Yerevan/Mediamax/. Armenian President Serzh Sargsian stated that “the global financial crisis made its serious corrections in our plans”,

Mediamax reports that Armenian President said this in an interview, published in “Profile” Magazine in Kiev.

“Before that, in the course of 10 years, Armenian economy was measured by two-digit figures. Our state debt was not big, and the macroeconomic indices were very good. But the isolated position, absence of a profitable transport infrastructure has always been a problem and, unfortunately, our economy was not diversified enough. Economic indices of Armenia were increasing also due to construction and the means, which we received from our compatriots, living abroad. Both in the view of the economic crisis and in the view of the fact that many people panicked, there was a very hard blow on our economy, and we lost 14% of our GDP. But even in this situation we did not cut out a single social program, did not delay the pensions, social payments, salaries for a single day. Maybe this, as well as the fact that Armenia has been a market economy for a long time already, the more or less favorable investment climate, stability of the banking system, as well as the enterprise spirit of Armenians help make up for the things we lost last year. Unfortunately, now the things are not that smooth either. The nature is not being too good to us, and given growth in industry by 12%, we have almost 25% decline in agriculture. This year we lost the entire yield of apricots, other fruits, and the matters are not alright with crops, but, nevertheless, following the results of the half year we registered almost 7% growth. And I believe that we will complete this year with positive indices, although we will hardly be able to 100% make up for what we lost in 2009”, Serzh Sargsian stated. 

Speaking of use of means Armenia received from international financial organizations, the President stressed that “we did not spend a single cent from those loans on payment of salaries or social benefits”.

“All the means were poured into economy and the stabilization fund. Today, our state debt makes less than half of GDP. If we judge from the loans taken, it makes about 40%, and if we judge from the agreements signed – 47-48%. These are quite normal figures. I can name about a dozen developed countries, who have a state debt exceeding 100% of GDP”, Serzh Sargsian stated.