The Armenian Parliament has approved the draft budget for next year. Government spending will outweigh expenditures by more than 500 billion drams (approximately $1.4 billion).
The draft budget was supported by 62 parliamentarians, while 27 voted against.
Revenue projections total $8 billion (9% annual increase) against planned expenditures of $9.4 billion (5.4% growth). The budget is based on a 5.4% GDP growth rate. The country's economy is projected to reach $31 billion.
Yerevan's debt will amount to $16.5 billion, representing almost 53% of GDP.
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