Armenia’s state budget deficit planned to be reduced to 1% by 2030, according to Finance Minister

Economy
The standing committees of the National Assembly have begun discussions on the 2024 State Budget Implementation Report of the Republic of Armenia at the RA National Assembly in Yerevan, Armenia

YEREVAN
, September 24. /ARКА/. Armenia aims to decrease its state budget deficit to 1% by the year 2030, as announced by Finance Minister Vahe Hovhannisyan. “The budget deficit is set to be reduced from 5.5% to 4.5% in 2026, then to 3.5% in 2027, and subsequently to 2.8%,” Hovhannisyan stated on Tuesday during a panel discussion at the forum titled “Future of the Banking System: Innovations and Development Prospects,” which is being held in Yerevan on September 23-24.

He indicated that, in the long run, the objective is to enhance spending efficiency and maintain debt levels that can endure fluctuations without triggering shocks.

“How can we finance development while ensuring stability? It is challenging, but since 2022, we have identified a solution. We have opted to establish buffers that will enable us to be more assured in our capacity to withstand shocks and provide greater flexibility for financing new initiatives,” Hovhannisyan remarked.-0-

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