ARMENIAN PARLIAMENT PASSED 2004 BUDGET

PanARMENIAN.Net - The National Assembly of Armenia yesterday passed a law on the 2004 state budget. In the words of minister of finance and economy of Armenia Vardan Khachatrian, after revising the bill the budget revenue has made 274.1 billion Armenian drams (some $490 million). The spending has also increased, reaching 317 billion drams ($566 million). The budget deficit has made 42.5 billion drams (about $76 million) and will be covered mainly at the expense of credits. The actual economic growth in Armenia will make 7% next year. The rate of inflation by the end of the year is planned to make 3%. At the same time proposals of deputies to increase social spending and transport expenses were not accepted, as the government intends to use credits from international funds for that purpose. As noted by Armenian Prime Minister Andranik Margarian, the 2004 state budget of Armenia is for the first time based on the government strategic program for poverty reduction (2004-15).