ARMENIA’S ECONOMIC GROWTH TO CREEP ABOVE ZERO, MINISTER SAYS
ARKA
March 6, 2009
YEREVAN, March 6. /ARKA/. Armenia is expected to see economic growth
just above zero, RA Minister of Economy Nerses Yeritsyan told ARKA
on Friday.
According to the minister, this is possible thanks to IMF, WB, ADB
funds, as well as the Russian government’s allocations.
"It is natural that our economy heads towards zero, but everything will
depend on the effective and prompt utilization of foreign investments
in Armenia’s economy," Yeritsyan added.
The minister said the funds would be distributed as soon as Armenia
is able to implement all projects.
"The Russian funds are more easily accessible than the others,"
Yeritsyan said, adding other investments would be available after
Armenia accelerates implementation of designed programs to avoid
economic downturn.
According to WB forecasts, Armenia’s 2009 economic growth will be
above zero, whereas IMF forecasts a minus 1.5% GDP growth in the
country by end-2009.
Amid the global financial crisis, WB has extended a $525mln loan
to Armenia, with IMF and Russia earmarking $540mln and $500mln
respectively to save the country’s economy from deep recession.