RA Minister Of Finance: Reduction Of The Deficit In 2010


Aug 28 2009

"2009 will be covered within 6.5 % deficit of the state budget. The
state budget deficit will reduce and will comprise 5.0-5.5 % by 2010,
and for the following years we will try to reach 3.0 %, which was
registered before the crisis", – today at the press conference said
Tigran Davtyan, RA Minister of Finance.

As to him, the current deficit is 67 billion drams in relation with the
Gross Internal Outcome which comprises 4.7 %. The Minister mentioned
that the deficit will not exceed 7.5%.

In the first 7 months of 2009, the budget performance results comprised
359 billion drams collected income and 426.5 billion drams expenses. As
to T. Davtyan, the data provided by the Statistics Office, were not
surprising, as they had been foreseen by the international institutions
and RA corresponding departments.

The Minister mentioned that in the first 7 months of 2009, the Gross
Internal Outcome was reduced more than 18 %, which was due to several
reasons, but the basis was the global economic crisis. The price
raise is low and even some deflation is observed.

"The financial flows and the budget performance correspond to the
present economic situation of RA",-thinks T. Davtyan.

As the Minister mentioned, the level of the Gross Internal Outcome
drop, as compared with that of the first 7 months of the last year,
was higher, as last year the base was high.

"During last June-July the economy reached its top",-said Davtyan.

T. Davtyan thinks that in September-October this year the numbers
will improve and we will have better results, as the economic crisis
started at the beginning of the last year.

Some intentions of stability are observed in the economy, and according
to the Minister, these intentions are to be secured. He said that the
end of the crisis is evident in the economic life of the USA, Europe,
Russia, and this will have its positive effect on our economy too.

"The results will be more satisfying in the terms of a year than
those within 7 months. The drop in the economy will comprise less than
18.5%, nearly 10-15%. Next year the economy will recover, and 1-1.5 %
economic raise will be registered",-predicts T. Davtyan.

From: Emil Lazarian | Ararat NewsPress

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Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS