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Armenian Government Does Not Want To Follow Example Of U.S. Administ

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  • Armenian Government Does Not Want To Follow Example Of U.S. Administ

    ARMENIAN GOVERNMENT DOES NOT WANT TO FOLLOW EXAMPLE OF U.S. ADMINISTRATION

    Noyan Tapan
    March 18, 2009

    YEREVAN, MARCH 18, NOYAN TAPAN. The sums provided by the World Bank
    and other international financial organizations more contribute to
    enrichment of Armenian banks than to development of small and medium
    enterprises, member of "Orinats Yerkir" faction Artsruni Aghajanian
    said at the National Assembly on March 18. He called on the government
    to give credits to enterprises without participation of banks, thus
    ensuring low interest rates of credits.

    The minister of finance Tigran Davtian said that under conditions of
    the global financial and economic crisis, the rapid response staff set
    up at the government provides financial resources to some enterprises,
    but it is possible only in exceptional cases. On the whole, according
    to the minister, the provision of loans to small and medium enterprises
    is outside the government's competence: like in other countries, it
    is done through the banking system. As regards the fact that banks
    provide at high interest rates the credits they have received on
    preferential conditions, the minister noted that their actions are
    justified, taking into account the risks proceeding from the economic
    situation in the country.

    Disagreeing with the minister's arguments, the NA deputy reminded
    that the U.S. administration allocated 800 billion USD to prevent
    the consequences of the crisis.
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