The debates on the draft 2023 state budget of Armenia have gotten underway at the joint meeting of the standing committees of the National Assembly.

Finance Minister Tigran Khachatryan noted that the main priorities of the 2023 state budget draft were built based on the goals set in the government's action plan.

"First of all, macroeconomic stability must be guaranteed," he said.

As per the minister of finance, in 2026, Armenia needs to raise taxes to 25 percent of the gross domestic product.

"We need to significantly increase our own revenues, particularly tax revenues, because they are the guarantees that shall ensure reliable funding of the government's programs in the medium term," said the minister, adding that the Armenian government has set a program target of 7-percent economic growth for 2023.

Reflecting on the national debt of Armenia, Khachatryan said: "We have to ensure a significant improvement of the national debt to the gross domestic product indicator. We must take into account all possible developments to manage the debt in such a way that they do not create risks to the implementation of the main tasks of the government in the medium term."

According to him, Armenia is in the high range of debt, and current expenditures should be planned in such a way that they comply with the rules set for the medium term.

"We have planned that the national debt should decrease to a level not exceeding 50 percent from the level of 60.3 percent last year," the finance minister noted.