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Prime Minister Of Armenia: Government Forecasts 15% Economic Decline

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  • Prime Minister Of Armenia: Government Forecasts 15% Economic Decline

    PRIME MINISTER OF ARMENIA: GOVERNMENT FORECASTS 15% ECONOMIC DECLINE IN ARMENIA IN 2009

    ArmInfo
    2009-12-25 15:16:00

    ArmInfo. Government forecasts 15% economic decline in Armenia in
    2009, Armenian Prime Minister Tigran Sargsyan said in a final press
    conference on Friday.

    Apparently, last year became the heaviest in the history of the
    young Armenian country, however Armenia has overcome the crisis year
    2009 with minimum losses, Tigran Sargsyan said. The anti-crisis
    program of the government was effective and the strategy was
    right. Particularly, increasing investments in the infrastructure,
    the budgetary expenditures totaled nearly 900 billion drams in 900
    versus 810 billion drams in 2008. Increasing expenses we avoided social
    tension and stimulated economy. Armenia entered the stage of economy
    restoration and these positive trends will be continued in 2010,
    Tigran Sargsyan said. He outlined that the crisis revealed the weak
    points of the country and the need for better reforms, diversification
    of economy and creation of equal conditions for private investors. In
    this context, economy is still vulnerable, the prime minister said.

    He said that Armenia starts the year 2010 with budget balance of 80
    billion drams. There are 54 billion drams in the stabilization fund.

    The European Union pledged to provide the government with additional
    100 million euro in 2010. "All these are rather serious reserves to
    ensure macroeconomic stability and create favorable business climate
    for economic entities and increase the public trust in the government.

    We are ready to resist new testing," the prime minister said.

    From: Emil Lazarian | Ararat NewsPress
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