ECONOMIC CRISIS OF SPECIFIC CHARACTER IN ARMENIA, PRESIDENT STATES

ARKA
Apr 10, 2009

YEREVAN, April 10. /ARKA/. In his interview to the Vesti program,
RA President Serzh Sargsyan stated that the economic crisis is of
specific character in Armenia.

First, Armenia has a large Diaspora – 2/3 of all the Armenians reside
outside Armenia. President Sargsyan stressed that the crisis in the
USA, Russia and Europe caused a decrease in the amount of transfers
to Armenia, which affected many families’ interests.

"On the other hand, a large number of seasonal workers had to stay
in Armenia because of the lack of jobs in Russia," Sargsyan said.

According to him, Armenia’s anti-crisis plan is not strongly different
from the ones of other states.

"Of course, we have far less means than the United States, Europe
and Russia. In any case, we are trying to support the home producers,
encourage the businessmen whose profits have decreased. In any case
they must work," the Armenian President said.

"I think that the enterprises that receive at least 1% profit must
continue operating. Of course, we have never encouraged uncompetitive
enterprises nor will ever do because it is pregnant with even graver
consequences," he said.

The RA President said that Armenia is trying to procure credits
from abroad.

"By the way, taking this chance I would like to thank the Russian
authorities for the credit issued to us. It will certainly be of
great help to us: we will create new jobs, implement social programs,
construct housing for the people that suffered from the earthquake, and
we have not so far been able to provide them with housing. Of course,
we will also accomplish infrastructure tasks," President Sargsyan said.

According to him, supporting domestic producers means supporting big,
as well as small-to-medium businesses.

The Armenian President pointed out that some positive trends on the
world market over the last fortnight, particularly the ones involving
the prices for metals and chemicals, may help Armenia.

As regards the statements that the crisis is not only problems, but
also new opportunities, President Sargsyan said that "they must be
doing it to calm down both the public and themselves."

"New opportunities mean improved management, higher-skilled management
personnel and reforms. But I think that this can be done when things
are good. On the other hand, I do not think the crisis is the end. A
crisis means problems. Specifically, the whole 17-18-year-long period
has been a crisis for Armenia. But the problem is that everyone
is in crisis. It is a global process – most undesirable," Sargsyan
said.