At Friday’s special session of the Yerevan Council of Elders, it was decided to make changes in the 2018 budget of Armenia’s capital city. In particular, the budget expenditures and revenues were reduced by AMD 1,440,000,000 (approx. $2,977,450).

Deputy Mayor Hayk Sargsyan presented the matter and noted that the bulk of this amount is loan programs. He said this referred to the programs that are left as remains at the end of the year.

“The government has decided that these amounts be returned to the source of their origin,” Sargsyan added. “Those programs refer to construction, transport sectors, etc.”

By another similar decision of the municipal council, Yerevan’s budget was reduced by about AMD 510mn (approx. $105,4515) more.

“Of this, 290mn drams [(approx. $599,625)] were the amount—that is being reduced—of the Tranche 2 of the reconstruction program being implemented by the Asian Bank at the Yerevan Metro,” Hayk Sargsyan said. “[And] the about 219mn drams [(approx. $452,820)] are government redistributions with the education programs of the Ministry of Education and Science.”