YEREVAN, October 25. /ARKA/. The deficit of the Armenian government’s 2022 budget is projected at 3.1% of GDP or 243 billion drams, Finance Minister Tigran Khachatryan said today when speaking at a parliamentary hearing on next year’s budget.
He said at the end of 2022 the debt/GDP ratio is projected at 60.2%. In 2020 the ratio was 63.5%.
‘The most important thing is that given these indicators we will have sufficient resources to service the debt without macroeconomic risks.” he said.
Khachatryan said also that capital expenditures in 2022 will amount to 4.5% of GDP and are projected to grow to 5% in the next five years.
The minister also noted that the government’s goal is to achieve tax collection at 25% of GDP by the end of 2025, up from 22.4% and 22.5% in 2020 and 2021 respectively.
“This means an increase in tax revenues by at least 0.5% of GDP each year. We are planning above-average growth for next year, including through an improvement in the tax administration,” he said.
The draft budget of the government designed for 2022 calls for 1 trillion 946 billion drams in revenue, which is by 17% more in comparison with 2021, and by 25% more in comparison with 2020.
The spending is set at 2 trillion 190 billion drams, which is by 10% more than in 2021 and by 16% more that in 2020. ($1 – 476.48 drams) –0–
