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Revenues And Expenditures Of 2010 RA State Budget Make 742.1 Billion

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  • Revenues And Expenditures Of 2010 RA State Budget Make 742.1 Billion

    REVENUES AND EXPENDITURES OF 2010 RA STATE BUDGET MAKE 742.1 BILLION AND 935.5 BILLION DRAMS RESPECTIVELY

    Noyan Tapan
    Dec 11, 2009

    YEREVAN, DECEMBER 11, NOYAN TAPAN. The RA National Assembly on December
    10 passed the draft law on the 2010 state budget of Armenia with 82
    votes in favor, 16 votes against, and one abstention. Prior to the
    vote, on behalf of the opposition faction "Heritage" Anahit Bakhshian
    announced their faction's decision to vote against, while head of
    "ARF" faction Vahan Hovhannisian said on behalf of the faction that
    they could not vote for the presented draft.

    The revenues of the 2010 state budget of Armenia make 742.1 billion
    drams, expenditures - 935.5 billion drams, and the deficit makes
    193.4 billion drams.

    The programmed revenues are by 18.1% less than the 2009 approved index
    of 905.4 billion drams. According to the government, the reduction
    in the 2010 budget revenues as compared to the 2009 programmed index
    is conditioned by a reduction in the programmed amount of taxes and
    state duties, which in its turn is a result of the Armenian economy's
    decline this year. The 2010 state budget revenues/GDP ratio is expected
    to make up 23.1% against the 2009 programmed index of 21.7%.

    The expenditures of the draft declined by 9.9 billion drams compared
    to the approved index of the 2009 state budget of Armenia. The 2010
    state budget expenditures/GDP ratio will make 29.1% against the
    2009 programmed index of 22.7%. Current expenditures make up 82.5%
    of the overall expenditures or 771.5 billion drams, net spendings
    on non-financial assets make up 17.5% or 164 billion drams. Social
    expenditures (on education, health, social security) make up 42.7%
    of the overall budget expenditures, expenses on defence, public order
    protection and national security - 19.1%, expenditures on various
    branches of the economy - 17.7%, state debt servicing - 4%, provision
    of official grants from the RA state budget to community budgets -
    3.5%, and the formation of the RA government's reserve fund makes
    up 2.3%.

    The budget deficit exceeds the 2009 approved index by 153.4 billion
    drams. It has been programmed to make up 6.02% of GDP as compared to
    the 2009 programmed index of 1%. It is envisaged financing the deficit
    at the expense of net revenues of the domestic sources (99.6 billion
    drams) and net revenies of the foreign sources (93.8 billion drams).

    Credits equivalent to 356 million dollars (most of this sum will be
    provided by the World bank) are envisaged for financing the deficit.

    Nominal GDP is forecast at 3.2146 trillion drams in 2010 against
    3.1162 trillion drams in 2009, the index of real GDP is forecast
    at 1.2%. Inflation at the end of 2010 is forecast at 4% against 5%
    in 2009.

    It has been forecast that exports/GDP ratio will make 16% against
    programmed 13.6% in 2009, imports/GDP ratio - 42.4% against 39.5%,
    and foreign debt/GDP ratio - 44.3% against 36.1%. The state debt
    will amount to 4.009 billion USD in late 2010, including foreign
    debt of 3.566 billion USD. According to the government, the indices
    characterizing the state foreign debt in 2010 will be mainly within the
    limits of indices of the countries with a low or medium debt burden.

    The draft budget was calculated based on the settlement exchange rate
    of 386.41 drams per dollar.
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