WB VICE PRESIDENT: THE GLOBAL ECONOMIC CRISIS MAY HAVE FURTHER IMPACT ON THE REAL SECTOR OF THE ARMENIAN ECONOMY

ArmInfo
2009-01-27 20:16:00

ArmInfo. The global economic crisis may have further impact on the
real sector of the Armenian economy, WB Vice President for Europe
and Central Asia Shigeo Katsu said during a press-conference in
Yerevan today.

The financial crisis has passed by Armenia as the country’s financial
system is not deeply integrated into the global economy. However, the
real sector of the Armenian economy, particularly, mining industry,
has failed to avoid the crisis. This has resulted in declining
export. The role of the WB is to alleviate the consequences of
the crisis. Particularly, the bank is planning to issue loans for
large-scale road construction in the spring-autumn 2009.

These programs are expected to create new jobs and to improve the
situation.

It is important not to allow this crisis to turn into a persistent
problem.

Former WB Country Director Donna Dowsett-Coirolo said that the
additional money would be also spent on support of small and
medium0sized business. The Armenian Government has asked $250mln
for this purpose. $50mln has already been agreed on. The rest may be
provided by other financial organizations. Dowsett-Coirolo said that
it was the last time she was in Armenia as Country Director as now
this post has been given to Asad Alam.