“Unprecedented” budget
During the discussions of the 2011 draft budget in the Armenian Parliament, Armenian Prime Minister Tigran Sargsyan and Minister of Finance Tigran Davtyan said, "The budget is unprecedented."
The on-budget expenditures have increased by AMD 63 bln ( $ 170 mln). AMD450 bln (45%) will be allocated to the social sector, 200 bln of which will be spent on pensions and benefits.
Spending in the next year's budget make a total of AMD 998,6 bln, while incomes make AMD 850 bln.
Speaking about the deficit, Mr. Davtyan said it will amount to AMD 48,6 bln which makes about 4 per cent of the GDP. The deficit will be covered by domestic sources, while the rest will be financed by the resources provided by the World Bank and the International Monetary Fund.
"The budget will be tight in terms of execution," said Tigran Sargsyan.
The Armenian government forecasts 4.6-percent GDP growth and 11-percent economic growth in the country in 2011.
