“In the end of 2009 we’ll face some difficulties in covering the budget, but the crediting of social programs won’t be cancelled,” the Chairman of Parliamentary Commission for Finance, Crediting, Budget and Economy, Member of RA Republican Party Gagik Minasyan told a news conference on Mar. 12.
According to Minasyan, the Armenian Government will undertake all necessary steps to overcome the financial crisis, as well as promote creation of new job opportunities in more perspective spheres. He specified that realization of social expenditures can be postponed till the last quarter of 2009, when the budget is filled with new proceeds.
As for state revenues, the reserve fund, now totaling AMD 77billion, will allow decreasing the budget deficit to 3%. The Parliamentary Commission Chairman added that 2007 reserve fund allowed to fully cover the expenditures for 2008. “Much was spent on exchange rate control in the first months of 2009, yet the expenditures were necessary for timely introduction of the floating exchange rate policy.” According to Gagik Minasyan’s forecast, by the end of the year state expenditures will be compensated by the revenue secured from shadow economy control.
