of January 10, 2018 No. ZR-5
About modification and amendments in the Law of the Republic of Armenia "About budget system of the Republic of Armenia"
Accepted by National Assembly of the Republic of Armenia on December 13, 2017
Article 1. In the fourth paragraph of part 3 of article 12 of the Law of the Republic of Armenia of June 24, 1997 "About budget system of the Republic of Armenia" (further - the Law) the words "deficit (shortage) cannot exceed 7,5 of percent of gross domestic product of the forthcoming year specified in the budget message of the Government" shall be replaced with words ZR-137 "deficit (shortage) cannot exceed 7,5 of percent of the gross domestic product the forthcoming year specified in the budget message of the Government, except for the exceptional cases established by part 8.3 of article 21 of this Law".
Article 2. In the Item "and" of part 3 of article 16 of the Law of the word "in article 31 of this Law" shall be replaced with words "in articles 21 and 31 of this Law".
Article 3. To add article 21 of the Law with parts 8.2-8.4 following of content:
"8.2. If in the bill on the government budget the forthcoming year represented to National assembly in the procedure established by the law, the debt of the Government as of December 31 of previous year exceeded the following part of gross domestic product of the Republic of Armenia for previous year:
a) 40 percent - that capital expenditures shall be at least deficit (shortage);
b) 50 percent - that, except the requirement of the Item "and" of part 8.2 of this Article, the maximum amount of growth of current expenses (without maintenance expenses of debt of the Government) in comparison with the actual amount of current expenses for previous year is established by the Government, assuming as a basis long-term growth of gross domestic product of the Republic of Armenia for previous years;
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