The Armenian government approved the draft state budget of the Republic of Armenia for 2016. It will be presented to the National Assembly of Armenia tomorrow.
According to the draft, consolidated budget revenues amount to 1,183 billion drams, expenditures to 1,373 billion drams, and the deficit is 190.7 billion drams.
The Armenian Minister of Finance, Gagik Khachatryan, said that 47.3% of the spending will be allocated to education, health, social protection, culture and sport. Another 20.8% will be channeled into defense, national security and preservation of public order and correction facilities. Approximately 10.6% will be released into the economy, 7.2% will be used to repay debts, 3.5% will go to communities as budget subsidies, 6.7% are earmarked for the maintenance of public agencies, 1% is meant for science and 0.6 % will be used to form the government reserve fund, ARKA reports.
$1 = 473.71 drams
