Tweet
FINANCIAL CRISIS AND ARMENIA
http://www.noravank.am/en/?page=news& nid=1697
18 March 2009
On March 12 analytical centre "Arantsq" arranged discussion on the
following topic: "World crisis and economic security of Armenia".
The economist, Professor Tatul Manaseryan, the member of the National
Assembly from ARFD group Ara Nranyan, the representatives of the
Central bank: the head of the department of monetary policy Artur
Stepanyan and the head of the department of financial system policy
and analysis Vahe Vardanyan participated in the discussion.
According to the economic analysis, if the external debt of a country
overshoots allowable limits then serious threats of economic security
may arise. To what extent is our country insured in the context of
economic security? According to the member of the NA from ARFD group
Ara Nranyan the existence of a definite external debt, of coarse,
threats to economic security of the country, but this reality,
which is imposed by the economic crisis, puts in the forefront other
problems. Nranyan thinks that the measures taken today to meet the
crisis and the engaging of the credit funds are the basic requirements
for the solution of the problems facing the economy. In the opinion
of the NA member the engaging of the financial means is extremely
necessary in the context of changing economic policy. "We would rather
engage those means and, thus, we can prepare the=2 0serious background
to secure economic progress, than regard ourselves self-sufficient
and be afraid of other actions". Nranyan mentioned, that the credits
supplied to Armenia by international organizations (IMF, WB) witness
that Armenia is rather conscientious in the issue of discharge of
obligations. In his opinion one should be afraid not of external debt
but of the poverty and non-developing economy. "If we use the debts we
have efficiently, then in 3-4 months those sums will return to active
economy, will reflect in the budget and everyday life of the citizens".
In accordance with the head of the department of financial system
policy and analysis of the Central Bank Vahe Vardanyan economic
security conditioned the fact that the government of Armenia took the
credit supply road, because that was the only way to boost economy. The
head of the department of monetary policy Artur Stepanyan, in his turn,
noticed that there are no countries without external debts in the
world. "It is very important on what terms the credits are supplied,
on what interest rates and maturity period. I would like to say that
all the debts that our country have to the WB, the RF and the IMF
are preferential and long-term credits".
Economist T.Manaseryan noticed that the IMF credit has been granted
for a term of 5 years and this could not be regarded as a long-tern
credit at all.
"If last year our ex ternal debt was $1 billion, then today it exceeds
$3 billion. What is it if not a threat to economic security, the
dependence on international institutions?" "International financial
giants, i.e. the World Bank and the International Monetary Fund,
have already lost their authority.
There is no country where those institutions implemented programmes,
which proved positive results and targeted the development of the
industry. Hence question arises: is it necessary to follow blindly
their proposals and demands?" - noticed T.Manaseryan. The economist
is sure that if we manage correctly our resources, then we will have
no necessity to "reach out our hands and ask for credits, because we
have enough potential to overcome such a situation".
T.Manaseryan underlined the importance of the creating of All-Armenian
bank - the institution, which can promote to the implementation of
all-Armenian programmes. "All-Armenian bank will lead Armenia out
of world economic crisis and will release us from sad prospects to
stooge for international financial structures".
Â"21-st CenturyÂ" "XXI Century" N 1, 2009
The first issue of the Armenian version of "XXI Century" journal
includes the articles devoted to the energy security ensuring in
Armenia (K.Karapetyan, "Armenia and regional energetic process in the
context of information support"), economic expansion (A.Tavadyan,
"Pivotal problems of ec onomy"), global and regional problems
(A.Manvelyan, "Caspian constituent of the US energy policy"), mainly,
to the problem of repatriation of the Armenians in the context of the
Israeli experience (A.Marutyan, "From the latter Israeli experience
of repatriation and absorption").
"XXI Century" N 1, 2009 (Russian language edition)
In this issue we touch upon the influence of world crisis on the
economical security support (I.Baghirayn), the mechanism of the
build-up of such crisises (S.Grinyaev, A.Fomin) and some of their
manifestations (S.Minasyan). There are also some regional issues
analyzed in this number, i.e. up-to-date problems such as the role and
the place of Armenia in regional energetic developments, historical
problems revealing underlying civilization relations between Armenia
and Byzantine (A.Sargsyan), and prospects of the build-up of a single
brand of Armenia (V.Atoyan, K.Babadjanyan).
Â"BulletinÂ" "Bulletin" of "Noravank" Scientific Educational Foundation
â~D-23, 2008
Bulletin of "Noravank" Foundation â~D-23 includes reports about the
business trips taken by the Foundation's experts in 2008 to the Syrian
Arabic Republic (city Damascus), the Republic of Turkey (Western
Armenia) with the objective to get better acquainted with up-to-date
condition of local Armenian communities, with cripto and assimilated
Armenians. The reports include documentary data on the subject.
Publications "OUR VICTORIES"
"Our Victories" four-volume edition covers the victories gained by
the Armenian people on the battlefields. The fist volume includes
the brief description of the strategic and tactical victories of the
Armenian army in the wars, campaigns and battles during the period
from ancient times till the 3rd century after Christ. This book is
intended for a wide range of readers. The book "Our victories" can
be purchased in "Book world" (address: 20 Mashtots Ave. Yerevan) and
"Noyan Tapan" (Hanrapetutyan Square, Government House 2) bookstores.
http://www.noravank.am/en/?page=news& nid=1697
18 March 2009
On March 12 analytical centre "Arantsq" arranged discussion on the
following topic: "World crisis and economic security of Armenia".
