On February 10, in Tsakhkadzor, the RA Ministry of Finance organized a seminar for economic journalists with support of "Public Financial Management in the South Caucasus" Regional Programme, implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH. The RA Minister of Finance Vardan Aramyan also took part in the seminar.
The main objective of the event is to inform the representatives of mass media about the activities carried out by the RA Ministry of Finance in 2017 and their results.
During the first part of the seminar, it was touched upon the key indicators of state budget structure; economic and operational classification of revenues, deficit, expenditures; operations with non-financial assets, program classification of capital expenditures and expenses.
According to the First Deputy Minister of Finance Atom Janjughazyan, the budget for 2019 will be formed in the format of program budgeting.
“After passing to program budgeting, the Government intends to increase the efficiency of the programs implemented with budget resources”, - said Deputy Minister.
Speaking on the role and objectives of fiscal policy, Edward Hakobyan, Deputy Head of Macroeconomic Policy Department of the Staff of the RA Ministry of Finance, referred to currently applied instruments, their impact on the economy, as well as “golden” fiscal rules.
The RA Minister of Finance Vardan Aramyan and Deputy Ministers presented the results of the Ministry’s activities in 2017. Touching upon the fiscal policy implemented by the Ministry during the previous year, Minister Aramyan noted that it is necessary to gradually go to consolidation, relatively emphasize capital expenditures and step by step and prudently reduce the deficit.
The representative of mass media were presented the main achievements of the Ministry of Finance in the spheres of budget and treasury public debt management, macroeconomic policy, public procurements, as well as the key targets for 2018.