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Armenian Parliament adopts State Budget 2014

The Armenian National Assembly voted 70 to 40 with one abstention to pass the State Budget for Fiscal Year 2014.

Speaking at the Parliament, Prime Minister Tigran Sargsyan presented the peculiarities of State Budget 2014. “The first peculiarity of 2014 is that we are going to join the Customs Union. This means that we have a huge work to do, including legislative changes, ratification of international agreements, clarifications in the industrial policy, which can ensure considerable and tangible results for the development of our economy,” the Prime Minister said.

As for the CU membership, Tigran Sargsyan said it will give us benefits in the fields of light industry and informed that the Armenian Government has already approved two programs in the fields of shoe and textile production.

The Prime Minister said the improvement of the business climate will be another priority in 2014. He then referred to the pension reforms, which is another peculiarity of the coming year.

The budget revenues are expected to stand at 1 trillion 135 billion AMD, the expenditures will make 1 trillion 245 billion AMD, the budget deficit will make 110 billion AMD. The Government projects a 5.2% economic growth for 2014.

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