Armenia undertakes steps for the regulation of balance and budget deficit

YEREVAN, SEPTEMBER 9, ARMENPRESS:

Armenia is undertaking steps for the regulation of balance and budget deficit, Finance Minister Vache Gabrielyan told a news conference today. According to him, the mentioned steps have found their reflection in the assessments of world rating organizations and particularly "Fitch". "Fiscal deficit increased essentially in Armenia in 2009 when taking debt commitments we have smoothened the consequences of the economic crisis", the minister said, adding that during this period the budget deficit reached 7.5% of GDP.

"We are moving with the program approved by the International Monetary Fund and are regularly reducing the budget deficit", the minister said.

Particularly, from 7.5% the budget deficit reduced to 5%, this year it will become 3.9-4%, next year 3.-3.1%. "It means that we are stably managing the fiscal crack of the budget and in this respect we received positive assessment", Gabrielyan said.