Tweet
Interfax, Russia
Feb 17 2012
Armenian economy will grow 4.2% in 2012-2013 - World Bank
YEREVAN. Feb 17
The World Bank predicts that Armenia's economy will grow 4.2% per year
in 2012-2013 and that inflation will be 4%-4.5%.
That is a base forecast, and could be revisited in conditions of
Eurozone economic crisis, the director of the Bank's Yerevan offices,
Jean-Michel Happi, told reporters on Friday.
Although the Armenian economy is recovering from the economic crisis
of 2009, it is still not vigorous and is very much susceptible to
shocks from abroad, Happi said. In conditions of post-crisis
export-price decreases, less investment and private transfers, big
Armenian economic growth cannot be counted on, he said
The country needs to increase its GDP and export growth rates to
ensure the stability of state foreign debt, Happi said. After the
crisis, Armenia's foreign debt increased substantially and is unstable
now, he said. Despite the economic recovery, Armenia has to provide
for the entry of new companies into the market, promote the
improvement of the competitive environment, the development of
exports, and the diversification of sources of economic growth, he
said.
Armenia's budget for this year reckons GDP growth of 4.2% and
inflation of 4% - plus or minus 1.5 of a percentage point.
The World Bank board of directors has approved to credits for Armenia
totaling $91 million, Happi said.
A credit of $80 will be extended for supporting the country's state
budget, including $50 million for a 25-year term with a five-year
grace period at 1.25% per annum and $30 million (25 years) with a
ten-year grace period at LIBOR plus a floating margin. These funds are
aimed at increasing the level of state management and the
competitiveness of the private sector, as well as helping the most
vulnerable members of society, Happi said.
The second credit is of $11 million, to be supplied as additional
financing for the country's social investment fund in order to
continue social programs. This is also a 25-year credit, with a
five-year grace period and extended at a rate of 1.25% per annum.
The World Bank has provided Armenia with credits amounting to $1.597
billion since 1992.
Cf
Feb 17 2012
Armenian economy will grow 4.2% in 2012-2013 - World Bank
YEREVAN. Feb 17
The World Bank predicts that Armenia's economy will grow 4.2% per year
in 2012-2013 and that inflation will be 4%-4.5%.
That is a base forecast, and could be revisited in conditions of
Eurozone economic crisis, the director of the Bank's Yerevan offices,
Jean-Michel Happi, told reporters on Friday.
Although the Armenian economy is recovering from the economic crisis
of 2009, it is still not vigorous and is very much susceptible to
shocks from abroad, Happi said. In conditions of post-crisis
export-price decreases, less investment and private transfers, big
Armenian economic growth cannot be counted on, he said
The country needs to increase its GDP and export growth rates to
ensure the stability of state foreign debt, Happi said. After the
crisis, Armenia's foreign debt increased substantially and is unstable
now, he said. Despite the economic recovery, Armenia has to provide
for the entry of new companies into the market, promote the
improvement of the competitive environment, the development of
exports, and the diversification of sources of economic growth, he
said.
Armenia's budget for this year reckons GDP growth of 4.2% and
inflation of 4% - plus or minus 1.5 of a percentage point.
The World Bank board of directors has approved to credits for Armenia
totaling $91 million, Happi said.
A credit of $80 will be extended for supporting the country's state
budget, including $50 million for a 25-year term with a five-year
grace period at 1.25% per annum and $30 million (25 years) with a
ten-year grace period at LIBOR plus a floating margin. These funds are
aimed at increasing the level of state management and the
competitiveness of the private sector, as well as helping the most
vulnerable members of society, Happi said.
The second credit is of $11 million, to be supplied as additional
financing for the country's social investment fund in order to
continue social programs. This is also a 25-year credit, with a
five-year grace period and extended at a rate of 1.25% per annum.
The World Bank has provided Armenia with credits amounting to $1.597
billion since 1992.
Cf