HEAD OF UNION OF BANKS OF ARMENIA: ECONOMIC DECLINE WITHIN 10% BY END OF YEAR
ARKA
Aug 25, 2009
YEREVAN, August 25. /ARKA/. Armenia will manage maintain economic
decline within 10% by the end of 2009, head of the Union of Banks of
Armenia Emil Soghomonyan told journalists Tuesday.
He also expressed confidence that the country will reach a zero level
next year to then aim at growth.
Serious funs invested in Armenia should, sooner or later, go into
the economy, Soghomonyan said adding that neither the government,
nor the Central Bank or other bankers can withhold these funds.
During this year, investments of the European Bank for Reconstruction
and Development (EBRD) are expected to total 80 million euros;
the World Bank loan is $50 million and the Russian loan is $500
million. Apart from this, commercial banks of the country attract
loan funds as well, Soghomonyan said.
"All this funds will be directed to the economy, that is why, being
an optimist, I am sure we will come to the finish line next year,
despite the economic decline at the end of the year," Soghomonyan said.
Additional budget financing for 2009-2010 is about $1 billion
(including $60m from the WB, $80m from the Asian Development Bank,
about $305m from IMF and $500m from Russia) in Armenia.
EBRD is planning to extend 80 million euros in 2009 in Armenia against
63 million euros in 2008, then head of EBRD Yerevan office Michael
Weinstein said in the beginning of this year.
From: Emil Lazarian | Ararat NewsPress
