{"id":229945,"date":"2009-10-26T11:04:29","date_gmt":"2009-10-26T11:04:29","guid":{"rendered":"https:\/\/armbanks.am\/2009\/10\/26\/229945\/"},"modified":"2024-12-30T09:26:43","modified_gmt":"2024-12-30T09:26:43","slug":"armenias-economic-structure-must-be-changed-to-take-the-country-out-of-the-crisis","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2009\/10\/26\/229945\/","title":{"rendered":"Armenia\u2019s economic structure must be changed"},"content":{"rendered":"

YEREVAN, October 19, \/\u0410R\u041a\u0410\/.<\/strong> World Bank Managing Director Ngozi Okonjo-Iweala said Armenia\u2019s economic structure must be changed to take the country out of the crisis.<\/p>\n

\u201cDespite the government\u2019s correct response to the situation it is obvious that Armenia\u2019s economy needs structural changes to ensure a way out of the crisis in future,\u2019 she said at a news conference in Yerevan.<\/p>\n

Ngozi Okonjo-Iweala said the crisis has revealed the dependence of Armenian economy on remittances from abroad which made 18% of its GDP before the crisis.<\/p>\n

According to official figures, the amount of individual remittances to Armenia via banking sector in January-August 2009 dropped by 35% from a year before to $672.3 million. According to World Bank Managing Director, despite unprecedented contraction of Armenian economy the government\u2019s response to the situation was adequate.<\/p>\n

She said when the crisis hit Armenia its state debt was relatively low and that gave the government an opportunity to seek additional loans. Thus Russia allocated $500 million stabilization loan, the IMF has pledged a total of $822.7 million in fresh loans and the World Bank will extend $546 million in 2009-2012.<\/p>\n

She said other governments did not have such an opportunity. She also said the government was right to maintain the level of social spending. -0-<\/p>\n","protected":false},"excerpt":{"rendered":"

World Bank Managing Director Ngozi Okonjo-Iweala said Armenia\u2019s economic structure must be changed.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[15418,12177,12178,12179,12180,12181],"class_list":["post-229945","post","type-post","status-publish","format-standard","category-economy-en","category-news","tag-bank-en-2","tag-director","tag-economic","tag-ngozi","tag-okonjo-iweala","tag-world"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t