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PM Views Stable Macroeconomic Situation In Armenia As Advantage Amid

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  • PM Views Stable Macroeconomic Situation In Armenia As Advantage Amid

    PM VIEWS STABLE MACROECONOMIC SITUATION IN ARMENIA AS ADVANTAGE AMID GLOBAL CRISIS

    ARKA
    March 2, 2009

    MOSCOW, March 2. /ARKA/. On Friday, Armenian Prime Minister Tigran
    Sargsyan, speaking at a meeting with a group of Armenian entrepreneurs
    in Moscow, said the stable macroeconomic situation in Armenia is the
    advantage the country enjoys amid the global crisis, ARKA News Agency
    correspondent reports.

    "The macroeconomic stability marks given by international agencies
    remain high and forecasts positive", he said.

    As another advantage, the premier pointed out the lessened outside
    inflation pressure.

    "Although our inflation was a little higher than planned, it was the
    lowest indicator among CIS countries."

    Among disadvantages, Sargsyan singled out shrunken export of raw
    materials.

    The reduction was due to precipitous fall in world prices for natural
    resources

    "Copper and molybdenum mines and five large enterprises face major
    problems. They can hold out a few months thanks to the high profits
    they have gained for recent tree years", the premier said.

    Among outside disadvantages, he singled out tightened rules of import
    and dwindling demand in partner countries.

    He said that as a result, Armenia's export shrunk.

    "Import rules are growing stricter because of the policy of
    protectionism all countries pursue openly or covertly and tightened
    customs rules and control over quality of productsE2, he said.

    That is why Armenian PM called growing unemployment and deteriorating
    lives of ordinary people, who heavily rely on outside transfers,
    natural.

    "Transfers from Russia make 70% of total transfers received in Armenia.

    Now we see the flow of transfers dwindling."

    Sargsyan also said with regret that construction in the country stalled
    because of pessimistic forecasts, flows of private investments in
    Armenian economy dwindled, payments under international deals are
    delayed and crime rate run high and, as a result, corruption risks
    rose.

    Ruben Vardanyan, chairman of directorial board of Troyka Dialogue
    Group; Garegin Tosunyan, president of Association of Russian Banks;
    Eduard Baghdasaryan, director general of Neftegastroykomplekt; Stepan
    Hakobyan, president of Stroyservice; Mikhail Ananyants, director
    general of Nanoindustria Concern; Arsen Balayan, marketing director at
    Russian BMW; Levon Voskanyan, head of Stroybusiness; Vahe Yengibaryan,
    a member of Alfa Strakhovaniya Company's directorial board; Gagik
    Zakharyan, president of Uniastrum Bank; Mushegh Mamikonyan, president
    of Meat Union; Murad Muradyan, president of BAMO Group and Sergey
    Kalenjyan, director of higher corporate management school affiliated
    to Russian Government were among the meeting participants.
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