Prime Minister Hovik Abrahamyan presented the draft state budget for FY2016 to the Parliament today. He said the budget is based on principles of “feasibility and stability.”
The Prime Minister said the 2016 budget will be socially-oriented, proved by the fact that the spendings of the fields of social security, education, culture and healthcare make nearly half of the total budget expenditures.
“We look at issues from the perspectives of long-term development, rather than current interests. We have tried to put long-term benefits above the temptation of immediate profits,” the Prime Minister said.
The draft budget approved by the government on October 1, envisages 1 trillion and 373.7 billion AMD in revenues and 1 trillion and 183 billion AMD in spending.
The projected deficit is 197 billion AMD. The GDP growth is expected to stand at 2.2%, the 12-month inflation at 4% (± 1.5%) and the budget deficit at 3.5% of GDP.