It is necessary to abandon the concept of ‘extrabudgetary funds’, said Finance Minister Atom Dzhandzhugazyan stated Tuesday at a meeting of the Permanent Parliamentary Committee on Financial-Credit and Budgetary Issues during the discussion of a package of bills to amend the Law on customs and related laws.

According to him, these finances will become ordinary budget revenue.

Dzhandzhugazyan reminded that the existence of off-budget accounts sometimes led to harsh criticism, adding that they were not controlled by the parliament, but regulated by the government.

According to him, this legislative package proposes to limit the ability of state and local authorities to have extrabudgetary accounts and it is envisaged that the funds available and collected on these accounts will be directed to the respective budgets, ensuring their further distribution in the necessary areas and as necessary.

This will ensure the creation of a system of distribution of public funds, which, on the one hand, will guarantee the development of the economy, and on the other hand, balanced provision of social protection and public needs of the state, he added.

The bill received a unanimous positive opinion.