Armenia initiates countercyclical fiscal policy, prepares aid action plan amid global COVID19 crisis
YEREVAN, MARCH 26, ARMENPRESS. The Armenian Government is expected to make amendments in the 2020 government budget’s spending and revenue, PM Nikol Pashinyan said at the Cabinet meeting.
Finance Minister Atom Janjughazyan added that the forecasts made in 2019 for 2020 and next years are no longer actual amid the global COVID-19 pandemic.
“The content of the upcoming budget amendments is that the fiscal policy is trying to implement its countercyclical logic and add participation in the economy. Regarding our fundamental work, I would like to note that we are going to fulfil what was planned by the government action plan, we will simply do it faster and deeper,” the finance minister said.
The amendments will be made by April 1 on order for the economic aid funds to be released as part of the Comprehensive Action Plan for Countering the Coronavirus Consequences.
The aid program will support businesses and socially vulnerable segments, as well as prepare the economy for the post-crisis period.
Edited and translated by Stepan Kocharyan