Yerevan /Mediamax/. To come out of the crisis, Armenia needs demonopolization of import and development of the capital market, Ex-Prime Minister Hrant Bagratyan stated.

Mediamax reports that, speaking on May 25 at the international economic forum, Hrant Bagratyan stated also the necessity to reduce the VAT rate, to introduce graduated income tax and ban deposits and credits in foreign currency with the condition of constant preservation of the floating currency exchange rate.

Hrant Bagratyan criticized the crisis prevention measures of the government, in particular, provision of state guarantees to developers. “There is excessive elite dwelling built in Armenia already, the fact only worsening the influences of the global crisis on the country”, Ex-Prime Minister stated.