ARMENIA MAINTAINED MACROECONOMIC AND FINANCIAL STABILITY IN 2009

ARKA
Dec 29, 2009

YEREVAN, December 29. / ARKA /. Armenia in 2009, had been able to
maintain macroeconomic and financial stability, said the Minister of
Finance Tigran Davtyan.

"We were working in the global financial crisis and general recession.

We have had many problems and trials, primarily for the economy. After
the 90’s the economy of Armenia has never been in such a difficult
situation, as in 2009. However, we got out of the situation with
honor," the minister said at a press conference on Tuesday.

According to Davtyan, we not only must overcome the crisis, but also
act in terms of analysis and refinement, as well as the continue the
second-generation reforms.

"We will continue to reform, yet certainly not in the prescribed
amount. Some events have been postponed for the next year," he
explained.

The Minister noted that in the beginning, it was unclear what its
completion would be.

"Today it is safe to say that in 2009 we were able to maintain
macroeconomic stability and stabilize the economy," he stressed.

Davtyan also noted that the trend of stability emerged in October,
and is now safe to say, the country entered a period of stabilization.

"In 2010, Armenia will return to a situation of economic development
and can provide quick recovery," the minister said.