ARMENIAN FINANCE MINISTER: TENDENCIES TO STABILIZATION OF ECONOMY NOTICED IN ARMENIA
ArmInfo
2009-07-10 16:16:00
ArmInfo. It is for the first time that after recession tendencies to
stabilization of economy, which will deepen by the end of 2009, have
been noticed in Armenia, Armenian Finance Minister Tigran Davtyan said
at today’s press-conference in Yerevan. He also added the government
applied many tools to affect the economical life of the country,
giving state guarantees, state credits, participating in the capital
of companies, supporting the banking sector, forming the stabilizing
fund and attracting big external borrowings to finance the budget
expenditure and to activate the economy. The great attention was
drawn to supporting of the real sector of economy, in particular,
the ore mining, metallurgical and construction companies, which play
a big part in the structure of the economy of the country, Davtyan
said and added that companies of these branches have already started
becoming more active. Thanks to using of the above mentioned tools
we expect economy growth beginning from the middle of the next year,
which may be 1-1,5% at the end of 2010, the minister said. He assured
that in the first half year of 2009 despite tension of the budget,
there was no delay of salary and pension payment. The situation in
tax collection has been improved a little.
Thus, 43 bln drams were delivered to the state at the end of June
2009 against 38 bln drams in May. This tendency continues and over
the first ten says of July tax collections for the budget exceeded by
10-15% the same index in June, the minister said. He also added that
there will be reduction of the social expenses of the budget till
the end of the year and no sequester of the budget. ‘To cut expenses
in the conditions of recession means to promote the economy falling,
since these expense form the GDP. We are on the way of raising the
level of the budget deficit up to 7,5% of GDP, which is a serious
resource of financing and attraction of foreign borrowings to repay
the budget deficit’, – Davtyan said.
To recall, Armenian Prime Minister Tigran Sarkisyan has recently
mentioned three possible scenarios of Armenian economy development in
2009, supposing falling by 9,5%, 16% and 20%. The economical falling in
Armenia in Jan-May 2009 was 15,7%, as National Statistics Service says.
From: Emil Lazarian | Ararat NewsPress
