Report: Necessary steps taken by Armenian economy ministry ward off recession

20.01.2010 20:27
Report: Necessary steps taken by Armenian economy ministry ward off recession

YEREVAN, January 20. /ARKA/. Armenian Economy Ministry took necessary measures to mitigate and neutralize impacts of the global recession on the country and to prevent social tension here, the ministry says in its report submitted to the government on Wednesday.

In particular, the ministry mobilized donor organizations’ resources - $700 million was attracted from the World Bank, $500 million was received from the International Monetary Fund and $60-million package of credit support formed.

Besides, the government laid ground for cooperation with Asian Development Bank.

As a result of the government’s efforts, $80 million has been earmarked for recovery of quake-hit areas.

European Union pledged €100 million to Armenia as budget support.

Asian Development Bank lent $500 million to Armenia for implementation an investment program for construction of North-South highway.

Armenian government was providing significant support to the real sector of the national economy.

In particular, companies whose investments exceeded AMD 300 million had their VAT pays adjourned.

The special group has considered 300 business programs, of which 24 projects worth AMD 14.1 billion have been approved.

Among its achievements, the ministry also pointed out preparations for establishment of a center for nuclear medicine, organization of conferences and forums and elaboration of a strategy for development of Jermuk, Armenian resort, in 2009-2012.

The economy ministry intends to concentrate its focus on scientific projects, “Computers for All” program and the launch of the program of creation of a free economic zone in Zvartnots International Airport. ($1 = AMD 377.22) --0--


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