WB: RA Government showed adequate reaction to global crisis

PanARMENIAN.Net - Global crisis impact on RA Economy and challenges faced were discussed during the meeting between WB Managing Director Ngozi Okonjo-Iweala , RA Prime Minister Tigran Sargsyan and economic issues' group.



When discussing world crisis which couldn't but impact RA economy through slump in foreign transfers' rate, price growth, social strain, resulting in public and tax revenues decrease, Ngozi Okonjo-Iweala approved of RA Government's adequate reaction to global crisis, in the context of correct budget expenditures, maintenance and even increase of social expenditures' level.



WB MD especially noted RA Governments' assistance to small and average businesses, enabling crediting facilitation.



According to Ngozi Okonjo-Iweala, WB helped RA Government to preserve infrastructures, specifically, agriculture.



At the same time, world crisis brought out vulnerable sides of RA economy. "The crisis emphasized the necessity for Armenian economy's diversification," she noted, adding that to provide economic growth upon overcoming the crisis, Armenia has to face certain challenges: meeting competition, possible opening of RA-Turkey border and struggle against corruption.