2022 Will Be the Year of Counter-Budgetary Rules, Says Finance Minister

In 2020, the pandemic and military actions led to a state debt amounting to 63.5 percent of the gross domestic product. This was stated by Armenia’s Finance Minister Tigran Khachatryan during the discussion of the 2022 budget.

“The law requires that over the next five years, the government present a budget proposal to the National Assembly that guarantees the return of debt not exceeding 60 percent. The government program has set a goal that by 2026, tax revenues should reach 25 percent of the gross domestic product. If we compare this to the expected 22.5 percent for 2021, it means that there must be an annual improvement of 0.5 percent in tax revenues,” Tigran Khachatryan noted.

The minister emphasized that 2022 will be the year of counter-budgetary rules, thus debt management should adopt approaches that are macroeconomically safe.