YEREVAN. – Armenia needs to be able to create guarantees for repayment of its external debt. Otherwise, international donor organizations may stop issuing loans to the country.

Gagik Makaryan, Chairman of the Republican Union of Employers of Armenia, stated on Monday.

In his words, Armenia aims to increase its budget by $200 million, and that is why its Tax Code is being amended. As a way of resolving this matter, however, Makaryan pointed to combating against shadow economy in the country.

“If we can gradually bring that one billion dollar into [the budget], we will not need to impose restrictions in the code at all,” Makaryan noted, in particular.

As per the chairman of the Republican Union of Employers of Armenia, raising the excise tax on goods is another problem for the country’s economy.

“Our excise taxes don’t meet the criteria that are accepted in the EAEU [i.e. the Eurasian Economic Union],” added Gagik Makaryan.