IMF, WB REAFFIRM SUPPORT FOR REOPENING OF BORDER

News.am
20:03 / 10/06/2009

The International Monetary Fund (IMF) and the World Bank (WB)
have reaffirmed their strong support for the reopening of the
Turkish-Armenian border, saying that its positive impact on Armenia’s
economy could be felt as early as next year, reported Armenian service
of Radio Liberty.

In her interview with the service, Ratna Sahay, Deputy Director of the
IMF’s Middle East and Central Asia Department, said the growth rate
could well be higher if the Turkish-Armenian border is reopened. The
IMF forecasts 1% economic growth in Armenia for next year.

Indermit Gill, WB Chief Economist for Europe and Central Asia, said
that the reopening of the border will produce a positive effect on
Armenia’s economy very quickly.

Both officials emphasized the fact that Armenia is a landlocked
country with high transportation costs that hamper economic activity
and badly needed foreign investment.

Ratna Sahay is sure that an open border with Turkey will make Armenia
more attractive to foreign investors