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CIS To Start Overcoming Crisis Next Year

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  • CIS To Start Overcoming Crisis Next Year

    CIS TO START OVERCOMING CRISIS NEXT YEAR

    ARKA
    May 20, 2009

    YEREVAN, May 20. /ARKA/. The markets and economies of the Commonwealth
    of Independent States (CIS) will start overcoming the crisis next year,
    but the first positive changes are expected at the end of this year,
    stated Azam Usmanov, Vice-Chief of the Currency and Financial Policy
    Section, Economic Development Department, CIS Executive Council.

    "Recently has been some positive view that the crisis has reached the
    bottom, and some stabilization is in progress," Usmanov told reporters
    at the 9th sitting of the CIS Council of Heads of government agencies
    for securities markets held in Yerevan on May 19-20.

    However, he said, that the crisis initially affected the best developed
    of the CIS economies, Russia, Ukraine and Kazakhstan.

    "Now we can say that the stock market collapsed in all the CIS
    member-countries, and the economies have been serious affected,"
    he said.

    As regards the issues on the agenda, Usmanov pointed out that the
    Council considered the execution of decisions made at its last sitting
    and held unbiased hearings of reports made by representatives of the
    CIS member-countries.

    Responding to ARKA's question, Usmanov pointed out that the Council
    is working at the formulas that can be offered to the CIS securities
    markets for them to overcome crisis.

    At the end of its sitting, the Council may prepare some recommendations
    on how it can influence the measures to temper the impact of the
    crisis prepared by the CIS Governments.

    Usmanov stressed that "the crisis will end some day, but we cannot
    travel too far with our present way of thinking."

    "We are now thinking of leading the economies out to innovation ways
    of development, and integrated development is of high importance,"
    he said.

    The Council was formed by the CIS Heads of Government in 2003. At
    present the Council includes representatives of Azerbaijan, Armenia,
    Belarus, Kazakhstan, Kyrgyzstan, Moldova, Russia, Tajikistan and
    Ukraine. The primary task of the Council is economic integration of
    the CIS member-states in the securities market, ensure cooperation
    in forming international standards of securities market management,
    create conditions for further liberalization of capital flow in the
    CIS member-states, ensure effective protection of investors' rights
    and effective supervision over the securities market.
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