Armenian government’s policy mitigates adverse impacts of recession

26.11.2009 09:27
Armenian government’s  policy mitigates adverse impacts of  recession

YEREVAN, November 26. /ARKA/. Olivier Descamps, EBRD Business Group Director in South Eastern Europe, Central Asia and the Caucasus, speaking at a press conference on Tuesday, said Armenian government and central bank’s consistent policy has enabled the country to mitigate consequences of the global recession.

He thinks that Armenia has managed to get loans from International Monetary Fund and World Bank thanks to this policy, which also prompted the European Bank for Reconstruction and Development to expand its program here.

Descamps pointed out that quite tough programs of the finance ministry in fiscal sectors gave the country room for maneuvering to compensate export decline as well as reduction in foreign transfers and capital construction.

The director stressed special importance of the strong and consistent policy the central bank pursues.

He said he was impressed by his meeting with Armenian Prime Minister Tigran Sargsyan and members of his team, who have confirmed their determination to deal with problems, improve investment environment, strengthen competition and develop innovations.

Descamps said that despite the crisis has stricken hard at some sectors, Armenia’s banking system has managed to retain stability.

The EBRD business group director arrived in Yerevan on Tuesday for a two-day visit.

The European Bank for Reconstruction and Development has provided €50 million to Armenia since the beginning of this year for the programs supporting energy, corporate and financial sectors.

Together with this amount, the EBRD investments in various programs in Armenia will reach €100 million by late 2009.

As a whole, the European Bank for Reconstruction and Development has invested over €335 million in more than 70 programs in Armenia. -0--


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