Armenian Minister of Finance Tigran Khachatryan stated during the discussion of the draft law on the state budget that Armenia is in the high range of debt, so it is planned that the state debt should decrease from last year's 60.3% level to a level not exceeding 50%.
He noted that the 2023 state budget draft is designed to guarantee macroeconomic stability. "First of all, this means that we should significantly increase tax revenues because they are the guarantee that should ensure reliable financing of the government's programs in the medium term," Khachatryan explained.
The Minister of Finance announced that Armenia should raise taxes to 25% of its gross domestic product in 2026. According to Tigran Khachatryan, the second important circumstance is fiscal consolidation, which means that it is necessary to ensure a significant improvement of the index of the national debt about the domestic product. "We must take into account all possible developments to manage the debt in such a way that they do not create risks for the implementation of the government's main tasks in the medium term," he added.
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