OSCE Office supports finding solutions to address effects of financial crisis in Armenia

YEREVAN, 7 July 2009 - An OSCE-supported conference focusing on the impact of the global financial crisis in Armenia started in Yerevan today.

The three-day conference brings together high-ranking officials and representatives from state institutions, representatives of international organizations and other experts to discuss the impact of the global financial crisis on emerging and developing economies and suggest effective policies to provide for economic recovery in Armenia.

Ambassador Sergey Kapinos, the Head of the OSCE Office in Yerevan, highlighted the role of international organizations in mitigating the impact of the global crisis in Armenia.

"The second wave of the global economic crisis made the country more vulnerable, and we urgently need to combine efforts aimed at combating consequences of the crisis," he said. "It is highly important to implement stimulating policies targeted at creating a more competitive and diversified economy. Better collaboration to support rapid economic rehabilitation and growth should be at the top of the agenda of international actors."

The event was organized by the Armenian International Policy Research Group with the support of the OSCE Office in Yerevan as well as the Delegation of the European Commission to Armenia, UN Development Programme, World Bank, USAID Armenia and the Government of Armenia.

Armenian Prime Minister Tigran Sargsyan, who opened the event, presented the Government's current and planned actions to tackle the situation. Long-term strategies included reforms aimed at creating a business friendly environment to diversify the economy, legislative and administrative changes to curb existing monopolies and improvements in tax and customs administration to clamp down on the shadow economy.

"All these reforms need implementation, and the Government stands ready for an open dialogue with society to discuss these issues. Therefore, I welcome today's conference and the efforts of the young professionals who try to contribute to this process. I can assure you that the Government will consider all the opinions and suggestions that will be offered during the conference," he said.

Armine Khachatryan, a board member of the Armenian International Policy Research Group, a public organization created by a group of young professionals to encourage policy development in Armenia, said: "Obviously we won't be able to find all the solutions during these three days of intensive discussions, but we will try to give a new impetus to professionals and to learn lessons from the discussion."

The OSCE Office in Yerevan supports a series of events focusing on crisis mitigation to address the effects of the global crisis.