EXECUTIVE DIRECTOR OF IMF: BADLY DEVELOPED ARMENIAN BANKING SYSTEM SAVED ARMENIA FROM WORLD FINANCIAL CRISIS

ArmInfo
2009-02-17 14:24:00

ArmInfo. Badly developed Armenian banking system saved Armenia from
world financial crisis, executive director of IMF Age Bakker said
when giving lecture at Yerevan State University.

He also added that the fact that Armenian banks do not give extra
modern types of service, as, for instance, in the USA or Europe,
saved them , and thanks to it financial stability in Armenia has been
preserved. At present we have to speak about the world economic crisis
affecting the real sector of Armenian economy, he said and added that
development of the economy of the country much depends on activeness of
the construction sector, which had suffered most of all as a result
of the world economic crisis. For this reason he recommended the
government to promote diversification of the economy of the country.

"Providing economical stability is the most important task of the
government of Armenia. In the conditions of the crisis time has
come think about improvement of the business-climate and accelerate
structural reforms", – he said.