Tigran Davtian: Recession will ease in Armenia in late 2009
28-08-2009 21:00:00 | Armenia | Economy
YEREVAN, AUGUST 28, NOYAN TAPAN. In the opinion of the RA
Minister of Finance Tigran Davtian, the RA National Statistical
Service's data, according to which a recession of 18.5% was
recorded in Armenia in the first seven months of 2009, was quite
predictable. "We forecast that this index will start improving
in September and October and the recession will ease in late
2009," T. Davtian told reporters on August 28.
In his words, some stabilization tendencies were observed
in the economy and the above mentioned index will improve.
"There are forecasts that it may fluctuate between 10 and 15
percent. Besides, we forecast that next year the economy will
start recovering gradually and there may be an economic growth
of 1-1.5% in 2010".
The minister informed those present that 38.6 billion drams
(about 102.6 million USD) of the Russian loan has already been
invested in the Armenian economy. According to him, on June 12,
2009, Russia transferred 500 million USD of the stabilization
loan to the account of the Central Bank of Armenia, with the
loan being provided at a LIBOR + 3% interest rate for supporting
the country's economy in conditions of the crisis.
He said that the Armenian government has decided to
allocate a considerable part of the loan to real economy.
"A decision was made to allocate 120 billion drams (about
319.1 million USD) of this sum for the promotion and development
of the economy, while 38.6 billion drams has already been
invested in economy," he explained.