No alternative to rapid economic growth – finance minister tells lawmakers at 2023 budget debates

YEREVAN, NOVEMBER 16, ARMENPRESS. The main focus of 2023 budget programs will continue to be strengthening of the security environment, economic empowerment, development of human capital and social protection, Finance Minister Tigran Khachatryan told lawmakers in parliament during debates of the 2023 state budget draft.

“There is no alternative to rapid economic growth. The fiscal policy placed in the basis of this draft budget is aimed at this goal,” he added.

Khachatryan said that the high economic growth indicator of 2023 must be the main indicator for determining the effectiveness of government reforms and especially economic policy.

“A high economic growth index is targeted for 2023 – 7% real growth of the GDP. It is a difficult challenge that such a high economic growth must be gained in conditions of restraining monetary policy,” Khachatryan said.

He said the government will continue expanding support for private projects aimed at investments with the purpose of subsidizing interest rates of loans for updating tech equipment. Thus, the government will promote high-quality investment decisions and will encourage acceleration of decisions by companies aimed at increasing productivity. The funds envisaged for this project alone will surpass 11 billion drams.