Armenia's 2011 budget is well-balanced, says finance minister

Armenia's budget for 2011 is well-balanced in terms of spending, incomes and the deficit. It reflects this year's macroeconomic realities, Armenia's Finance Minister Tigran Davtyan said at the parliament today as he unveiled the draft budget for the next year.

"In terms of spending, incomes and the deficit the 2011 budget is well-balanced and reflects the macroeconomic realities that we have this year and which we expect for the next year," he said.

Spending in the next year's budget make a total of 998,6 billion dram, while incomes will make 850 billion dram. The deficit is equal to 148,6 billion which makes about 3.9 per cent of the GDP.

Speaking about the deficit, Mr Davtyan said that 60 per cent of the deficit will be covered by domestic sources, while the rest will be financed by the resources provided by the World Bank and the International Monetary Fund.

Further he said the program that envisages the return of deposits Armenians lost during the Soviet era, will be preserved.
About 9 billion dram will be allocated to healthcare, and employees in the culture sector will have a 15 per cent increase in salaries.