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Three birds with one stone
02:34 pm | August 28, 2009 | Economy
http://a1plus.am/en/economy/2009/08/28/tig ran-davtyan
"Generally speaking, tendencies to stability are outlined in the
economy," RA Minister of Finance Tigran Davtyan told a press
conference on August 28.
The Minister of Finance says the country's economy reacts adequately
to the global economic crisis. The economies of the USA and EU member
states are said to be recovering. This is good news for Armenia as our
economies are interrelated.
Tigran Davtyan anticipates lower economic decline for 2010 (18.5 %
during the first seven months).
The Minister also noted that today the budget deficit mounts to 67 mln
drams forming 4, 7 % of the GDP.
"With the given figures we do not aim to exceed the 7-percent deficit
set by the National Assembly. At the most, the deficit will reach
6-6.5%. Next year the deficit will fall to 5.5%. The figures will keep
dropping year by year reaching 3%," said the Minister.
During the press conference one got the impression that everything is
brilliant in Armenia and "pensions and salaries have been increased by
18% having 18% economic decline in the country."
The crisis has caused social cataclysms throughout the world. The
aftermaths of the global crisis were felt in CIS countries stronger
than in Armenia. "Thanks to our government Armenia didn't feel the
crisis too strongly. The government took loans in due time and
invested the money in economy with privileged conditions for
businesspeople and manufacturers."
A1+ wondered how Armenia would redeem the loans and when the process
would start. "The government has killed two birds with one stone,"
Mr. Davtyan said in reply. "On the one hand, our government took loans
from financial organizations and invested it in economy. On the other
hand, the executive body gave the loans to economic entities who have
to pay it back to the state."
A journalist observed that the burden of debt repayment lies on
consumers as businesspeople might raise the prices on goods to settle
the debt.
"Here we kill the third bird," said the Minister and added that the
interests on loans are too low to affect the consumer's budget.
Remind that Armenia's foreign debt is 3 milliard drams.
02:34 pm | August 28, 2009 | Economy
http://a1plus.am/en/economy/2009/08/28/tig ran-davtyan
"Generally speaking, tendencies to stability are outlined in the
economy," RA Minister of Finance Tigran Davtyan told a press
conference on August 28.
The Minister of Finance says the country's economy reacts adequately
to the global economic crisis. The economies of the USA and EU member
states are said to be recovering. This is good news for Armenia as our
economies are interrelated.
Tigran Davtyan anticipates lower economic decline for 2010 (18.5 %
during the first seven months).
The Minister also noted that today the budget deficit mounts to 67 mln
drams forming 4, 7 % of the GDP.
"With the given figures we do not aim to exceed the 7-percent deficit
set by the National Assembly. At the most, the deficit will reach
6-6.5%. Next year the deficit will fall to 5.5%. The figures will keep
dropping year by year reaching 3%," said the Minister.
During the press conference one got the impression that everything is
brilliant in Armenia and "pensions and salaries have been increased by
18% having 18% economic decline in the country."
The crisis has caused social cataclysms throughout the world. The
aftermaths of the global crisis were felt in CIS countries stronger
than in Armenia. "Thanks to our government Armenia didn't feel the
crisis too strongly. The government took loans in due time and
invested the money in economy with privileged conditions for
businesspeople and manufacturers."
A1+ wondered how Armenia would redeem the loans and when the process
would start. "The government has killed two birds with one stone,"
Mr. Davtyan said in reply. "On the one hand, our government took loans
from financial organizations and invested it in economy. On the other
hand, the executive body gave the loans to economic entities who have
to pay it back to the state."
A journalist observed that the burden of debt repayment lies on
consumers as businesspeople might raise the prices on goods to settle
the debt.
"Here we kill the third bird," said the Minister and added that the
interests on loans are too low to affect the consumer's budget.
Remind that Armenia's foreign debt is 3 milliard drams.