President of Armenia Serzh Sargsyan said today that creating economic potential had its price – the increase of the foreign debt volume.

“The foreign debt served its main purpose – our economy resisted unfavorable financial conditions, and a part of the debt was invested in perspective infrastructure programs, such as North-South Highway and the security of the country,” the President said.

He noted that the increased foreign debt was not wasted on ongoing expenditure.

“We will have key changes in the coming years, as we have reached the point where we managed to tackle the challenges efficiently, having approved a conservative and limited budget, to provide economic growth, and to increase competitiveness of the economy and the export. Help from outside and reliance on loans are in the past now,” Serzh Sargsyan said.

Touching upon the tools of resistance to the financial and economic crisis, the President noted that in this regard our country became one of the best in former Soviet republic, giving a significant impulse to monetary loan policy that expands economy:

“Now it is the turn of business people and their inquiring minds, the fruit of which we can see already,” the President said and exressed his confidence that they will multiply further.