Armenia's Expenses in 2022: Government Approves Budget Draft

In 2022, the tax-to-GDP ratio is expected to improve by 0.9 percent, reaching 23.4 percent by year-end. Today, during a government meeting, Minister of Finance Tigran Khachatryan presented the draft budget for 2022.

"The deficit will constitute 3.2 percent of GDP, while the state debt will reach 60.2 percent by the end of the year," said Khachatryan.

According to the key financial document, Armenia's expenses in 2022 will amount to 2 trillion 188.5 billion drams, or 28.7 percent of GDP, which is an increase of 18.2 percent compared to the expenses of 2021. According to the minister, especially the funds allocated for social spending have increased significantly, expected to reach 4.4 percent of GDP in 2022.

Capital expenditures are planned at around 350 billion drams, the majority of which will be directed towards the modernization of irrigation systems and reservoir construction, as well as the construction and renovation of schools and kindergartens, and road construction projects.

At the end of the discussion, the government approved the draft budget for 2022. It will soon be submitted to the parliament for approval.