EBRD PRESIDENT: ARMENIA DESERVES PRAISING, BUT ITS ECONOMY STILL VULNERABLE

ARKA
March 18, 2010

YEREVAN, March 18. /ARKA/. Armenia deserves praising for shielding
its financial system from risks, Thomas Mirow, the president of
European Bank for Reconstruction and Development said Thursday at a
news conference in Yerevan.

However, he said, the country is still vulnerable because of its
dependence on money transfers – if inflow of transfers dwindle,
this affects the economy.

He welcomed the Armenian president and the government’s efforts to
diversify the national economy and pledged them the EBRD support on
this way.

The European Bank for Reconstruction and Development has invested
about $500 million in Armenia’s economy.

The bank invested $150 million in 2009 alone.