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One Of Reasons For Economic Crisis Threatening Armenia Is The Policy

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  • One Of Reasons For Economic Crisis Threatening Armenia Is The Policy

    ONE OF REASONS FOR ECONOMIC CRISIS THREATENING ARMENIA IS THE POLICY CONDUCTED BY AUTHORITIES, ANDRANIK TEVANIAN SAYS

    Noyan Tapan
    http://www.nt.am?shownews=1010165
    Dec 2, 2008

    YEREVAN, DECEMBER 2, NOYAN TAPAN. "The global economic crisis will
    affect Armenia's economic system without fail," the chairman of
    the National Assembly Standing Committee of Economic Issues Vardan
    Aivazian said during the December 2 debate, noting that with the aim
    of preventing the consequences of this crisis, the Armenian government
    has prepared a series of measures, in particular, a new investment
    program, creation of an all-Armenian bank, construction of a new
    nuclear power plant. In the opinion of V. Aivazian, the government
    took a bolder step by deciding to participate in these programs.

    The head of Political Economy research center, economist Andranik
    Tevanian in his turn said that the reasons for the crisis threatening
    the Armenian economy should be sought not only in the international
    financial fluctuations but also in the economic policy being conducted
    by the country's authorities. "I'd like to know how the creation
    of an all-Armenian bank and other programs will help our economy,"
    the economist noted. He also asked his opponent what resources will
    be used for implementation of all these programs. V. Aivazian said
    these resources will be provided from the reserve fund of the Central
    Bank of Armenia.

    According to A. Tevanian, today the state is engaged in "collecting
    money and distributing money", which is done by increasing the tax
    burden, which in its turn directed mainly at small and medium business,
    whereas the big businessmen to have united with authorities do not
    pay taxes. In response, V. Aivazian reminded that 92% of the state
    budget is ensured by 300 big organizations of the country.
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