WB: Armenia needs to raise competitiveness and diversify economyDecember 17, 2009 - 16:36 AMT PanARMENIAN.Net - The crisis taught lessons to Armenia and highlighted its main shortcomings: weak diversification and lack of competitiveness, therefore, to overcome the effects of the crisis the country should provide three essential conditions, head of World Bank Armenian Office Aristomene Varoudakis said. According to him, in order to increase competitiveness of Armenian economy the country need to creating more favorable environment for investors, reduce the role of oligopolies, minimize, or even eliminate corruption in tax authorities, develop infrastructures, particularly in transport and IT spheres," he said. According to Aristomene Varudakis, maintaning the social spending, particularly in education and health, is also important, since social programs of the Armenian Government had helped to mitigate the impact of the crisis on vulnerable stratas and the economy in general. The official emphasized that reforms in tax administration will help Armenia to ensure tax collection and, consequently, to service country's state debt. Armenian authorities need determination and strong political will to reform economy and overcome the global crisis, Aristomeneh Varoudakis concluded adding thet measures taken by the government so far are not sufficient. 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 | Ucom’s fixed network launches in Nor Hachn City residents will be able to use fixed-line Internet, mobile communications and television in one package at more affordable prices. Armenia parliament to consider draft proposal on impeachment June 17 The Armenian Parliament will hold an extraordinary session on June 17 to consider a draft proposal on the resignation of the government. Armenia to send Deputy Foreign Minister to Berlin’s Ukraine Recovery Conference Georgia will attend the forum at the level of Prime Minister, Foreign Minister, while Azerbaijan will send their Foreign Minister. About 173 million drams and more than 30 beneficiary funds. "The Power of One Dram" is 4 years old In June 2020, the exclusive joint corporate social responsibility initiative of Idram and IDBank "The Power of One Dram" was launched. |