YEREVAN. – Due to the coronavirus pandemic, the economic crisis has had a negative impact on tax revenues in Armenia. Governor of the Central Bank of Armenia (CBA), Martin Galstyan, said this during Tuesday’s preliminary discussion of the 2020 state budget execution report at the joint meeting of the National Assembly standing committees.
According to him, tax revenues in Armenia have decreased by about 5.4 percent compared to the previous year. "The 2020 state budget expenditures have increased by 16.3 percent compared to the previous year," he added.
In addition, as per the CBA director, the funding of anti-crisis measures by the state in 2020 was carried out with the use of considerable funds which exceeded the planned amount by the amount of national debt. "As a result of fiscal policy, the national debt deficit has increased to up to 5.4 percent of GDP, and the national debt burden to GDP has increased considerably—by about 13.5 percent—and totaled 63.5 percent, exceeding the 60-percent threshold, which is defined by fiscal rules," Galstyan said.