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The process of public investment management is regulated by a Government decision, the authorized norm of which is defined in the Law on Public-Private Partnership. And the Law On the Budget System regulates the processes of implementing state budget expenditures. According to the RA Deputy Minister of Finance Vahan Sirunyan, the Law On the Budget System does not contain any definition of public investments and public investment programs. In order to avoid misunderstandings, the terms public investments and Public Investment Program are being introduced on an initiative basis.

The amendments design that the Government will establish the procedure for identifying, developing, evaluating, and prioritizing public investment programs.

According to the rapporteur, the initiative also proposes to clarify those provisions of the law that directly relate to budget programs.

The provisions related to public investment management and investment programs will enter into force on January 1, 2026 and will apply to the 2027 budget process.

The draft law on Making Amendments and Addenda to the Law on the Budgetary System of the Republic of Armenia was debated in the first reading at the January 13 sitting of the Standing Committee on Financial-Credit and Budgetary Affairs and was endorsed.