2021 Should Become the Year for the Restoration of Our Economic Ambitions: Nikol Pashinyan

During a meeting held today with Prime Minister Nikol Pashinyan, the macroeconomic framework for 2022 was discussed.

In his opening remarks, Prime Minister Pashinyan stated, "The year 2020 was an extremely problematic year, not only due to the war but also because of the new coronavirus pandemic. We should clearly state that 2021 will be the year for the restoration of our economic ambitions. We must articulate the actions that will enable us to overcome difficulties and truly restore the economic ambitions we had as a result of the well-known events of 2020. We have numerous economic challenges, but we also have many opportunities.

Of course, first and foremost, we need to focus on resolving humanitarian issues, and on the other hand, we must note that the trilateral statement signed in Moscow on January 11 and its possible implementation can create entirely new economic opportunities for the Republic of Armenia. We are determined to fully utilize these opportunities—to restore our economic ambitions not just to what they were but to set even higher benchmarks.”

Finance Minister Atom Janjughazyan presented general forecasts regarding the macroeconomic framework and economic developments for 2022. He indicated that, due to the repercussions of the coronavirus pandemic and the military operations in Artsakh, it would be advisable to initiate discussions about the budgetary process earlier.

The consultation addressed several issues, particularly regarding the draft state budget for 2022, the development of medium-term expenditure programs for 2022-2024, economic policy, growth forecasts, the tax and budgetary framework, and current and capital expenditures.

The Prime Minister remarked that the quality of the programs implemented in 2021 will impact the macroeconomic framework for 2022, and it is essential to be consistent in ensuring the high performance of these programs.