TIGRAN DAVTYAN: CERTAIN STABILIZATION TENDENCIES APPARENT IN THE ARMENIAN ECONOMY

AZG Armenian Daily
11/07/2009

The financial means from international organizations will suffice for
execution of budget 2009, Minister of Finance Tigran Davtyan told
a press conference today. According to him, Armenia will receive
an additional USD 1 billion from the International Monetary Fund,
the Asian Development Bank and the Russian Federation.

Minister of Finance stated that the government has clearly estimated
how it will maintain the state debt till year 2025, noting that the
correlation of the external debt to Armenia’s GDP in the nearest
10-11 years will be at the level of 37-38%, which is lower than the
allowed maximum level of 50%.

"Significant part of the attracted loan resources will be used to
credit economy, thus, the private sector will also represent a source
to maintain the given loans", Tigran Davtyan stated.

Upon conclusion of the first six months, 2009, certain stabilization
tendencies are apparent in the Armenian economy, Tigran Davtyan stated.

Growth of tax proceeds is registered also in the first days of
July, Tigran Davtyan stated, adding that this is conditioned by
both improvement of tax administration and tendencies for economy
stabilization.

According to the Minister of Finance, the government forecasts that
slow economy revival will start in the second half of next year.