ARMENIAN MP ON ECONOMIC DECLINE IN ARMENIA

ARKA
June 25, 2009

YEREVAN, June 25. /ARKA/. An economic decline much lower than 10%
should be expected in Armenia, said Gagik Minasyan, Chairman of
the Standing Committee on Financial-Credit and Budgetary Affairs,
RA Parliament.

"IMF representatives hold a similar opinion as well, and I think it
will be an average index for all the CIS member-countries," Minasyan
told reporters.

The IMF Resident Representative in Armenia Nienke Oomes stated that the
economic decline in Armenia will not exceed 10% this year. According
to the IMF’s optimistic forecasts, it will be 9.5%.

Minasyan pointed out that the Armenian economy will enter an active
stage after the crisis, when the mining and farming industries get
ampler export opportunities.

"As regards inflation rate, it will be far lower than in the other
CIS member-countries. I think that Armenia will ensure the budgeted
inflation rates, 4.5%, this year," Minasyan said.

According to the statistical data on January-May, 2009, an economic
decline of 15.7% was recorded in Armenia, the GDP being 839.4bln AMD
(US $2,437.8mln).