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In 2009 All Budget Expenditures Fully Incurred And No Debts Accumula

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  • In 2009 All Budget Expenditures Fully Incurred And No Debts Accumula

    IN 2009 ALL BUDGET EXPENDITURES FULLY INCURRED AND NO DEBTS ACCUMULATED

    Noyan Tapan
    Dec 29, 2009

    YEREVAN, DECEMBER 29, NOYAN TAPAN. The expenditures envisaged by the
    2009 state budget have been fully incurred and no debts have been
    accumulated. RA Minister of Finance Tigran Davtian stated this at
    the December 29 press conference. Responding to the question about
    his assessment of the budget implementation, taking into account
    the fact that the budget implementation will make 900 billion drams
    instead of the programmed index of 945 billion drams and Armenia's
    GDP is expected to make 8 billion USD instead of envisaged 12 billion
    USD, the minister replied that in the given case the budget can be
    considered as implemented because each year some money is saved as
    well. According to him, Armenian GDP will amount to 3 trillion 116
    billion drams this year.

    "The budget is never spent by 100%, each year less money is spent than
    envisaged. Of course, this was done by increasing the deficit and
    attracting resources from outside, but it is important that we have
    not run into debt," Tigran Davtian underlined. As regards the foreign
    debt of Armenia, he said that it will not reach 50% of GDP in 2010:
    the foreign debt of our country currently amounts to 1,045.6 billion
    drams. The minister added that Armenia expects to receive new budgetary
    loans of 100 million euros from the European Union, including grants
    of 35 million euros. Besides, Armenia is now conducting negotiations
    with Russia with the aim of obtaining a new 100-120 million dollar
    loan for the development of its diamong cutting sector.
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