MINISTER OF FINANCE SUMS UP OUTGOING YEAR

Aysor
Dec 29 2009
Armenia

Armenia’s Minister of Finance Tigran Davtyan has summed up the outgoing
year. "The year was extra complicated since we were working at the
crisis times. There have been difficulties as Armenian economy never
faced such a complicated situation after 1990s," he said.

"Armenia’s economy has stepped into the stage of stability and next
year we will return to previous indicators. The economy decreased
by 15% this year according to researches by Armenia’s government and
international organisations. The inflation stands by 5-5.5% and goes
with the state budget.

"Salaries increased by 11% for 2009.

"A growth is expected in retail trade next year due to decrease of
‘shadows’.

"Despite the situation was complicated, we managed to fulfill all
social obligations. We do not expect any difficulties in allocations
next year either, while at the current moment we have 80 billion
dram free. Besides, there are Russian loans and monetary means of
the stabilization fund," said Minister.

Tax receipts amounted 520 billion drams which is lower than last
year’s index, but is higher than next year’s projected figure,
according to Tigran Davtyan.