Armenia’s 3.2% economic growth to be based on four principles – minister
Armenia’s Parliament continues discussing the 2017 draft budget.
Keynoter, Armenia’s Minister of Finance Vardan Aramyan said that the draft budget is based on four fundamental principles.
“In drafting the budget we planned to introduce a somewhat conservative budget, but we considered both global and domestic macroeconomic developments, which inspire hopes in contrast to this year,” the minister said.
Citing global forecasts, Mr Aramyan expects advance growth of 0.3 points as compared with this year. Armenia’s commercial partners are expected to ensure stability and growth as well.
The second principle is to ensure economic stability. In the passing year, economic shocks, sanctions against Russia, falling copper prices forced Armenia into borrowing more funds. In 2014-2016, Armenia’s foreign debt showed an increase of 14-16 percent.
“We have targeted the 2017 debts to slow down its paces and bring the situation under control,” he said, adding that avoiding pressures against tax-payers should be the third principle.
Aramyan reiterated the government policy of levying taxes which he said should be treated as a procedure aimed to promote economic development.
The fourth principle, he said, should be the state attention to the implementation of the expenditure pattern.
“The shortage of means should not deteriorate the quality of the services rendered through state,” he added.
The minister further briefed the parliament on the Government’s macro-economic framework intended to secure a 3.2% growth.
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