ARMENIAN GOVERNMENT SOUNDED ANTI-CRISIS PROGRAMME TO CONTRADICT WORLD ECONOMIC CRISIS AFFECT
ArmInfo
2008-11-20 15:11:00
ArmInfo. Today Armenian government sounded the anti-crisis programme
to contradict world economic crisis affect.
As Armenian Prime Minister Tigran Sarkisyan said at the sitting of
the government, in general more than $300 mln will be directed for
this purpose.
This sum is for development of small and medium-sized business in the
republic, which will make it possible to create new job places and to
activate economy of the country. He also added about $50 mln (17 bln
AMD) will be given by the government and $250 mln by the World Bank.
Sarkisyan said that the state means will be allocated to the
German-Armenian Fund of shall and medium-sized business crediting,
which has been successfully functioning for 8 years on the basis of
agreement between Armenia and Germany. The state guarantee credits
are given by the German KfW bank, specialists of which assessed
the programme in Armenia as one of the best among 23 countries. The
sums to the real sector of economy will be directed via the banking
system of Armenia, which, as the premier said, "not only successfully
contradicts the world financial crisis, but also shows quite good
indices". He also added that at present the summaryincome of the
Armenian banking system amounted to about 20 bln AMD. The level of
the capital adequacy amounted to 27% against normative 12%. This
means the banks have the needed level of capital. Liquidity level
is 95%, which also accedes the normative, he said and assured that
the anti-crisis programme will be effective in case of stable work
of the banking system and new financial resources will significantly
activate economic life of the country.
Prime Minister also said they have preliminary arranged to get $250
mln credit over the visit of Armenian governmental delegation to
Washington. He hopes the first tranche $50 mln will received during
the first quarter 2009. The credits will be used to mellow the world
crisis affect at the mining industry of the republic, which has
already suffered because of metal world prices falling.
The government has also made alterations and amendments to the law
On state debt, according to which all the limitations to give state
guarantees to the companies within the frames of the given programme
will be canceled, Sarkisyan said. He also added that all these
tools will make it possible to raise resistance of economy. Special
commission set up by the decision of Armenian premier will observe
business-projects within the frames of the anti-crisis programme.