EBRD president: Armenia Deserves praising, but its economy still vulnerable

EBRD president: Armenia Deserves praising, but its economy still vulnerable
ARKA, 18.03.2010

Armenia deserves praising for shielding its financial system from risks, Thomas Mirow, the president of European Bank for Reconstruction and Development said Thursday at a news conference in Yerevan.
However, he said, the country is still vulnerable because of its dependence on money transfers – if inflow of transfers dwindle, this affects the economy.
He welcomed the Armenian president and the government’s efforts to diversify the national economy and pledged them the EBRD support on this way.
The European Bank for Reconstruction and Development has invested about $500 million in Armenia’s economy.
The bank invested $150 million in 2009 alone. M.V.-0--