YEREVAN, October 28. \/ARKA\/. Armenian government\u2019s bailout measures have already produced some results, Finance Minister Tigran Davtyan said at a press conference on Wednesday.<\/p>\n
I\u2019m convinced that we\u2019ll have better indicators in November and December,\u201d he said. \u201cThese indicators will finally confirm the process of coming out of the crisis.\u201d
\nAccording to statistical reports, Armenia\u2019s GDP reduced 18.3% in Jan-Sept 2009.
\nDavtyan said that that the measures taken by the government are bailout in nature \u2013 that is why they are temporary.<\/p>\n
\u201cWe will reduce these functions while going out of the crisis, since the government has not to do it in normal situation,\u201d the minister said adding that the government is now performing functions of sluggish banks.<\/p>\n
He said the government gave guarantees for AMD 4.5 billion ($12 million) to six construction companies \u2013 Elite Group sjsc, Hermek, Levon Amirkhanyan LLC, M.G. Housing LLC, Vahe Harutyunyan LLC and Avo F.M.H. LLC \u2013 to enable them to complete construction of apartment blocks.<\/p>\n
Stressing that the government is gradually withdrawing from this area, Davtyan said that loans and financial resources are not received directly from the government \u2013 they are received from institutions, such as the central bank, the banking system, the national center for supporting small- and mid-scale business and the newly established the center-affiliated universal credit organization.<\/p>\n
The minister said that large backbone enterprises constitute exception, and the government makes certain decisions for extending loans to them.
\n\u201cBut there is a limited number of such organizations, and we will gradually withdraw from this area.\u201d<\/p>\n
At its session held in Kapan on June 26, the government decided to lend $44 million to three mining companies – $15 million to Zangezur Mining for five years, another $15 million to Armenia Molybdenum Production for five years and$14 million to Agarak Copper and Molybdenum Combine for four years. —0—<\/p>\n","protected":false},"excerpt":{"rendered":"
Armenian government\u2019s bailout measures have already produced some results, Finance Minister Tigran Davtyan said at a press conference on Wednesday.<\/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":[12210,12199,15841,12200],"class_list":{"0":"post-229967","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy-en","7":"category-news","8":"tag-davtyan","9":"tag-finance","10":"tag-government-2","11":"tag-minister"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/229967","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=229967"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/229967\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=229967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=229967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=229967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}