GENTLE MACROECONOMIC POLICY IN ARMENIA AMID GLOBAL CRISIS MUST BE CONTINUED

/ARKA/
July 8, 2009
YEREVAN

YEREVAN, July 8. /ARKA/. A gentle macroeconomic policy must be
continued in Armenia mid the global crisis, said RA Minister of
Economy Nerses Yeritsyan.

"Resuming the economic growth, as well as higher-quality and
diversified economic growth, must be the main aim of this policy,"
Minister Yeritsyan told reporters today, summing up the results of
the international conference "Impact of the Global Financial Crisis
on Armenia: Short- and Long-run Perspectives".

The Minister pointed out that this was one of Armenia’s major tasks
raised by international experts at the conference.

Also, "while putting out a fire," one must be sure that the country’s
social structure has not been damaged, and the progress in poverty
reduction and expansion of employment over the last 10-15 years has
not been overshadowed.

"It will be of high importance during the post-crisis growth," he said.

The Minister pointed out that the participants in the conference made
specific proposals.

Yeritsyan stressed the need for a transition from social allowances
to promoting social programs.

"As a Government member, I will be consistent in organizing discussions
of the issue for serious steps to be prepared. We need to develop
an idea of social work, find people with businesslike thinking and
assist the formation of this system," the Minister said.

"In the long run, we must be able to maintain the balance between
the debt burden and the reforms aimed to improve the resources to
pay off the debt," Yeritsyan said.

The conference was organized by the Armenian International Policy
Research Group (AIPRG). Reports were made by the leading economists of
the World Bank (WB), UN Development Program, International Monetary
Fund (IMF), OSCE and Asian Development Bank (ADB), as well as by
government representatives and businessmen.