Home > Latest News > Passed: Armenian parliament approves 2013 state budget

Passed: Armenian parliament approves 2013 state budget

December 6, 2012 Leave a comment Go to comments

The National Assembly on Wednesday approved the 2013 state budget by a vote of 71 to 37, with all minority factions voting against the bill.

The budget calls for 1.15 trillion drams (some $2.84 billion) in spending, with a deficit projected at around 120 billion drams.

According to government projections, the budget deficit will be equivalent to 2.6 percent of Gross Domestic Product which is expected to grow by 6.2 percent in 2013. The government is supposed to cut the deficit through a more than 13 percent rise in tax revenues.

The four minority factions represented in the National Assembly, including the Prosperous Armenia Party (PAP), the Armenian National Congress (ANC), the Armenian Revolutionary Federation (Dashnaktsutyun) and Heritage criticized what they described as a “flawed” financial document, saying that it failed to address the major socio-economic challenges facing the country.

Armenian News

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