168: 4.3 billion dollars in 1 day. Prisoners of debt

They praise that they have greatly increased the tax revenues of the budget in recent years. Recently, during the presentation of last year’s report of the government’s five-year plan of activity in the National Assembly, Nikol Pashinyan proudly declared that the tax revenues of the state budget in 2025 will be 2.3 times more than the figure of 2017. We collected 1 trillion 648 billion drams or 4.3 billion dollars more in taxes.

Very good, but if that is the case, where does the money go that the government borrows more than half a billion dollars in 1 day?

4.3 billion is a big amount for Armenia. But in many cases, it is not known where the money goes, what it is spent on, and even more, what is given to the citizen.

If the budget revenues have increased so much, why are they not implementing the programs that are implemented with loans and putting the country under such a disproportionately high financial burden? They managed to more than double the state debt in almost 4 times shorter time. They increased by around 8 billion dollars, but they are not satisfied with that either. They continue to take loans at a high pace and in large quantities.

The other day, with only 2 loan agreements in 1 day, the government decided to attract another large loan funds.

One of the agreements is with the Asian Development Bank, the other is with the International Bank for Reconstruction and Development. They are going to take a loan of 293 million dollars from the Asian Development Bank, and 264.4 million dollars from the International Bank for Reconstruction and Development. In general, we are talking about more than 557 million dollars. With these 2 agreements alone, they borrow more than half a billion dollars.

With 293 million dollars from the Asian Development Bank, they plan to build so-called earthquake-resistant schools. We are talking about 50 schools.

This proves once again that even the school construction program, which is being speculated so much, is being done with loans. Nikol Pashinyan talks about increasing taxes by 4.3 billion dollars, but they take 293 million dollars in loans to build a school. And the characteristic thing is that sometimes these loans are no different from commercial loans.

264.4 million of the International Bank for Reconstruction and Development was taken to solve the problem of housing security for the people of Artsakh. In the justification of the agreement, they wrote that they plan to provide long-term housing solutions for around 109,000 refugees within the framework of the money.

Not even a forced emigrant, a “refugee”.

We are talking about a loan, but they present it in such a way that it gives the impression that we are dealing with a grant. It is true that there is a grant component in this loan, but it is only a small part of the amount.

Out of 264.4 million dollars, 240 million is the loan, only 24.4 million is the grant.

The government takes this money in order to implement the program of providing housing for displaced and dispossessed Artsakh citizens. And again the same question arises, why with loans, if the budget revenues increased by 4.3 billion dollars? They could allocate 264.4 million dollars out of that 4.3 billion and solve the problem of housing security for the people of Artsakh.

Especially since they plan to implement this program not all at once, in one year, but over the course of years.

At that time, when the tax revenues of the state budget had not yet managed to increase by 4.3 billion dollars, as Nikol Pashinyan says, and they had not yet destroyed Artsakh, Armenia annually provided up to 130-140 billion drams of aid to Artsakh in the form of an interest-free loan. There is no longer a need for such assistance, because Artsakh does not exist either, and these funds remain in the budget.

Why doesn’t the government implement the housing provision program for Artsakh residents at the expense of the money provided to Artsakh on time, and it takes a loan of 264.4 million dollars for it?

They could settle comfortably within that amount and there would be no need for a loan.

After all, we are talking about a much bigger amount than the loan of 264.4 million dollars. If we turn the financial assistance provided to Artsakh in the form of an interest-free loan into foreign currency, at least 350 million dollars will be obtained annually. It is a much larger amount than the loan involved.

But instead, the government has decided that it will solve the housing security problem of Artsakh citizens with loans. Thus, they will have another opportunity to justify their extraordinary policy of burying the state in debt. Recently, we see how they are trying to “write off” the state debts accumulated by billions by purchasing weapons.

In addition, they will leave the people of Artsakh “in debt”. Especially for this purpose, they are announcing this loan agreement now, in order to woo them on the eve of the elections.

Before that, as is known, they decided to increase the benefits of the housing program for some categories. For two years, people have been complaining that it is not possible to buy an apartment both in Yerevan and outside of Yerevan with the money offered by the government, the apartments are much more expensive than the allocated money, but no one listened. At that time, the breath of elections was not yet felt, there was no problem of wooing the people of Artsakh.

The elections came closer, and the people of Artsakh were also remembered.

HAKOB KOCHARYAN

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