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T Sargsyan: Pref Will Be Given to Macroeconomic, Financial Stability

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  • T Sargsyan: Pref Will Be Given to Macroeconomic, Financial Stability

    TIGRAN SARGSYAN: PREFERENCE WILL BE GIVEN TO MACROECONOMIC AND
    FINANCIAL STABILITY

    http://www.nt.am?shownews=1010083

    YERE VAN, NOVEMBER 28, NOYAN TAPAN. According to the Armenian Prime
    Minister Tigran Sargsyan, in conditions of the global financial and
    economic crisis, the Armenian government has chosen the following
    strategy: to give preference to ensuring macroeconomic stability which
    will raise the country's resistibility to various ordeals, as well as
    to ensuring financial stability which creates an opportunity to attract
    investments from the private sector and promote the economic growth by
    using all the possible instruments. The prime minister stated this at
    the discussion of the 2009 draft state budget at the National Assembly.

    In his words, "we have presented to you an unprecedented list of
    instruments which have not been used by our government in the past 17
    years: to encourage national producers and exporters by giving state
    guarantees, participating in capital of private enterprises,
    subsidizing them, and to help them develop business plans".

    The prime minister gave his assurance that the government has a
    definite schedule of implementing these measures, and those resposible
    for it. He said that the first program that he announced at the
    National Assembly has already been implemented: the government has
    allocated 17 billion drams to the Armenian-German Fund for crediting of
    small and medium business. This money will enable to create thousands
    of jobs in Armenia in 2009. Besides, all those large-scale projects
    that the Armenian president announced at the National Assembly recently
    have also been launched, in particular, the government approved the
    bill on All-Armenian Bank that will be submitted to the NA soon. The
    budget of the Central Bank of Armenia (CBA) envisages resources for
    establishment of the All-Armenian Bank, and investment and mortgage
    funds.

    The prime minister said that the design of the new nuclear power
    plant's construction has already begun, and in December the government
    will report on the first results at the National Assembly. "The
    railway-related work also started, and we have presented this project
    to all of our partners and discussed it with internatinal financial
    organizations," he noted.

    Speaking about the preferences of the government, he attached special
    importance to development of infrastructures, first of all, in energy
    and agricultural sectors and in water industry. With this aim the
    government plans to spend at least 900 million dollars and it conducted
    negotiations with the World Bank, the European Bank and the Asian
    Development Bank. "We will receive long-tem credits on preferential
    terms for infrastructures. Naturally, by spending money on
    infrastructures, we will create favorable conditions for economic
    development," the prime minister underlined.

    He pointed out reconstruction work in the earthquake zone as another
    important measure, on which 77 billion drams will be spent. "Work will
    start in 2009, tenders for chosing construction firms have been
    announced. The first stage is over, and the construction organization
    which won the tender has begun preparatory work," the prime minister
    announced, adding that nearly 5,000 jobs will be created in Gyumri.

    "Our actions will be complex and effective, it means that in 2009 we
    will hold consultations with international and Armenian NGOs and
    deputies of the National Assembly," the prime minister said, noting
    that the purpose is to "involve them in the implementation of
    anticrisis measures".
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