SERZH SARGSYAN: WE STILL HAVE HOPES OF MAINTAINING HIGH RATES OF ECONOMIC GROWTH AND LOW INFLATION

Noyan Tapan

Dec 2, 2008

YEREVAN, DECEMBER 2, NOYAN TAPAN. "Despite the spreading global
economic crisis, we still have hopes of maintaining high rates of
economic growth and low inflation. The capitalization of Armenian
banks is likely to allow reducing the losses to be caused by the
crisis in Armenia," the Armenian president Serzh Sargsyan stated at
the December 2 opening ceremony of the 10th sitting of the Atomic
Energy Security Council under the RA president.

In his words, it is almost impossible to get out of the crisis without
losses, but it is possible and necessary to reduce these losses to a
minimum. On the whole, according to the president, the macroeconomic
situation in Armenia is assessed as stable and predictable.

Speaking about the programs on energy sector, he said that work is
being done to increase the capacities of the Abovian underground
gas storage, and construction of a combined steam-and-gas power unit
with the capacity of 270 megawatts has begun in the area of Yerevan
Thermal Power Plant. It is envisaged completing the building and
assembly work of 5th power unit of Hrazdan Thermal Power Plant at
the end of the first half of 2010.

Noting that Armenia has one of the world’s highest indices of
gas network installation, S. Sargsyan reminded that recently the
Iran-Armenia gas pipeline was connected to the internal gas supply
system of Armenia. It was mentioned that in 2008 Armenia initiated
the process of joining the agreement on creation of an international
uranium enrichment center in the Russian city of Angarsk, and a joint
Russian-Armenian venture on geological exploration of uranium mines
in Armenia, and uranium mining and processing was set up.

From: Emil Lazarian | Ararat NewsPress