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  • Former Minister Of Finance Considers Current Government's Policy Of

    FORMER MINISTER OF FINANCE CONSIDERS CURRENT GOVERNMENT'S POLICY OF EXPANSION AS CORRECT

    Noyan Tapan
    July 6, 2009

    YEREVAN, JULY 6, NOYAN TAPAN. The former Armenian minister of
    finance Levon Barkhudarian (1993-1997 and 1999-2000) considers the
    current government's policy of expansion as correct, in particular,
    its attemp to prevent an economic decline or make it smoother by
    attracting financial resources from outside.

    L. Barkhudarian said during the July 3 meeting at the National Press
    Club that considerable resources have been given to the Armenian
    government. This will enable to implement the budgets of this year
    and 2010 with a little more deficit and to help the economy and
    small and medium busness. At the same time he underlined that two
    factors hinder Armenia from overcoming the economic crisis: first,
    the slow process of reforms in the government system, including the
    low efficiency of the anticorruption policy, second, the existence
    of monopolies, including the imperfect competition environment.

    As regards the economic crisis which followed the collapse of the
    Soviet Union in the early 1990s, L. Barkhudarian noted that the
    conditions of that time and the current conditions are different. At
    the time there was a war in Karabakh, a blockade was imposed on
    Armenia, the country had problems with power supply, and GDP decline
    made 50%. Besides, there was no financial assistance from international
    organizations and other countries, and enterprises received no support
    from the state. "Despite all this, I regard that hard period as grand,
    in a certain sense, those were the best years when the people was
    united with the authorities and this unity resulted in our victories,"
    L. Barkhudarian said.

    From: Emil Lazarian | Ararat NewsPress
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