YEREVAN. - The World Bank and the Asian Development Bank (ADB) remain the principle creditors of Armenia. Armenia’s Deputy Minister of Finance Pavel Safaryan told the aforementioned to Armenian News – NEWS.am. In total 91,8 billion AMD (approx. $190) is planned to be solicited in 2016.  

Deficit in the draft budget proposed for 2016 amounts to 192,4 billion AMD or 3,5% GDP.  Nevertheless, according to the Deputy Minister there is no need to worry. The 3% deficit threshold during 3 years is provided by the EU’s Maastricht criteria only if the state debt exceeds 50% of the budget, which is the case in Armenia.  

At the same time, the proposed budget doesn’t provide growth of minimal salary and retirement pension. “Unfortunately, the expenditure side doesn’t enable us to do this,” the Deputy Minister said.