IMF forecasts about 1.5% economic recession in Armenia in 2009 are realistic

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YEREVAN, MARCH 13, NOYAN TAPAN. The IMF’s forecasts that 1.5% economic
recession will be recorded in Armenia in 2009 are realistic, the
minister of finance Tigran Davtian said at the briefing after the March
12 sitting of the government.

"We have planned Armenia’s budget with quite a low deficit – below 1%,
we have quite a small foreign debt, and its ratio to GDP does not
exceed 14-15%. It means that we have an opportunity to increase the
budget deficit and attract additional foreign sources for deficit
financing," T. Davtian said, adding that the negotiations with the
World Bank, the U.S. and Russia on attraction of financial resources
have finished.

It was mentioned the tax revenue collection in January and February
2009 declined by 5 billion drams and 10 billion drams respectivley as
compared with the same months of 2008. However, according to the
minister, there have been some positive changes in March.