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PRIME MINISTER OF ARMENIA: MEASURES TAKEN BY ARMENIAN GOVERNMENT JOINTLY WITH CENTRAL BANK OF ARMENIA ALLOWED TO RESIST THE FIRST WAVE OF THE WORLD FINANCIAL CRISIS
ArmInfo
2008-11-12 15:42:00
ArmInfo. The measures taken by the Armenian government jointly with
the Central Bank of Armenia allowed to resist the first wave of the
world financial crisis, Prime Minister of Armenia Tigran Sarkisyan said
today in the Parliament. As he said, the country is set a task today
to withstand a new wave of the world financial crisis which revealed
a number of risks to Armenia. In particular, the matter concerns
reduction or suspension of private investments, reduction of private
transfers, temporary freezing of the activity of mining enterprises to
the growth of metal prices, extension of the terms of some investment
projects in construction and reduction of investments. As a result,
this may lead to reduction of consumer prices, worsening of the payment
balance. The international experience shows that new phenomena appear
in such cases. So, a desire of individual participants in the financial
market to overcome the occurred crisis independently is able to cause
deepening of the shadow economy and appearance of new corruption
risks. Meanwhile, all the risks directly concern Armenia's national
security strategy. In this situation, the government will assure
a macroeconomic stability and stability of the economy's financial
sector, reveal new sources for a scheduled economy growth, that will
allow to extend the sales markets, moreover, they will contribute
to growth of the industrial production, vastly increase the export
volumes and improve the payment balance, especially as the world
financial crisis extends the opportunities of the developing countries
and leads to enhancement of their competitiveness. In this situation,
the role of the state will sharply grow.
ArmInfo
2008-11-12 15:42:00
ArmInfo. The measures taken by the Armenian government jointly with
the Central Bank of Armenia allowed to resist the first wave of the
world financial crisis, Prime Minister of Armenia Tigran Sarkisyan said
today in the Parliament. As he said, the country is set a task today
to withstand a new wave of the world financial crisis which revealed
a number of risks to Armenia. In particular, the matter concerns
reduction or suspension of private investments, reduction of private
transfers, temporary freezing of the activity of mining enterprises to
the growth of metal prices, extension of the terms of some investment
projects in construction and reduction of investments. As a result,
this may lead to reduction of consumer prices, worsening of the payment
balance. The international experience shows that new phenomena appear
in such cases. So, a desire of individual participants in the financial
market to overcome the occurred crisis independently is able to cause
deepening of the shadow economy and appearance of new corruption
risks. Meanwhile, all the risks directly concern Armenia's national
security strategy. In this situation, the government will assure
a macroeconomic stability and stability of the economy's financial
sector, reveal new sources for a scheduled economy growth, that will
allow to extend the sales markets, moreover, they will contribute
to growth of the industrial production, vastly increase the export
volumes and improve the payment balance, especially as the world
financial crisis extends the opportunities of the developing countries
and leads to enhancement of their competitiveness. In this situation,
the role of the state will sharply grow.