Finance Minister: state debt maintenance on same level impossible

PanARMENIAN.Net - Armenian Minister of Finance commented on Prosperous Armenia parliamentary group member, former foreign minister Vartan Oskanian’s allegations suggesting the government fulfilled its obligations due to sharp increase in the state debt.

Vache Gabrielyan deemed it incorrect to accuse the government, calling attention to the Eurasian Development Bank’s report, which positively assessed only Armenia’s economic activity in CIS in 2011.

“In 2009-2011 we pursued obvious incentive policy due to the state debt, given the impossibility to pursue such policy in other ways. It’s impossible to maintain the debt on the previous level and promote counter cyclical policy.

In response to Mr. Oskanian’s remarks on absence of details in the government’s program, particularly the dates of launch of major investment programs, Minister Gabrielyan said “the document would become a multivolume work then, similar to USSR State Plan.”