CRISIS SEEMS OVER BUT BAIL-OUT MEASURES NOT SPENT YET: TIGRAN SARGSYAN

Tert.am
17:22 27.04.10

The Bail-out foundation of Eurasian Economic Community (EEC) is
working rather slowly, Armenian Prime Minister Tigran Sargsyan said
in a briefing prior to the opening ceremony of Eurasian Development
Bank’s Yerevan-based office.

Tigran Sargsyan also said that during their last meeting in the
framework EEC the prime ministers of the CIS states discussed issues
related also to the financial resources to be provided by the EEC
bail-out foundation.

"I drew colleagues’ attention to the fact that the foundation is
working rather slowly. The crisis seems to be already over but the
funds to be provided by the foundation have not been spent yet,"
said Sargsyan.

According to him the problem is that the foundation is controlled
by finance minister who are famous for their "greediness" and do not
give money to anybody.

"That is a function of finance ministers, and they seem to perform
their mission well enough," said the prime minister.

The next problem with the foundation, according to Sargsyan, is related
to the terms of provision of finances. In his words those terms are
rather strict and do not correspond to the agreements reached between
the prime ministers and presidents.

Further the Armenian PM said that the terms of provision of financial
resources should be more accessible, flexible, long-term, or else
it will be senseless to use them, as there are other international
organizations, particularly, the World Bank, Eurasian Development Bank,
that provide "expensive resources."

From: Emil Lazarian | Ararat NewsPress