IMF appreciates Armenian government’s anti-crisis policy

PanARMENIAN.Net - Mr. Guillermo Tolosa, Resident Representative of the International Monetary Fund (IMF) in Armenia assessed the anti-crisis measures undertaken by the RA government as effective enough.

“I strongly believe that the economic situation would have been more grave if it were not for the government's prompt action,” Mr. Tolosa told a press conference in Yerevan. “Possessing limited funds, the Armenian government managed to secure inflows into the economy, thus alleviating the negative impact of the global financial crisis.”

He outlined three important elements of the governmental anti-crisis policy, which were especially successful – increase in capital costs, which secured mid-term incomes and have not affected the fiscal stability of the government; growth in social allowances aimed at protection of the most vulnerable groups of population, as well as decrease in bank credits’ interest rates that provided private companies with the opportunity to avoid reductions in jobs and investments.