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IMF FORECASTS 15% GDP FALL IN ARMENIA IN 2009
ArmInfo
2009-10-12 15:19:00
ArmInfo. According to assessments of specialists of the International
Monetary Fund (IMF), GDP fall in Armenia in 2009 will make up
about 15%, IMF Executive Director Ambroise Fayolle said at today's
press-conference in Yerevan.
According to him, the global economic crisis 'heavily stroke at
Armenia's economy'. He also said the foreign receipts and tax revenues
reduced and weakened the balance of payments and the state financing
system. Such development of events created additional difficulties for
Armenia's population. He expressed satisfaction with the authorities'
work in crisis conditions. 'The authorities decided not to reduce
the budget expenditures and, at the same time, increase the expenses
for development of the infrastructure due to attraction of foreign
borrowings, and we agree to such a policy', Fayolle said. He added
that in March, IMF approved extension of credits to Armenia to the
sum of $540 mln to overcome the crisis consequences, and it increased
financing in June to $823 mln.
IMF representative also said that Armenia's financial system is still
stable, and inflation meets the scheduled 4% +1,5% target level.
According to him, a group of IMF specialists have arrived in Armenia
(six executive officers of IMF) to get acquainted with the country's
economic situation and discuss the ways pout of the crisis, together
with the authorities.
ArmInfo
2009-10-12 15:19:00
ArmInfo. According to assessments of specialists of the International
Monetary Fund (IMF), GDP fall in Armenia in 2009 will make up
about 15%, IMF Executive Director Ambroise Fayolle said at today's
press-conference in Yerevan.
According to him, the global economic crisis 'heavily stroke at
Armenia's economy'. He also said the foreign receipts and tax revenues
reduced and weakened the balance of payments and the state financing
system. Such development of events created additional difficulties for
Armenia's population. He expressed satisfaction with the authorities'
work in crisis conditions. 'The authorities decided not to reduce
the budget expenditures and, at the same time, increase the expenses
for development of the infrastructure due to attraction of foreign
borrowings, and we agree to such a policy', Fayolle said. He added
that in March, IMF approved extension of credits to Armenia to the
sum of $540 mln to overcome the crisis consequences, and it increased
financing in June to $823 mln.
IMF representative also said that Armenia's financial system is still
stable, and inflation meets the scheduled 4% +1,5% target level.
According to him, a group of IMF specialists have arrived in Armenia
(six executive officers of IMF) to get acquainted with the country's
economic situation and discuss the ways pout of the crisis, together
with the authorities.