Loading ...Under the second budget rectification this year will extra money will be earmarked mainly for road and railway infrastructure projects, Economy and Finance Minister Varujan Vosganian said on July 7.
The budget rectification will pass during the first government meeting after the promulgation of the law on Government’s entitlement to adopt such decisions during Parliament’s recess, Vosganian stressed.
"The budget rectification is prepared, but it requires a procedure, namely the promulgation of the law on Government’s entitlement, because it is this law that gives the Government the right to perform rectifications during Parliament’s recess. The rectification will enter the first governmental meeting after this law is promulgated and after consultations with social partners," Minister Vosganian said.
According to him, the main fields the budget rectification has in view are the road and railway infrastructure as well as army procurement.
"I want to extend this message to the entire political class, namely that the rectification we have prepared is strictly aimed at investment and it includes considerable allocations for the road and railway infrastructure, for the county road network and the rehabilitation of the water supply system of villages, as well as for army procurement projects. Adding up to this will be money to pay interest rates, which have grown much higher, lately," said Vosganian, adding that the Government deficit will not be altered at the next budget rectification.
The Government okayed the first budget rectification early this March. That rectification curbed by 0.4% the 2008 budget deficit, from 2.75% of the GDP to 2.3% of the GDP, as a result of a decrease in Government expenditure by approximately 1.1 billion euro.
The aggregate general budget recorded a deficit of 2.4% of the GDP in 2007.
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