The RA Ministry of Finance and the German Association for Technical Cooperation (Deutsche Gesellschaft für Technische Zusammenarbeit - GTZ) signed a memorandum of understanding on July 27. The memorandum will serve as a basis for further reforms in budget planning in Armenia’s financial management system. The program is to be completed on July 1, 2011.

The press service of the RA Ministry of Finance informed NEWS.am that the memorandum was signed by RA First Deputy Minister of Finance Pavel Safaryan and GTZ Regional Director James Macbeth.

The budget planning reforms are supposed to enhance the efficiency of public expenditure. In drafting the 2011-2012 budgets, all the government agencies are expected to intensify the relevant work. The memorandum allows the government agencies to present improved budget plans, which will meet the relevant requirements.