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EVEN IN CASE OF THE MOST PESSIMISTIC SCENARIO ARMENIA WON'T FACE THE DANGER OF DEFAULT, DEPUTY MINISTER OF FINANCE SAYS
Mediamax
Oct 6 2011
Armenia
Yerevan/Mediamax/. Armenian Deputy Minister of Finance Vardan Aramyan
said today that even in case of the most pessimistic scenario - a 30%
depreciation of the dram, Armenia won't be on the verge of default.
Addressing a Conference on "Global possibilities of local markets:
infrastructure and regulation" in Yerevan today, Vardan Aramyan said
that after facing two hardest tasks in 2009 and 2010- sharp economic
downfall and high inflation - Armenia managed to toughen its monetary
policy and preserve the inflation without endangering the fragile
restoration of the economy, Mediamax reports.
"Our studies showed that not the level of the state debt but the
condition of the microeconomic fundament play a decisive role in the
emergence of default," Vardan Aramyan said, noting that during the
crisis Armenia's state debt has considerably grown but remains within
controllable limits.
According to Deputy Minister, Armenia has taken the following lessons
from the global financial-economic crisis and current debt problems of
the West: Armenia should continue the balanced macroeconomic policy,
diversify the economy, stimulate the export-oriented branches,
improve the business climate and conduct a pension reform.
From: Baghdasarian
Mediamax
Oct 6 2011
Armenia
Yerevan/Mediamax/. Armenian Deputy Minister of Finance Vardan Aramyan
said today that even in case of the most pessimistic scenario - a 30%
depreciation of the dram, Armenia won't be on the verge of default.
Addressing a Conference on "Global possibilities of local markets:
infrastructure and regulation" in Yerevan today, Vardan Aramyan said
that after facing two hardest tasks in 2009 and 2010- sharp economic
downfall and high inflation - Armenia managed to toughen its monetary
policy and preserve the inflation without endangering the fragile
restoration of the economy, Mediamax reports.
"Our studies showed that not the level of the state debt but the
condition of the microeconomic fundament play a decisive role in the
emergence of default," Vardan Aramyan said, noting that during the
crisis Armenia's state debt has considerably grown but remains within
controllable limits.
According to Deputy Minister, Armenia has taken the following lessons
from the global financial-economic crisis and current debt problems of
the West: Armenia should continue the balanced macroeconomic policy,
diversify the economy, stimulate the export-oriented branches,
improve the business climate and conduct a pension reform.
From: Baghdasarian