ARMENIAN GOVERNMENT’S ANTI-CRISIS PROGRAM TO ALLEVIATE SOCIAL IMPACT OF CRISIS, PREMIER SAYS

ARKA
Apr 14, 2009

YEREVAN, April 14. /ARKA/. The Armenian government’s anti-crisis
program aims at alleviating the negative impact of the global financial
crisis on Armenian society, RA Prime Minister Tigran Sargsyan said.

"The economic downturn first of all hits the socially vulnerable, with
the current unemployment rate being the most vivid testimony to this.

Watching over the unemployment rate, we have a clear view on how
economic indicators affect the social system, and, naturally, we must
turn a spotlight on these indicators," the premier was quoted saying.

Mining industry with around 6,000 workers was the first to receive a
strong blow as the crisis bit into Armenia. This is why, the government
launched its anti-crisis measures from this sector.

"Our consultations with investors have shown that the dividends and the
profits they heave made allowed them to avoid job cuts," Sargsyan said,
adding those enterprises regularly paid salaries to their employees.

The five leading mining enterprises have agreed that they would make
no job cuts in summer, Sargsyan said.

"We assisted first the Kajaran-based Zangezur Copper and Molybdenum
Plant, so that it could overcome all difficulties and obtain new
equipment, which was designed by the 2009 program," the premier said.

The RA Government extended a $10mln loan (on Libor + 6% terms) to
the Kajaran-based Zangezur Copper and Molybdenum Plant, so that the
copper giant could weather the crisis storm.

According to Sargsyan, the Armenian government gives priority to
system-making enterprises to be able to solve a range of social issues
amid the global recession.