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YEREVAN, September 25. /ARKA/. Armenia’s Government approved today the draft budget 2009.
Armenia’s Minister of Finance Tigran Davtyan said at a government briefing budget receipts will total 927.7bln drams. Expenditures are expected to reach 967.1bln drams. The budget deficit will total 40bln drams (less than 1% of GDP).
The share of community budgets in the state budget will be 50.1bln drams. Direct receipts will amount to 905bln drams, the
minister reported.
He said “it would be hard to restrain budget deficit, yet it is a feasible task,” Davtyan was quoted saying.
The minister informed that domestic sources will cover 30bln of total deficit.
Tax proceeds will reach a record 726bln drams next year. The government plans to reach tax proceeds of 0.4% of GDP.
To prove his words, Davtyan said tax proceeds were 17% of GDP this year, with a view to reach 17.4% next year.
“Next year compulsory payments, official grants and other incomes are expected to total 128bln drams, 36bln drams, 14.8bln drams
respectively,” the minister added.
The share of budget receipts in GDP will be 27% in 2009. The government expects to reach expenditures of 22.7% of GDP and a deficit of 0.96% of GDP.
Education and healthcare will have the lion’s share in expenditures (127bln drams and 66bln drams respectively). Defense expenditures will total 149.6bln drams. The government will allocate 24.3bln drams for social benefits and pensions. Armenia’s GDP is expected to reach 4.169bln next year, compared to current 3.6bln.
GDP will rise 9.2%. Armenia expects 4% (±1.5%) inflation. DP per capita will reach $4,300 next year.
Budget receipts and expenditures are expected to total 746bln drams and 822bln drams respectively by end-2008.
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