ARMENIA HAS SUFFICIENT DOMESTIC RESERVES TO CONFRONT CRISIS, GAGIK MINASIAN SAYS
Noyan Tapan
Dec 10, 2008
YEREVAN, DECEMBER 10, NOYAN TAPAN. In order to make forecasts about
the further impact of the global crisis on Armenia, it is necessary
to examine its impact on other countries and the impact that the
crisis has already had on Armenian economy. The chairman of the RA
National Assembly Standing Committee of Financial, Credit and Budgetary
Issues Gagik Minasian expressed this opinion during the December 10
press conference. In his words, the global financial crisis did not
affect Armenia, whereas the economic stage of the crisis will not
bypass any country and it will cause especially serious problems in
post-Soviet countries which have developing economies, for example,
Ukraine where 20% inflation is expected next year, while the economic
decline already made 15%.
G. Minasian said that the government is taking satisfactory steps
to counteract the crisis. In particular, the government is going to
implement a small and medium business assistance program in Syunik and
Lori marzes where the mining enterprises have alreday suffered from
the crisis. Any economic entity capable of presenting its problems
and programs on their solution may receive financing with state
guarantees. In a case when an enterprise cannot submit a recovery
and development program, the state may do it, taking some share of
the enterprise.
According to A. Minasian, big investments are expected to be made
in the projects on construction of the new nuclear power plant in
the country, the Iran-Armenia railway, the Meghri-Batumi highway,
and foundation of an all-Armenian bank. Negotiations on provision of
considerable credit resources are being conducted with the World Bank,
the EBRD, and the Asian Bank.
In his opinion, Armenia has sufficient domestic reserves to confront
the crisis. In particular, the matter concerns reduction of the shadow
economy and ensuring an equal competition field. Some legislative
reforms, particularly, adoption of the law on mandatory audits at
big enterprises, are also envisaged.
From: Emil Lazarian | Ararat NewsPress
