Prime Minister Karen Karapetyan today briefed Members of the National Assembly on State Budget Bill for FY2018.
“I am convinced that as a result of the discussions, in 2018 we will have a budget that will best represent the interests of our country and its citizens and ensure progress in our development programs,” the Prime Minister said.
“Over the last few years, Armenia’s economy has been characterized by negative shocks coming from the outer world, which have resulted in a low level of economic growth and gradually reduced the potential for economic growth. Although the current developments are encouraging, the bases for economic growth are still not strong enough to claim a long-term high economic growth. In 2017, a budget framework was established that defines economic stabilization. As to the budget framework of 2018, we have planned a fiscal policy that will determine the future developments in the economy,” Karen Karapetyan stated.
He explained that “the proposed fiscal policy will build up the groundwork for ensuring an average of 5% economic growth in the future, which will enable us to effectively address the challenges we face in terms of sustainable long-term development, and the threats of social character. The achievement of this indicator calls for huge efforts and extensive work.”
“The State budget expenditure policy will be based on clear-cut guidelines aimed at ensuring economic growth, the country’s security and social orientation. This policy will help enhance the country’s attractiveness, and build a solid foundation for sustainable long-term and secure development,” PM Karapetyan noted.
“Our revenue policy will be balanced both from the perspective of curbing the shadow economy and from the point of view of improving the business environment. The emphasis is placed on the formation of the bases of an effective revenue system that will ensure sustainable growth of tax receipts against the GDP growth as specified in the Government Program,” the Prime Minister stated.
He noted that “these discussions are a good opportunity to explore together one of our most important documents, and I am confident that we will use this opportunity to work effectively, pragmatically and rationally to get the best possible outcome for our country and citizens.”