Finance minister says state debt “controllable”

Summing up the annual budget execution, we may state the economy developments trends continued although at a slower pace as compared to the previous year, Gagik Khachatryan, Armenia’s minister finance, stated during the hearing of the 2015 budget implementation report held on June 9 at the country’s National Assembly.
 

Minister informed that Armenia recorded  3 percent economic growth which is mainly attributed to the unfavorable economic trends in the partner states, decrease of the metal prices in the international market, decline in real income as a result of the decrease in remittances from Russia to Armenia, and implications of the decrease in the financing of the economy sectors,  5,1  percent decline in capital investments, unemployment rate of 18,5 percent which is concerning despite the growth of  0,9  percent as compared to the previous year data.
 

 “The complete implementation of the budget expenditure for the year 2015 compensated the unemployment risks,” - Khachatryan said.
 

The minister said that with some respects the registered negative developments revealed some positive implications, in particular reduction in the state’s current account deficit up to 2, 6 percent of GDP, improving the previous year’s indicator by 4, and 6 percent. 
 

 Compared to other regional states, the budget execution in Armenia for the year 2015 the Armenia appears to the only state which fully met the budget expenditure: “We are the only state in CIS and EEU which managed to maintain its position despite difficult economic conditions,” noted the minister.

Gagik Khachatryan then mentioned that Armenia’s state budget is controllable.  
 

Watch the full speech of Minister Khachatryan in Armenian: