Armenia’s GDP to expand 1% in 2010

Armenia’s GDP to expand 1% in 2010
ARKA, 07.07.2009

Armenia is to post a 1% GDP growth in 2010, RA Prime Minister Tigran Sargsyan reported.

“The government and ministries are drawing up the state budget for 2010,” the premier was quoted as saying during an international conference on the global crisis impact on Armenia.

The prime minister stressed that it was the preliminary forecast of the government, adding the executives would discuss macroeconomic indicators in the upcoming months.

Emphasizing the budget deficit and possible financing, Sargsyan cited four-year programs of the World Bank (WB), International Monetary Fund (IMF) and Asian Development Bank (ADB).

“The financial resources allocated for Armenia would help the country execute structural reforms, boosting infrastructures and playing a crucial role for us,” Sargsyan said.

WB plans to earmark $545mln for Armenia in four years. IMF has increased its financial assistance to Armenia up to $823mln, while ADB plans to extend Armenia lax credits worth $140mln in two years, as part of its assistance to government reforms in the country.

According to official statistics, Armenia posed 15.7% downturn between January and May 2009, with the GDP totaling 839.4bln drams. Z. Sh.—0--