YEREVAN, SEPTEMBER 29, ARMENPRESS. The Armenian Government approved the draft state budget for 2017.

According to this, 1 trillion 135 billion AMD revenues, 1 trillion 360 billion AMD expenses, deficit 150.1 billion AMD 2.8% are expected. 3.2% GDP growth is also expected.

“We are preparing a pretty tough budget for 2017, the numbers speak about it. We expect almost more than 70 billion AMD in revenue growth, as well as 100 billion AMD in reduction of expenses”, PM Karen Karapetyan said, reports “Armenpress”.

Finance Minister Vardan Aramyan said the most important principle is the tax budget and debt sustainability. He said in 2014-2015 we had a quite high level of public deficit 4.8%. Based on this year’s results, we will most likely have 5.9% deficit. Due to this, the foreign debt-GDP ratio has been increased.

“This is the major source of debt creation. Our debt during 2014-2015 has been increased from 43.7% and will be 54.4% at the end of the year. Of course, in the upcoming years we must be conservative to prevent debt overgrowth”, the Minister said.