This January-August Armenia’s state budget revenues totaled 503.3bn AMD (about U.S. $1.32), and on-budget expenditures 529.8bn AMD (U.S. $1.39bn), reports the Armenian Ministry of Finance.

State budget revenues showed a 21.2% increase as compared with the corresponding period lat year, with a 7.1% increase in on-budget expenditures registered. The budget deficit sharply decreased in conformity with the Government’s policy. Specifically, Armenia’s state budget deficit totaled 26.5bn AMD (about U.S. $70m). During the corresponding period last year, Armenia’s state budget deficit was thee times as much.

The budget deficit was fully financed due to internal sources, whereas 6.5bn AMD more were spent on repaying external loans than the funds received. This is mainly accounted for by a 23.5bn AMD (U.S. $63m) interstate credit issued to Nagorno-Karabakh. A total of 6.4bn AMD (about U.S. $17m) were spent on covering external debts.