YEREVAN, JANUARY 9, ARMENPRESS. During a meeting with President Serzh Sargsyan, finance minister Vardan Aramyan reported the results of the fiscal policy, the work of implementing the President’s instructions which were given during the 2018 state budget debates, the key principles and approaches of this policy, and the expected results, the President’s Office told ARMENPRESS.

Among key approaches, Aramyan mentioned the need to provide macroeconomic stability, stressing that for this goal a fiscal consolidation was implemented in 2017, in order to slow down the government debt/GDP indicator growth, and to create basis to start the process of decreasing the indicator in 2018.
According to the minister, the pace of growth of the indicator was slowed down twice, and in 2018 it will decrease by around 1 percent point.

The minister also briefed the President on the works aimed at enhancing the potential of economic growth and providing long term growth, mentioning that the fiscal policy which is implemented for this goal will not hinder economic restoration and mid-term growth.

Capital expenditures can be increased by over 40 billion drams and create basis for further economic growth, the minister said.

The minister said their policy is implemented both in terms of cutting the shadow economy and improving the business environment.

The President tasked to pay attention not only on the stability of the fiscal policy of the current year and the management of debt, but also to present to businessmen as to what the debt’s trajectory will be in the mid-term and the implemented fiscal policy, in terms of providing long term stable macroeconomic environment.

According to the President, this will inspire trust among investors to be more bold in their investment initiatives, since the economic environment will be understandable and predictable.

The President tasked to keep under permanent spotlight the social issues of the population.