By Azernews

By Rashid Shirinov

Doleful situation in the Armenian economy not only harms vulnerable residents of this poor country, but also worsens its state budget. Thus, this year Armenia lost almost $5 million in comparison with the same period of 2015.

In the first seven months of the current year, revenues of the Armenian state budget made up approximately 633.4 billion drams ($1.33 billion), while the expenses were 717.2 billion drams ($1.51 billion), according to the official statistical data.

Thus, the results of January-July 2016 show that the revenues of Armenian state budget decreased by 2.2 billion drams ($4.64 million) or 0.3 percent compared to the same period of last year. Today, the state budget expenditures of Armenia are much higher than in 2015.

If this trend continues, and revenues of the state budget keep on declining, it will eventually turn out that the budget deficit is higher than it is predicted, stated Armenian newspaper Zhoghovurd.

In the meantime, a mission of the International Monetary Fund (IMF) will visit Armenia in the near future to analyze the execution of the state budget for the current year and consider its program for the next year, noted newspaper Haykakan Zhamanak.

It seems like Armenian government does not feel happy with the coming visit IMF delegation ,as the government will be forced to present the figures, which will not please the representatives of the Fund.

“There is no doubt that the structure that provides main impact to Armenian financial system will require the government to increase tax revenues and reduce budget expenditures. However, this task is unsolvable for our government,” stated the newspaper.