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On October 5, the RA NA Standing Committee on Financial-Credit and Budgetary Affairs moderated by Arkady Khachatryan convened an extraordinary sitting.

Arkady Khachatryan informed that, in accordance with Article 11.1.5 on Legal Regime of the Martial Law, after declaring martial law, not late than within 10 days, the Government presented to the parliament the draft law on Making Amendments and Addendum to the Law on the RA State Budget for 2020.

The key rapporteur, the RA Minister of Finance Atom Janjughazyan noted that in April 2020 taking into consideration the quick spreading of the new kind of coronavirus (COVID-19) and the expecting economic and tax-budgetary consequences, relevant amendments were made to the law on the RA State Budget for 2020. However, today being in the legal regime of the martial law, additional needs have arisen, which is also necessary decently reflect proposing revised version of the state budget.

The activation of the military actions and the martial law also, as the coronavirus pandemic, will have negative influences on the economic activeness, the key rapporteur stated.

The tax-budgetary amendments will result in the growth of the RA Government debt burden.

It has been noted that after the adoption of the draft law the regulations being proposed will spread on the emerging legal relations after the martial law declared after 27 September 2020 in the RA.

The questions addressed to the key rapporteur related to the tendencies of the reduction of the credit rating of the state on the international platforms and the tax/the indices of the GDP co-relation.

The Committee Chair has underlined that the presentation of the draft law is conditioned by the martial law, noting that it is necessary to provide a flexible toolset and targeted necessary means to the Government. He called on to vote for the draft law.

The Standing Committee endorsed the draft law.