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Diaspora struggling to recover Armenian economy

10 June 2014 [09:27] - TODAY.AZ
By AzerNews

The Armenian diaspora has decided not to deprive the Armenian authorities of oxygen, which is in a deep need for financial support.

The Armenia's economy regresses every year, as the country lacks the necessary funds to implement its large economic projects. The financial support for Armenia is vitally important for the post-Soviet country, where economic crisis keeps deepening.

The Armenian authorities, which are in desperate search for financial sources abroad, are trying to convince the diaspora not to leave their homeland alone.

The Forum of Armenian Associations of Europe decided after lengthy discussions to support the Armenian government by giving it 5-year and 10-year loans.

"Armenia needs new loans as human needs oxygen," President of the Forum Ashot Grigoryan told local media.

He said the new government does not meet the Forum's expectations, as it is continuing the previous government's policies. "All the ministers of the new government were corrupt," Grigoryan said.

He was not optimistic about the future saying it is unlikely that the Armenian ambassadors abroad will be able to attract investments.

Prime Minister Ovik Abramyan recently instructed the Armenian embassies to turn into investment promotion agencies. But later it turned out that there is still no investment project that Armenian ambassadors can present to the potential foreign investors.

Grigoryan said the Armenian ambassadors are fully involved in their own business. "They do not engage themselves in diplomacy, they are half businessmen," he added.

Armenia is not an attractive state in terms of investment. The presence of the "shadow" economy makes Armenia unattractive for investors.

In such situation, Armenia can only rely on the financial aid of the diaspora, which continues to remain an economic and political power for the country. With its loans, the diaspora tries to resuscitate the Armenian economy, which is in a deep coma.

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