Vardan Aramyan: If international investors saw risks in our fiscal policy, they would stop their investment (video)
Today, Vardan Aramyan, Minister of Finance, presenting the results of one year's work, told reporters that we had an international rating with stable prospects that did not affect even 13% growth of public debt in 2014-2015 crisis years. “If international investors saw risks in our fiscal policy, they would stop their investment.” He thinks that as a golden rule, we must keep stable the situation of macroeconomic. “That is the minimal condition for the economic development. Without that it would oppose the investments. The inner debt market is important. The inner debt is 523 billion AMD. We do our best to keep it within 8-10 years. This year we have released 30-year bonds. This was unprecedented, as it was without rate increase, and in other countries of the former Soviet Union, no such thing has happened yet. He thinks that short-term are not effective, as problems with liquidization can occur. The deputy emphasized that there are 46 treaties excluding double taxation at the moment, the last of which is with Israel. “Such treaties will be signed with Kyrgyzstan and Uzbekistan till the end of this year, and by 2022, the number of such treaties will increase by 8.” As for the acquisition of a double taxation agreement with the United States, Vardan Aramyan says that negotiations and discussions are currently underway. Minister Aramyan pointed out the property tax reform, which will be implemented in two stages - real estate prices will almost identify the market price in the second stage. “So, we will solve the outage property issues which could solve problems of potential economic development. But there is a problem with minimal property tax. We will start from Yerevan. We must do so as not to cause social problems, the middle class should not have a tax burden. It refers to the owners of valuable property.” One of the main accomplishments he considered savings in the procurement field. “70 percent of the procurement needs to be shared on general principles as is the case with other budget expenditures.” As for agriculture, according to the August data, the price of fruit rose to 11 percent, and the price of vegetables has not. By the way, the Minister assures that this year's budget will have more than 3.2% economic growth, and 4.3% real economic growth will be registered by the end of the year.
