The Armenian government approved the draft state budget of the Republic of Armenia for 2016, which provides for 2.2% GDP growth.
"According to the draft state budget, 95.4% of the revenues are to be collected as taxes and duties, and 2.6% and 2% as official grants and other income," Armenian Minister of Finance, Gagik Khachatryan, said.
According to the draft, 47.3% of the spending will be allocated to the social sphere, 20.8% will be channeled into defense, 10% will be released into the economy and 70% will be used to repay debts.
A projected deficit amounting to 197 billion drams or 3.5% of GDP will be financed through internal and external sources.
