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Economics

Armenia government approves 2020 budget execution, national debt reaches 63.5% of GDP

YEREVAN. – At Thursday’s Cabinet meeting, the government of Armenia approved the report on the implementation of the 2020 state budget. It will now be submitted to the National Assembly.

Accordingly, the 2020 state budget of Armenia was 1,560,655,340.800 drams in revenues, 1,894,647,093.400 drams in expenditures, and the budget deficit was 333,991,752.600 drams.

Minister of Finance Atom Janjughazyan presented the report, and noted that in case of a 2.9% growth in world economy in 2019, a 7.6% growth was registered in Armenia, which enabled to review the budget expenditures, and several allocations had increased in 2019.

The Minister noted that the Armenian government's debt-to-GDP ratio was below 50% at the end of 2019, which enabled to maintain—by assuming new debts—the logic of fiscal policy in 2020 during the crisis. "The level of [national] debt with the results of 2020 was 63.5% of the GDP," he added.

Also, Janjughazyan stated that the crisis situation in Armenia in 2020 was comparable—in terms of numbers—compared to developing countries.