World Bank will help Armenia to improve and strengthen its capacities to confront external shocks

26.10.2011 18:02
World Bank will help Armenia to improve and strengthen its capacities to confront external shocks

YEREVAN, October 26. / ARKA /. The World Bank will help Armenia to improve and strengthen its capacities for confronting external shocks, head of World Bank Yerevan Office, Jean-Michel Happi, said to a news conference today.

He said economic crisis is not something that comes and goes. He said it continues impacting the economic situation of countries. He also stressed the policy implemented to improve Armenia’s capacities to withstand external challenges.

Mr. Happi said last week's discussion of the report "Armenia: a study of public expenditure, fiscal consolidation and recovery," which was prepared by the World Bank together with the ministry of finance of Armenia and the State Revenue Committee, will make a significant contribution to assessing the fiscal capacity of the country.

He said several months ago "we learned lessons from the crisis’ and many of them are relevant today, in particular, strengthening of social security networks, improving the efficiency of family benefits, increasing government capacity to make assistance to vulnerable people more targeted.

The report "Armenia: a study of public expenditure, fiscal consolidation and recovery " estimates revenue potential, which the government can use through tax administration and improved tax policy. The report states that the government should implement, as a priority, fiscal consolidation, which, however, should not be secured by stable economic growth. -0-


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