HEAD OF WB OFFICE IN ARMENIA: SUPPORTING OF THE ORE MINING COMPANIES BY THE GOVERNMENT WILL NOT BREAK ECONOMICAL COMPETITION

ArmInfo
2009-07-07 14:57:00

ArmInfo. Supporting of the ore mining companies by the Armenian
government will not break economical competition, Head of World Bank
Yerevan Office Aristomene Varoudakis told Arminfo correspondent.

‘Armenia is doing the same as some other countries – it allocates
financial means to certain enterprises, but such a support is of
temporary nature, and this is very much important. Armenian ore mining
companies really needed support since the prices for the copper and
molybdenum processed by them reduced much. In this case temporary
balanced measures should be taken to support private companies. And
it is very much important if allocation of the funds is followed by
restructuring of companies and raising their competitive ability’,
– Varoudakis said and added the rules of the state supporting of
business, drawn out by European Union, are in line with all these
criteria. ‘They may be useful to Armenia’, – he said. Touching on
possible reduction of volumes of the governmental support, he said
that Armenia has created ‘factor of safety’ in the form of credits from
international financial organizations which may be used at this moment.