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EX-CENTRAL BANK GOVERNOR QUESTIONS 2011 BUDGET'S SOCIAL ORIENTATION
ARKA
October 21, 2010
YEREVAN
YEREVAN, October 21, /ARKA/. A former governor of Armenia's Central
Bank questioned today the government's assurances that its next year
budget was designed to solve some fundamental problems of the country.
Speaking at a news conference, Bagrat Asatrian, who served as
Central Bank chairman in the administration of ex-president
Levon Ter-Petrosian, said the government describes the budget as
'unprecedented, stabilizing' and so on but the draft document has
nothing to confirm it. He said the government plans to direct large
financial means to pay off its foreign debt accrued during the crisis.
"Social spending is increased by 7.7% and this means that pensioners'
life will get even worse, in view of the inflation,' he said, adding
that the proposed budget will not resolve any social problem, albeit
being described as socially -oriented. Bagrat Astarian declined to
make forecasts about economic growth next year saying that 'numbers
in Armenia mean, as a matter of fact, nothing.'
The Armenian government plans to spend in 2011 as much as 998.4
billion Drams ($2.8 billion), up from 935.5 billion Drams projected
for this year and boost budgetary revenues by 14.6 percent, to 850
billion drams. That would translate into a budget deficit equivalent
to almost 4 percent of Gross Domestic Product (GDP). These targets
are based on the assumption that the Armenian economy will grow by
4.6 percent in 2011. ($1- 360. 54 Drams). M.M.
From: A. Papazian
ARKA
October 21, 2010
YEREVAN
YEREVAN, October 21, /ARKA/. A former governor of Armenia's Central
Bank questioned today the government's assurances that its next year
budget was designed to solve some fundamental problems of the country.
Speaking at a news conference, Bagrat Asatrian, who served as
Central Bank chairman in the administration of ex-president
Levon Ter-Petrosian, said the government describes the budget as
'unprecedented, stabilizing' and so on but the draft document has
nothing to confirm it. He said the government plans to direct large
financial means to pay off its foreign debt accrued during the crisis.
"Social spending is increased by 7.7% and this means that pensioners'
life will get even worse, in view of the inflation,' he said, adding
that the proposed budget will not resolve any social problem, albeit
being described as socially -oriented. Bagrat Astarian declined to
make forecasts about economic growth next year saying that 'numbers
in Armenia mean, as a matter of fact, nothing.'
The Armenian government plans to spend in 2011 as much as 998.4
billion Drams ($2.8 billion), up from 935.5 billion Drams projected
for this year and boost budgetary revenues by 14.6 percent, to 850
billion drams. That would translate into a budget deficit equivalent
to almost 4 percent of Gross Domestic Product (GDP). These targets
are based on the assumption that the Armenian economy will grow by
4.6 percent in 2011. ($1- 360. 54 Drams). M.M.
From: A. Papazian