YEREVAN, January 28. /ARKA/. Armenian government’s bailout policy is successful and well-justified, Gagik Minasyan, chairman of Armenian National Assembly’s finance and budget committee, said Wednesday at a pres conference.

“The government is successfully implementing its bailout plan. As a result, not a single social program was cut in 2009, and all social expenses were carried out as planned,” he said.

Despite the global recession, new jobs were created in 2009.

The steps taken by the government, shielded people in Armenia from shocks in 2009 and laid ground for future economic growth.

In June 2009, Armenian government started pursuing a comprehensive expansionary policy aimed at spurring domestic demand.

In particular, budget funds were targeted for supporting backbone enterprises, small and mid-scale businesses and construction companies.
Armenia also attracted funds from foreign organizations.

Russia lent $500 million to Armenia for bailout measures, International Monetary Fund pledged $822.7 million and the World Bank $545 million. -0--