Preventing social shocks Armenian government’s top priority

YEREVAN, March 9. /ARKA/. Preventing social shocks is the Armenian
Government’s priority task, stated RA Prime Minister Tigran Sargsyan.

`Our priority task is to prevent social shocks. We have stated and are
stating once more that the socially vulnerable sections will receive
the funds due to them on time and in full,’ T. Sargsyan stated in his
interview to Armenian TV channels.

He reminded the journalists that Armenia has completed negotiations
with the World Bank (WB), International Monetary Fund (IMF) and with
its strategic partners, which allows the Government to form a clear
idea of the financial situation during the coming three or four years
and of its own potential with the impact of the global crisis
considered.

`So we have specified our medium-term program and the amount of the
financial aid we need,’ the Premier said.

He pointed out that the IMF stated its intention to allocate $540 to
Armenia, with $240mln to be received immediately, and the rest of the
funds as quarterly tranches.

The WB, too, stated its intention to allocate $525mln to the Armenian
economy.

Also, RF Premier Vladimir Putin stated that the Russian Government
decided to issue a $500mln stabilization credit to Armenia for
surviving the global crisis.

T. Sargsyan also reported that Armenia has finished negotiations with
other financial institutions, particularly the Asian Development Bank,
European Bank for Reconstruction and Development (EBRD) and Black Sea
Bank, all of which plan to allocate funds to the country.

`With the funds considered, we, of course, are modifying our
expenditure policy. The social sector will be top priority,’ the
Premier said.

He pointed out that the Government’s aim is that wages, pensions and
social allowances be paid on time.
Another priority is infrastructural expenses.

`We will use the fund to boost economic growth in Armenia. In
particular, we will help enterprises experiencing difficulties and the
one creating jobs,’ the Premier said.

T. Sargsyan believes that the measures will relieve social tension.

`Our strategy is a very simple one. We will first of all use our funds
to protect the socially vulnerable sections of the population.
Secondly, we are ready for infrastructural expenses. Thirdly, we will
promote the creation of jobs,’ Sargsyan said.

`In this context, the best means at our disposal that we have announced
is supporting small and medium-sized businesses, procuring additional
funds for crediting and implementing new small and medium-sized
business programs,’ the Premier said. `0–