MOODY’S CONSIDERS INTERGROWTH OF ARMENIA’S POLITICAL AND ECONOMIC ELITES AS SERIOUS PROBLEM ON WAY OF IMPLEMENTATION OF ANTICORRUPTION PROGRAMS

Noyan Tapan
Dec 6, 2007

YEREVAN, DECEMBER 6, NOYAN TAPAN. Analyses made by Moody’s Investor
Service international rating company show that the intergrowth of
Armenia’s political and economic elites is a most serious problem on
the way of implementation of anticorruption programs, the Armenian
director of the Armenian-European Policy and Legal Advice Centre
(ARPLAC) Tigran Jrbashian said at the December 6 press conference. In
his words, this intergrowth also hinders the implementation of reforms
on tax administration, which, in the opinion of experts of Moody’s,
is important in terms of increasing the budgetary revenues.

According to T. Jrbashian, based on data of Moody’s, Armenia is
notable in the state debt management field – among countries with
similar conditions in terms of credit risks. In Armenia, the ratio of
the state debt to GDP makes 17%, while the state debt makes up 85% of
budgetary revenues, and the amount of state debt’s servicing does not
exceed 2% of these revenues. In case of the above mentioned countries,
the average indices made 40%, 191%, and 12% respectively.

From: Emil Lazarian | Ararat NewsPress