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The main financial document for 2021 is socially oriented


State Minister of Artsakh Republic, Minister of Finance Grigory Martirosyan at the joint sitting of the Standing Committee on Budget, Financial and Economic Management presented the draft law of the Republic of Artsakh “ On the state budget of AR 2021”.
The State Minister first referred to the economic environment in the Republic this year, noting that COVID-19 epidemic and the war unleashed by Azerbaijan was a serious blow to the economy. “According to our forecasts, the gross domestic product of 2020 will make 293.5 billion AMD, leading to about 15% economic decline”, added G.Martirosyan.
In the context of macroeconomic forecasts, the state budget indicators for 2021 are projected at 81 billion 830.7 million AMD in revenues, 124 billion 851.2 million AMD in expenditures, as a result of which the deficit will make 43 billion 020.5 million AMD. Own revenues of the state budget are planned in the amount of 17 billion 50 million AMD against 56 billion planned revenues in 2020. Tax revenues and state duties will make 17 billion AMD , as a result of which the forecast "Taxes / GDP" ratio will make 7.6%. The State Minister expressed hope that it is possible to ensure some activity in the economic year. The basis of optimism is the package of draft amendments to the tax legislation.
Presenting the main expenditure priorities, the State Minister, Minister of Finance Grigory Martirosyan noted that it is planned to allocate 12 billion AMD for the compensation of public utilities. Capital investments of 10 billion AMD are envisaged, as a result of which construction programs of rebuilding apartments, residential houses, educational and health facilities and infrastructures damaged because of the war are envisaged.
The State Minister reaffirmed that the main financial document of the year is socially oriented, emphasizing the need to solve the problems arising from the war.

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