NIKOLAY PAVLOV: ARMENIA ENTERING RUBLE ZONE RUMORS

PanARMENIAN.Net
05.02.2009 14:35 GMT+04:00

/PanARMENIAN.Net/ Russia never leaves friends in trouble, the Russian
Ambassador to Armenia said, when commenting on Russia’s decision to
accommodate Armenia with a $500 million loan.

"Nevertheless, the Russian embassy is unaware of Armenia’s intention to
join the ruble zone," Ambassador Nikolay Pavlov told a news conference
in Yerevan. "There was an idea to expand the ruble area throughout
the CIS but it oppressed by the global financial crisis."

For his part, Russia’s trade commissioner in Armenia Alexander Zaytsev
informed that new projects will not be developed yet. "Under the
global crisis, we should support the existing projects, specifically
construction of a new power-generating unit and modernization of
the railways.

Earlier, head of the RA NA standing committee on economic affairs
Vardan Ayvazyan said that Armenia can enter the ruble zone in exchange
for a stabilization loan. He did not rule out that the two countries
consider not only financial but also economic projects. "Anyway, the
Armenian citizens will decide whether to join the ruble zone or not,"
Ayvazyan said.