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ARF parliament member warns against consequences of new wave of global crisis
YEREVAN, September 17. / ARKA /. An Armenian parliament member from
the opposition Armenian Revolutionary Federation (ARF) has warned
today that a new wave of global financial crisis may hit Armenia's
economy severely.
Speaking at a news conference Artsvik Minasian said a shock at global
markets may translate into a disastrous earthquake for Armenia.
Minasian said fluctuations in commodity prices can not be avoided and
since Armenia is heavily dependent on international processes,
including money transfers from labor migrants and commodity prices,
any change in Russia or Europe will affect its economy.
"The problem is that our economy will again appear unprepared for
this, because the government does not pay due attention to making our
economy immune against external impacts, focusing instead of finding
situational solutions", he said.
Artsvik Minasian claimed that the current structure of Armenia's
economy does not allow to counteract a possible impact of fluctuations
in prices of oil, gas and metals. He said in order to avoid the
devastating impact of a possible crisis on Armenia's economy the
government must revise the ideology of its ongoing programs, "because
in all projects the government does not bear responsibility for its
citizens.'
"The first thing the top authority must do is to disband this
government. That will be the best solution because for some time it
will not be able to intervene in economy, because any intervention
yields negative consequences,' he said.
The second important thing, according to Minasian is to change the
legislation to ensure that economic entities have the opportunity to
create more value-added products. Minasian said economic developments
in Armenia have significantly increased its dependence on external
intervention.
"Armenia owes 40% of its foreign debt to World Bank, 22% to IMF and
14.5% to Russia. These centers will be trying to
guide us all the time, and we never will be able to find our own way,"
he said. -0-
YEREVAN, September 17. / ARKA /. An Armenian parliament member from
the opposition Armenian Revolutionary Federation (ARF) has warned
today that a new wave of global financial crisis may hit Armenia's
economy severely.
Speaking at a news conference Artsvik Minasian said a shock at global
markets may translate into a disastrous earthquake for Armenia.
Minasian said fluctuations in commodity prices can not be avoided and
since Armenia is heavily dependent on international processes,
including money transfers from labor migrants and commodity prices,
any change in Russia or Europe will affect its economy.
"The problem is that our economy will again appear unprepared for
this, because the government does not pay due attention to making our
economy immune against external impacts, focusing instead of finding
situational solutions", he said.
Artsvik Minasian claimed that the current structure of Armenia's
economy does not allow to counteract a possible impact of fluctuations
in prices of oil, gas and metals. He said in order to avoid the
devastating impact of a possible crisis on Armenia's economy the
government must revise the ideology of its ongoing programs, "because
in all projects the government does not bear responsibility for its
citizens.'
"The first thing the top authority must do is to disband this
government. That will be the best solution because for some time it
will not be able to intervene in economy, because any intervention
yields negative consequences,' he said.
The second important thing, according to Minasian is to change the
legislation to ensure that economic entities have the opportunity to
create more value-added products. Minasian said economic developments
in Armenia have significantly increased its dependence on external
intervention.
"Armenia owes 40% of its foreign debt to World Bank, 22% to IMF and
14.5% to Russia. These centers will be trying to
guide us all the time, and we never will be able to find our own way,"
he said. -0-