{"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":"<p><strong>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<p>\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<p>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<p>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<p>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<p>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":"<p>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":{"0":"post-229945","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy-en","7":"category-news","8":"tag-bank-en-2","9":"tag-director","10":"tag-economic","11":"tag-ngozi","12":"tag-okonjo-iweala","13":"tag-world"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/229945","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=229945"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/229945\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=229945"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=229945"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=229945"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}