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Teresa Daban Sanchez: Part of projects remained on paper (video)

Economy
sanches

The economic growth rate has slowed down in Armenia, says the Resident Representative of the IMF in Armenia, Teresa Daban Sanchez. She singles out two reasons for this. “Armenia’s main trading partners are Russia and the European Union. Russia’s economy continues to decline, while the EU economy is not gaining new momentum. The flow of transfers from Russia has also decreased after the events in Ukraine,” she said adding that the second reason is internal connected with the execution of the state budget. “When the National Assembly was discussion the draft budget for 2014, the legislature focused on a number of economic programs which were to be implemented in 2014 but most of them remained on the paper although there were all possibilities and financial resources for their implemnetation.” Anyway, Teresa Daban Sanchez is hopeful that during the discussions of the 2015 budget the country’s authorities will consider the drawbacks of the previous year and fill the gap.