Armenian Prime Minister Tigran Sargsyan said that after the global financial crisis it became evident by 2011 that the world will not return to its pre-crisis economic model.

However, the new model has not been developed yet, what is a serious challenge, Sargsyan told a government sitting.

He referred to the Armenian leader’s statement made during a meeting with Armenian businessmen late in December 2010, citing Serzh Sargsyan as saying that 2011 will be a year of hard work, economy’s rehabilitation and diversification.

The Prime Minister added that Armenia enters 2011 with certain reserves. Specifically, the Ministry of Finance has already summarized the preliminary results on the state budget fulfillment: the annual program’s expenditures were surpassed by over AMD 25bln, out of which AMD 20bln due to tax revenues. Besides, expenditures at the amount of AMD 15bln were saved.

“It means that we have increased our macro-economic reserves for 2011,” Sargsyan said.

He added that the balance of the single account makes AMD 30bln, while the stabilization fund totals AMD 45bln against the envisaged AMD 31bln. In addition, the World Bank approved a $25mln loan for Armenia on January 12, 2011.