GAGIK MINASYAN: ARMENIA WILL MANAGE TO RESIST ALL THE CHALLENGES OF THE FINANCIAL CRISIS
Hasmik Dilanyan

"Radiolur"
10.12.2008 15:40

In the recent period the professional and non-professional circles have
been continuously referring to the world financial crisis. Armenia did
not avid it, either, although the Armenian authorities were declaring
for a long time that there was no crisis in our country. We managed
to overcome the financial crisis, but resisting the second wave,
the economic phase, was no longer possible. However, the danger
threatening Armenia is not that big.

Chairman of the National Assembly’s Standing Committee on Financial-
Credit, Budgetary and Economic Affairs Gagik Minasyan told a press
conference today that Armenia is able to resist all the challenges
that came forth as a result of the crisis. Ggaik Minasyan said it
will become possible via establishment of the Pan-Armenian Bank,
construction of a new nuclear power plant, exploitation of the
Meghri-Batumi highway, as well as the reduction of shadow economy.

The shadow can be reduced at the expense of tax revenues. However,
according to Gagik Minasyan, this will not become an extra obstacle
for representatives of small and medium-sized businesses.

"Three hundred large tax payers pay 65% of our budget, while the
small and medium-syzed businesses pay 5-7%. Next year we expect 21%
rise in tax revenues. It’s obvious that=2 0we will ensure the raise
exceptionally through reducing the shadow in large businesses."

The world financial crisis affected especially the mining industry. In
the near future special programs will be implemented in Lori and
Syunik marzes, where most of the enterprises of the sphere are
concentrated. This, according to Gagik Minasyan, will enable to avoid
temporary unemployment.