YEREVAN. – According to the Ministry of Finance, the country should implement fiscal consolidation by 2026, which will reduce the national debt from 70 percent down to 60 percent of the GDP. The Minister of Finance Atom Janjughazyan said this on Tuesday’s meeting of the Standing Committee on Financial-Credit and Budgetary Affairs of the National Assembly of Armenia, during the discussion of the report on the implementation of the state budget for the first nine months of 2020.

According to him, the way to carry out this task is quite clear. "The existing rules already show how the fiscal policy should be implemented. In particular, we are talking about a higher level of expenditure oversight," the minister explained, adding that in order to carry out this task, it will be necessary to increase the cost of infrastructure projects, which will be funded through new investments.

Besides, Janjughazyan is convinced that it is necessary to increase Armenia’s economic growth potential, which, in his opinion, will enable ensuring in the future not only a gradual reduction of the country’s national debt, but also its proper multi-level payment.