VIDEO: Budget Deficit at Catastrophic Scale, $1.4 Billion Gap This Year, Says Karapetyan

Member of the "Strong Armenia" party, Narek Karapetyan, considers the scale of the state budget deficit to be alarming, noting that it has reached $1.4 billion this year. During a press briefing, he stated that the government is borrowing more than $120 million per month to finance expenditures, thus emphasizing the need for tighter control over budgetary spending.

“Our state budget deficit has reached catastrophic proportions, amounting to $1.4 billion this year. We are borrowing more than $120 million monthly to finance the state's expenditures; therefore, we need to control the budget so that such a large gap does not occur. Our relations with Europe should contribute to expanding our economic cooperation. We see that we need to receive two important things from Europe: first, an increase in economic trade turnover, and secondly, institutions such as the judicial system and civil society,” Karapetyan remarked.

He pointed out a significant issue in territorial governance, highlighting that nearly all regions and management areas experience affiliated purchasing, meaning that state and local self-governing bodies conduct purchases from individuals or companies that are affiliated. “We want to show this to our society so that when people speak about the low levels of corruption, they can see what is happening in our country,” he added.

Addressing the possibility of constructive cooperation with the ruling My Step (KP) party, Karapetyan emphasized that the previous parliament has been perceived as the most negatively by Armenian society. When asked in villages about the reasons, it is said that those in parliament do not speak about their own lives but instead discuss each other. “We bring up topics that affect people's lives; let our people evaluate who is working to improve their lives,” he stated.