Armenia will become average income country by 2025: World Bank officialSeptember 11, 2017 - 17:19 AMT PanARMENIAN.Net - Armenia will be able to become an average income country by 2025 by implementing the reform project it has adopted, Cyril Muller, World Bank Vice President for Europe and Central Asia, said on Monday, September 11. "Today's Armenia differs greatly from the country that joined the World Bank 25 years ago," Muller said. According to him, when Armenia joined the WB, it was one of the Soviet Union's rising economies but due to a serious foreign currency shortage and the collapsed industry, real wages rapidly declined in 1992. Throughout the 4-5 years after the fall of the Soviet Union, Armenia managed to recover from the initial shock, he said. Muller said that the Armenian government has adopted a pretty ambitious reform project, expressing hope to later discuss it with the prime minister. Also, Muller added the World Bank has learnt a lesson or two from Armenia which will be implemented in other countries. 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 | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |