IN 2009 IT BECAME POSSIBLE TO MAINTAIN FINANCIAL AND MACROECONOMIC STABILITY, RA MINISTER OF FINANCE SAYS

Noyan Tapan
Dec 29, 2009

YEREVAN, DECEMBER 29, NOYAN TAPAN. 2009 was a year of ordeals
because since the 1990s, never has the Armenian economy been in such a
difficult situation as this year, RA Minister of Finance Tigran Davtian
said at the December 29 press conference to summarize the results of
2009. Nevertheless, according to him, it became possible to overcome
these difficulties and maintain the financial and macroeconomic
stability in the country.

He said that the second-generation reforms continued in 2009, but
some programs have been postponed until next year. "So we can say
that on the whole, we have maintained macroeconomic stability and our
economy has entered a stage of stabilization. In 2010 we will gradually
strengthen this stability and in the coming years an economic recovery
will occur quite rapidly," Tigran Davtian stated.

He told reporters that according to forecasts, the economic decline
will reach 15% and inflation will make 5-5.5% this year. At the same
time a growth will be recorded in some indices, in particular, in
retail trade which is a result of the reduction of the shadow economy.

Salaries have risen by 11% in 2009, which is a tangible increase
in the state sector. It was mentioned that tax revenues amounted
to 520 billion drams this year which is somewhat less than in 2008,
but exceeds the index planned for 2010.

T. Davtian assured those present that although the general situation
is tense, in 2009 they managed to fulfill all the obligations,
especially social ones. "There will be no problems with the allocation
of financial resources next year too. At the moment we have available
resources of 80 billion drams as compared to 70 billion in early 2009.

There are also funds of the Stabilization Fund and the Russian loan,"
the minister said.

From: Emil Lazarian | Ararat NewsPress