On Tuesday, August 13, Armenian Prime Minister Nikol Pashinyan chaired a government meeting focused on the execution of the state budget for the first half of 2024.
According to the Prime Minister’s Office, the Ministry of Finance presented a report on the budget’s program indicators, current results, and forecasts for 2024. Particular attention was given to state budget revenues and capital expenditure performance during the first six months of the year.
The meeting addressed several key issues, including:
- Factors contributing to economic activity
- Tax revenues
- Export and import dynamics
- Projects related to the allocation and redistribution of funds from the state budget's reserve fund
Prime Minister Pashinyan emphasized the importance of timely and proper implementation of budgetary programs. He also highlighted the need for effective tax and customs administration, urging continued progress in these areas.
At the conclusion of the meeting, participants exchanged views and made various proposals on the discussed topics.
Earlier, Armenian Finance Minister Vahe Hovhannisyan stated that despite high economic growth, the country faces the risk of not meeting tax revenue targets in 2024. He predicted a shortfall of over 100 billion drams (more than $250 million).
BMG reminds that Armenia's state budget revenues for 2024 are planned at 2.7 trillion drams (over $6.9 billion), which will account for 24.9% of GDP. Meanwhile, expenditures will amount to 3.2 trillion drams (over $8.2 billion). The budget deficit will increase by approximately 142 billion drams (over $364 million) compared to the initial draft and will total around 483 billion drams (over $1.2 billion), or 4.6% of GDP.
