ArmInfo.The Ministry of Finance of Armenia is preparing amendments to the law "On the Budget System". Minister of Finance of the Republic of Armenia Atom Janjughazyan announced this on April 7 during a meeting of the parliamentary Committee on economic issues.
He noted that in September 2019, when the draft budget for 2020 was presented, it was impossible to foresee and predict the changes that are taking place today. Today, according to the minister, in view of the circumstances, there is a need to revise the deficit requirements and approaches to debt in the current law.
Within the framework of the fiscal policy, which, as Janjughazyan noted, is practically the only tool for mitigating the negative consequences during the crisis, changes are being prepared that provide an opportunity to attract credit and increase public debt, which will be used to curb the negative developments in economic processes.
At the same time, Janjughazyan emphasized that the Ministry of Finance at this stage also carries out work to clarify the capital expenditures stipulated by the budget, in particular, their distribution, so that under the circumstances, not a single percent of losses will be incurred.
"If earlier capital expenditures had a simple goal - to stimulate the potential for economic growth by investing in infrastructures, now they are of social importance in parallel with this, and they must also solve social problems," he said.
In this regard, Janjughazyan from the point of view of expenses and investments stressed the importance of having functions to mitigate the negative economic consequences.
