Investor Presentaiton
GROWTH-FRIENDLY FISCAL POLICY IS ON TRACK
PRUDENT FISCAL FRAMEWORK SUPPORTIVE FOR RECOVERY AND ECONOMIC POTENTIAL - IN LINE WITH THE FISCAL RULE
THE GOVERNMENT IS COMMITED TO IMPLEMENT FISCAL POLICY IN
GOVERNMENT DEBT TO GDP RATIO PROJECTION
LINE WITH THE "GOLDEN RULE" OF PUBLIC FINANCES
6.0
5.5
4.8
4.3
5.0
4.0
3.0
2.0
1.0
3.3
2.5
5.4
3.7
2.9
63.5
65
5000.0
60.8
60.2
4500.0
4.7
3.2
3.1
60
4.5
53.7
55
51.9
51.2
4000.0
49.9
3500.0
50
3000.0
45
2500.0
40
2000.0
2016
2017
2018
2019
2020
2021
2022
2021*
2022*
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0.0
2016
2017
1.8
1.0
2018
2019
State Budget Overall Deficit
2020
State Budget Capital Expenditures
Source: Ministry of Finance, 2021 and 2022 are projections based on 2022 Budget Draft
CONCERTED GOVERNMENT REVENUE MOBILIZATION
30.6
27.9
28.6
27.0
23.2
23.1
24.0
24.9
25.2
23.9
22.2
22.3
2015
2016
2017
2018
2019
2020
Source: Ministry of Finance
Government debt, bln AMD (rhs)
O Government debt to GDP (2022 State Budget), %
60% threshold
50% threshold
MORE EMPHASIS ON ENHANCING CAPEX TO ACHIEVE HIGHER GROWTH
With 2022 State budget Draft, Government plans to increase the role of
capital spending even more than it was planned in 2022-2024 MTEF
State Budget
Share in GDP, %
2021
2022
28.2
27.8
24.7
23.6
State Budget Revenues
23.6
24.7
Tax Revenues
22.5
23.4
State Budget Expenditures
28.2
27.8
Current Expenditures
25.1
23.4
Transactions with non-financial assets
3.2
4.4
2021
2022
State Budget Balance
-4.7
-3.1
Government Debt
60.8
60.2
■State Budget Revenues (% of GDP) ■State Budget Expenditures (% of GDP)
Source: Ministry of Finance, 2021 and 2022 are projections based on 2022 Budget Draft
16
Source: Ministry of Finance, 2022 Budget DraftView entire presentation