‘Neither EBRD, nor any other financial institute will save Armenia’

Neither the European Bank of Development and Reconstruction (EBRD), nor any other financial institute will save Armenia, Member of the Azerbaijani Parliamentary Committee on Economy Rufat Guliev said, while commenting on Armenian media reports that EBRD will invest roughly 80 million euro in Armenia in 2012

Guliev said Armenia ranks the 133rd in the world over the GDP volume in terms of purchasing power and the Forbes magazine ranked this country in the second place in the top ten of the world’s worst economies.

“Armenia yields only to Madagascar in the Forbes ranking. Such a situation is the result of the highest level of corruption and large-spread monopolies in the country. Each year roughly 100, 000 citizens leave Armenia in search of a better life. Armenia is the only country in the world, whose existence is depend on handouts of Diaspora and money sent by migrant laborers,” Guliyev added
 
Anyway, neither the EBRD, nor any other financial institute will save Armenia. The country lacks any signal of way-out after the 2008 crisis. Besides, the lack of growth in the construction sector and extremely weak position of the local currency says about vulnerability of the Armenian economy.

“The only way for Yerevan could be joining to the regional projects. But for this, Armenia should unconditionally free our territories and admit war crimes,” Guliyev added.


/Day.Az/