WB: RA GOVERNMENT SHOWED ADEQUATE REACTION TO GLOBAL CRISIS
PanARMENIAN.Net
19.10.2009 12:14 GMT+04:00
/PanARMENIAN.Net/ Global crisis impact on RA Economy and challenges
faced were discussed during the meeting between WB Managing Director
Ngozi Okonjo-Iweala , RA Prime Minister Tigran Sargsyan and economic
issues’ group.
When discussing world crisis which couldn’t but impact RA economy
through slump in foreign transfers’ rate, price growth, social strain,
resulting in public and tax revenues decrease, Ngozi Okonjo-Iweala
approved of RA Government’s adequate reaction to global crisis,
in the context of correct budget expenditures, maintenance and even
increase of social expenditures’ level.
WB MD especially noted RA Governments’ assistance to small and average
businesses, enabling crediting facilitation.
According to Ngozi Okonjo-Iweala, WB helped RA Government to preserve
infrastructures, specifically, agriculture.
At the same time, world crisis brought out vulnerable sides of RA
economy. "The crisis emphasized the necessity for Armenian economy’s
diversification," she noted, adding that to provide economic growth
upon overcoming the crisis, Armenia has to face certain challenges:
meeting competition, possible opening of RA-Turkey border and struggle
against corruption.