Funding of anti-crisis events in 2020 ensured with the involvement of bigger volumes of state debt than expected – Armenia CB chairman

The economic crisis created as a result of pandemic left its negative influence on the tax incomes, chairman of Armenia’s Central Bank Martin Galstyan said at the discussion of 2020 budget in the NA today.

“The tax incomes reduced by over 5,4% against the previous year. The expenses of the state budget in 2020 grew by 16,3% as compared with the previous year,” the CB chairman said.

He said the funding of anti-crisis events in 2020 was ensured with the involvement of bigger volumes of state debt than expected.

“As a result of the carried out tax-budget policy the state budget deficit grew making 5,4% of the GDP and the government’s debt burden against the GDP essentially grew – with about 13,5% - and made 63,5% - passing the 60% threshold index established with tax-budget rules,” Martin Galstyan said.