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Armenia's Economy Suffers $680 Mln. Damage From Russian-Georgian Con

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  • Armenia's Economy Suffers $680 Mln. Damage From Russian-Georgian Con

    ARMENIA'S ECONOMY SUFFERS $680 MLN. DAMAGE FROM RUSSIAN-GEORGIAN CONFLICT

    ARKA
    Sep 12, 2008

    YEREVAN, September 12. /ARKA/. Chairman Howard Berman (D-CA) opened
    Sept 9 hearing entitled "U.S.-Russia Relations in the Aftermath of
    the Georgia Crisis" to address concerns and to "consider the future
    of U.S. relations with Russia in the aftermath of the crisis that
    erupted with sudden ferocity in the Republic of Georgia five weeks
    ago," reported the Armenian Assembly of America (Assembly).

    Testifying on behalf of the Bush Administration, Daniel Fried,
    Assistant Secretary of State for European and Eurasian Affairs,
    starting with the region's history, told Members of Congress that the
    collapse of the former Soviet Union "was marked by ethnically-based
    violence, especially in the South Caucasus."

    Fried also explained, in greater detail, the Administration's $1
    billion economic support package that Secretary of State Condoleezza
    Rice announced on September 3, in an effort to help meet "Georgia's
    pressing humanitarian needs, repair infrastructure damaged by
    Russia's invasion, sustain commercial confidence, and restore economic
    growth." He added that the Administration would be working extensively
    with Congress, as to fine-tune how the assistance will be delivered.

    Fried commented that Armenia is already a recipient of significant
    amount of aid, although he acknowledged that Armenia has been impacted
    by the crisis.

    Sherman added that due to strife, Armenia has suffer ed an estimated
    $680 million in damage to its economy and again asked if additional
    aid would be provided. Fried responded that there would be more,
    but would have to look into the figure as to an amount.

    "The Administration has an important opportunity to reinforce
    stated U.S.

    policy goals of regional cooperation and economic integration in the
    South Caucasus region," said Congressman Sherman. "As such, I was
    deeply troubled that the Administration failed to take into account
    the impact that this recent crisis has had on our ally Armenia. We must
    ensure that any aid package also includes Armenia," Sherman concluded.

    The House Appropriations Committee will need to review the aid package,
    of which the Assembly last week sent a letter to Members of Congress
    pointing out the impact not only for Georgia, but Armenia as well.
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