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The Armenian government plans to gradually reduce the budget deficit in the coming five years, decreasing it from the current annual 5,5% to 1% in 2030, according to finance minister Vahe Hovhannisyan.
Speaking at a press briefing, Hovhannisyan said the government last week adopted its mid-term expenditure program, which is a “rather ambitious and bold document.” “Why do I describe it as such? Because with that midterm spending plan we showed our commitment to cut the budget deficit, which you know is forecast at 5,5% under the 2025 budget. We plan to reduce the level of the deficit yearly, aiming to decrease it to 1% in 2030. This is very ambitious because the goal we have set for ourselves is a very bold step, and we must make great efforts to have a budget that would reduce the deficit level on one hand, and on the other hand not jeopardize the significant strategic expenditures that are currently implemented through our budget resources and address our short-term and long-term development tasks,” Hovhannisyan told reporters.