said to finance the budget deficit the government plans to collect 70 billion drams from internal sources, of which 40 billion drams as government bonds and another 5 billion drams will be returned as earlier provided loans.

According to the minister, the remaining 80 billion drams will be financed from external sources. Earlier Aramyan said the budget deficit in 2017 will be brought down to 2.8% of GDP.

According to state budget for 2016, the government’s spending is 1 trillion 377 billion drams. It also plans to collect 1 trillion. 186.3 billion drams in revenue.  ($1 – 474.34 drams). –0

spot_img

POPULAR

Grant Akopian Appointed CEO and Chairman of the Management Board of Converse Bank

Converse Bank CJSC announces the appointment of Grant Akopian as Chief Executive Officer and Chairman of  the Management Board of the Bank.

Armenian banks’ loan portfolio in Q1 amounted to AMD 8.01 trillion, an increase of over 22%

As of March 31, 2026, the total loan portfolio of Armenian banks stood at AMD 8.01 trillion, marking a 22.63% rise compared to March 31, 2025, and a 4.05% increase from December 31, 2025.

Euro and US dollar drop against Armenian dram, while ruble rises

The average market exchange rate for the US dollar against the Armenian dram, formed on the Armenian foreign exchange market as of April 20, 2026, decreased by 0.49 points compared to April 18, to 372.85 drams.

Central Bank of Armenia should be prepared to raise refinancing rate – IMF

The Central Bank of Armenia should be prepared to raise the refinancing rate as needed to return inflation to the target level amid rising inflationary pressures and heightened uncertainty, stated Alexander Timan, head of the IMF mission to Armenia.

The “New Partner” loan is gaining popularity among VTB (Armenia) clients

VTB (Armenia) is seeing steady growth in demand for its small business loan product with a simplified application process—no collateral required, no additional financial analysis required.

LATEST NEWS

spot_imgspot_imgspot_img