Armenia needs to revise fiscal forecasts and the budget until the end of the year 2020. This is what Minister of Finance of Armenia Atom Janjughazyan said during a discussion on the bill on making amendments and supplements to the Law on the 2020 State Budget of Armenia held as part of today’s special session of the National Assembly.
The minister said it is clear that the martial law will have an impact on the country’s economic growth and added that the government envisages increasing current expenditures by AMD 40,000,000 due to the hostilities and that economic indicators will drop by 6.8%.
“Economic performance for the year 2020 will also drop by 6.8% instead of the 2% underlying the amendments to the law on the budget. Moreover, the nominal GDP will drop to AMD 6,170,000,000,000.
Based on the current evaluations, in 2020, the ratio of debt of the Armenian government to the GDP will approach 67%.
On September 27, the Armed Forces of Azerbaijan, in gross violation of the existing norms of international humanitarian law and the logic of the process of peaceful negotiations over the settlement of the Nagorno-Karabakh conflict, launched an offensive along the entire length of the line of contact with missiles and air forces, targeting the military positions of the Defense Army of Nagorno-Karabakh and peaceful settlements.