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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |