Gevorg Papoyan: All Preconditions Exist for Solving the Problems Designed by State Budget for 2023

The budget revenues for 2023 will be 2 trillion 364 billion AMD, the expenditures - 652 billion AMD, the deficit will be 288 billion AMD.

The RA Minister of Finance Tigran Khachatryan noted that the draft should provide financing for the programmes, which would be implemented in 2023 to achieve the goals set by the Government programme. The capital expenditures are 548 billion AMD: in 2023, the indicator of the current year will be exceeded by 1.5%.

The expenditure of the defense field is 35% more compared with 2022, the social sphere - by 10%, the sphere of education - by 12%, which is 1.6% of the Gross Domestic Product (GDP).

As a main goal for 2023 7% economic growth programme target was set.

The year 2022 will be summed by 11-12% economic growth. In 2023, taxes/GDP indicator was designed 23.5%, for 2022 - 23.2%. In the nine months of the current year, 14% economic activeness indicator was recorded.

The last macro-economic developments and the dram evaluation promote that by the results of 2022 considerable improvement of correlation of the Government debt towards the GDP will be registered.

By the data of 2021, the Government debt was 60.2% towards the GDP: according to the results of the current year it will be below 53%. Taking into Consideration the importance of the stabilizing the Government debt more manageable and in secure environment it is deigned to continue that policy during the coming year. In 2023, the involvement of the new debt means will be carried out in a way that at the end of the year the total sum of the Government debt will be about 50% of the GDP. According to Tigran Khachatryan, the specific gravity of the debt will decrease in 2023.

The Governor of Central Bank (CB) Martin Galstyan, touching upon the inflation, noted that by the international comparable data at the moment, in Georgia it is 10.6%, in the Euro Zone countries - 10.7%, in Kazakhstan - 18.8%, by September in the RF - 13.7%, in Belarus - 17.4%, in Moldova - 34, in the U.S - 8.2%.

In Armenia it is 9.5%, which, according to the CB Governor, is high. Martin Galstyan documented that as a result of the policy being pursued, the CB will reach the planned target, 4% inflation in the 3^rd quarter of the coming year.

The Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan noted that in 2023, the budget responds to all challenges. He emphasized the 47% increase of the defense expenditures. It was noted that from September of this year the pensions had already increased. In 2023, the average pension will be about 50.000 AMD, the basic salary - 83.000, and the minimum salary will be 75.000 AMD. According to the Committee Chair, important record is the rise of the budgetary employees by 25%.

"The construction of the North-South highway is an important step in terms of the economic development," Gevorg Papoyan said.

The increase of the capital expenditures was also stressed, which is mainly addressed to the development of the marzes.

The Committee Chair considered important also the reforms of the education sphere: the teachers' certification process was especially underlined.

Gevorg Papoyan informed that proposals on the state budget for 2023 had already sent to the Government. According to him, there are all preconditions for the solution of the aimed problems in 2023.

At November 10 extraordinary sitting, the NA Standing Committee on Financial-Credit and Budgetary Affairs summed the parliamentary preliminary debates of the draft law on the RA State Budget for 2023.