WB: RA Government showed adequate reaction to global crisisOctober 19, 2009 - 13:14 AMT PanARMENIAN.Net - Global crisis impact on RA Economy and challenges faced were discussed during the meeting between WB Managing Director Ngozi Okonjo-Iweala , RA Prime Minister Tigran Sargsyan and economic issues' group. When discussing world crisis which couldn't but impact RA economy through slump in foreign transfers' rate, price growth, social strain, resulting in public and tax revenues decrease, Ngozi Okonjo-Iweala approved of RA Government's adequate reaction to global crisis, in the context of correct budget expenditures, maintenance and even increase of social expenditures' level. WB MD especially noted RA Governments' assistance to small and average businesses, enabling crediting facilitation. According to Ngozi Okonjo-Iweala, WB helped RA Government to preserve infrastructures, specifically, agriculture. At the same time, world crisis brought out vulnerable sides of RA economy. "The crisis emphasized the necessity for Armenian economy's diversification," she noted, adding that to provide economic growth upon overcoming the crisis, Armenia has to face certain challenges: meeting competition, possible opening of RA-Turkey border and struggle against corruption. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | EU to provide budgetary support to Armenia The agreement is aimed at increasing the competitiveness of the educational system of Armenia. Aliyev: No peace treaty unless Armenia changes constitution Azerbaijan will not sign a peace treaty with Armenia unless the latter changes its constitution, Azerbaijani President Ilham Aliyev said. Azerbaijan proposes Armenia to jointly seek cancelation of Minak Group The Azerbaijani President maintained that the move will show “how sincere Armenia is.” Seven injured in massive gas station explosion in Armenia The Investigative Committee of Armenia has unveiled details about a massive explosion at a gas station on the Yerevan-Sevan highway. |