Budget deficit reaches $1.4 billion: Karapetyan calls for control over government spending

Armenia’s budget deficit has reached catastrophic proportions, a $1.4 billion “hole” has formed, and spending must be brought under control. This was stated at a briefing by Narek Karapetyan, deputy from the “Strong Armenia” party.

“Our state budget deficit has reached catastrophic proportions, this year it stands at $1.4 billion. Every month, Armenia takes on more than $120 million in loans to finance government spending. That’s why the budget needs to be controlled, to prevent such a large gap. Our relations with Europe should help expand economic cooperation. We see two key directions: growing trade turnover and developing institutions, the judicial system, civil society,” he noted.

Karapetyan also drew attention to the problem of territorial governance: affiliated procurement is taking place in nearly all regions, where state and local bodies purchase goods and services from connected companies or individuals.

“We want to show society that when people talk about a low level of corruption, they need to see the real picture,” the deputy emphasized.

Speaking about constructive work and possible cooperation with the ruling party, he noted that the previous parliament was viewed extremely negatively by society.

“In villages and towns, people say that deputies didn’t discuss their lives, but only argued with one another. We, on the other hand, are raising topics that affect people’s lives, and let the people judge who is truly working to make things better,” Karapetyan said.