SOCIAL PROGRAMS NOT TO BE REDUCED AND ANTICRISIS EXPENSES TO INCREASE SIGNIFICANTLY, NERSES YERITSIAN SAYS

NOYAN TAPAN
JULY 9, 2009
YEREVAN

YEREVAN, JULY 9, NOYAN TAPAN. The state should use the opportunities
created by the global crisis and encourage economic development,
RA Minister of Economy Nerses Yeritsian declared at a briefing with
reporters following the July 8 sitting of the international conference
"The Impact of the Global Crisis on Armenia: The Short-Term and
Long-Term Outlooks".

According to him, under conditions of the crisis, steps should be
taken in 3 main directions: in particular, it is necessary to conduct
a prudent macroeconomic policy to ensure a diversified growth in the
economy. N. Yeritsian attached importance to the implementation of a
correct and efficient social policy. "We must be sure that after the
crisis the social srructure of our country is not impaired and our
efforts to reduce poverty and create jobs over the past 10-15 years
are not futile, which will be essential in the postcrisis period,"
he noted.

He underlined the necessity of some changes in this respect: instead
of involving people in some social package or other and allocating
benefits to them, it would be correct to promote the idea of public
work and identify people with a business mentality.

The minister said that the government invests a lot of resources in
the economy, and the economic slump is expected to stop in late 2009,
which will open an opportunity for a growth in 2010. "The attracted
resources are sufficient to cover the current budgetary deficit. How
these resources will be redistributed depends on what scenario we
will have," he noted.

The minister assured the reporters that the social programs will not
be reduced, while anticrisis expenses will significantly increase.