The economist, Professor Tatul Manaseryan, the member of the National
Assembly from ARFD group Ara Nranyan, the representatives of the
Central bank: the head of the department of monetary policy Artur
Stepanyan and the head of the department of financial system policy
and analysis Vahe Vardanyan participated in the discussion.
According to the economic analysis, if the external debt of a country
overshoots allowable limits then serious threats of economic security
may arise. To what extent is our country insured in the context of
economic security? According to the member of the NA from ARFD group
Ara Nranyan the existence of a definite external debt, of coarse,
threats to economic security of the country, but this reality,
which is imposed by the economic crisis, puts in the forefront other
problems. Nranyan thinks that the measures taken today to meet the
crisis and the engaging of the credit funds are the basic requirements
for the solution of the problems facing the economy. In the opinion
of the NA member the engaging of the financial means is extremely
necessary in the context of changing economic policy. "We would rather
engage those means and, thus, we can prepare the=2 0serious background
to secure economic progress, than regard ourselves self-sufficient
and be afraid of other actions". Nranyan mentioned, that the credits
supplied to Armenia by international organizations (IMF, WB) witness
that Armenia is rather conscientious in the issue of discharge of
obligations. In his opinion one should be afraid not of external debt
but of the poverty and non-developing economy. "If we use the debts we
have efficiently, then in 3-4 months those sums will return to active
economy, will reflect in the budget and everyday life of the citizens".
In accordance with the head of the department of financial system
policy and analysis of the Central Bank Vahe Vardanyan economic
security conditioned the fact that the government of Armenia took the
credit supply road, because that was the only way to boost economy. The
head of the department of monetary policy Artur Stepanyan, in his turn,
noticed that there are no countries without external debts in the
world. "It is very important on what terms the credits are supplied,
on what interest rates and maturity period. I would like to say that
all the debts that our country have to the WB, the RF and the IMF
are preferential and long-term credits".
Economist T.Manaseryan noticed that the IMF credit has been granted
for a term of 5 years and this could not be regarded as a long-tern
credit at all.
"If last year our ex ternal debt was $1 billion, then today it exceeds
$3 billion. What is it if not a threat to economic security, the
dependence on international institutions?" "International financial
giants, i.e. the World Bank and the International Monetary Fund,
have already lost their authority.
There is no country where those institutions implemented programmes,
which proved positive results and targeted the development of the
industry. Hence question arises: is it necessary to follow blindly
their proposals and demands?" - noticed T.Manaseryan. The economist
is sure that if we manage correctly our resources, then we will have
no necessity to "reach out our hands and ask for credits, because we
have enough potential to overcome such a situation".
T.Manaseryan underlined the importance of the creating of All-Armenian
bank - the institution, which can promote to the implementation of
all-Armenian programmes. "All-Armenian bank will lead Armenia out
of world economic crisis and will release us from sad prospects to
stooge for international financial structures".
Â"21-st CenturyÂ" "XXI Century" N 1, 2009
The first issue of the Armenian version of "XXI Century" journal
includes the articles devoted to the energy security ensuring in
Armenia (K.Karapetyan, "Armenia and regional energetic process in the
context of information support"), economic expansion (A.Tavadyan,
"Pivotal problems of ec onomy"), global and regional problems
(A.Manvelyan, "Caspian constituent of the US energy policy"), mainly,
to the problem of repatriation of the Armenians in the context of the
Israeli experience (A.Marutyan, "From the latter Israeli experience
of repatriation and absorption").
"XXI Century" N 1, 2009 (Russian language edition)
In this issue we touch upon the influence of world crisis on the
economical security support (I.Baghirayn), the mechanism of the
build-up of such crisises (S.Grinyaev, A.Fomin) and some of their
manifestations (S.Minasyan). There are also some regional issues
analyzed in this number, i.e. up-to-date problems such as the role and
the place of Armenia in regional energetic developments, historical
problems revealing underlying civilization relations between Armenia
and Byzantine (A.Sargsyan), and prospects of the build-up of a single
brand of Armenia (V.Atoyan, K.Babadjanyan).
Â"BulletinÂ" "Bulletin" of "Noravank" Scientific Educational Foundation
â~D-23, 2008
Bulletin of "Noravank" Foundation â~D-23 includes reports about the
business trips taken by the Foundation's experts in 2008 to the Syrian
Arabic Republic (city Damascus), the Republic of Turkey (Western
Armenia) with the objective to get better acquainted with up-to-date
condition of local Armenian communities, with cripto and assimilated
Armenians. The reports include documentary data on the subject.
Publications "OUR VICTORIES"
"Our Victories" four-volume edition covers the victories gained by
the Armenian people on the battlefields. The fist volume includes
the brief description of the strategic and tactical victories of the
Armenian army in the wars, campaigns and battles during the period
from ancient times till the 3rd century after Christ. This book is
intended for a wide range of readers. The book "Our victories" can
be purchased in "Book world" (address: 20 Mashtots Ave. Yerevan) and
"Noyan Tapan" (Hanrapetutyan Square, Government House 2) bookstores.