In conditions of preserving positive policy formed for the principle of ensuring the purposeful targets of the Government five-year programme in 2024, the tax-budgetary policy will continue to be led to ensure the economic growth of targeted 7 percent, stressing the preservation of the tax-budgetary stability and the essential increase of the state investments directed to the economic potential growth. The ensuring of the conditions necessary for the productivity and the competitiveness growth is laid on the basis of economic policy, where the improvement of the investment environment and the implementation of the events aimed at the investment encouragement, the essential growth of the state investment share, as well as the boosting the productiveness growth by the capacity development are of important significance. On October 30, the Governor of the RA Central Bank (CB) Martin Galstyan said this, presenting the conclusion of the Central Bank on the draft on RA State Budget 2024 and administrative expenses and capital investments for 2024.
According to Martin Galstyan, in 2024, the economic growth will continue carrying the influence of the favourable factors formed in the previous years for the RA economy and the specified high level will be manifested in all branches of economy.
“Growth of essential 0.75% of taxes/GDP indicator was specified for the year 2024, as a result of which, the taxes will be 24.4% of the GDP> The state budget revenues for 2024 will have restraining impact on the gross demand. In 2024, it is designed to essentially increase the weight of the capital expenses, reaching in the GDP 6.6%, and the current expenses – 22.1 percent,” the Head of the structure detailed.
In making conclusion, the CB was led by a number of principles of the budget programme, particularly by submitting assessments on promoting the ensuring of mid-term stability, the direction and the position of the tax-budgetary policy, as well as long-term growth.
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Presenting in detail the administrative expenses and the capital investments of the Central Bank for 2024, the CB Governor noted that the capital investment programme wis 3.7 billion AMD. The estimate of the administrative expenses for 2024 was planned about 10.3 billion AMD.
“The CB, being led by its strategy, as well as the cooperation with the Government on the digitalization agenda, completed the process of the establishment, creation of the information systems agency of Armenia. The legislative package regulating the agency activity will be presented to the RA National Assembly, as we hope that after fixing the package, the CB will receive a mandate to finance under the mandate given by the legislator,” the rapporteur noted.
The RA NA Vice President inquired about the legislative package, particularly what the CB was going to assume.
“The RA Ministry of High-Tech Industry will submit the legislative package with the Agency. The function reserved by us in the package will be the agreement reached by us and the Government, by which the CB will finance the Agency with certain term,” the CB Governor noted.
National Assembly of the Republic of Armenia
