Wednesday, July 5 2017 12:15
Alexandr Avanesov

EADB: In the foreign trade sphere, the Armenian economy continues to demonstrate significant results

EADB: In the foreign trade sphere, the Armenian economy continues to demonstrate significant results

ArmInfo. The volume of mutual trade turnover and remittances gives grounds for restoration economy in the countries of the Eurasian Development Bank (EADB). This is stated in the monthly macroeconomic review prepared by theGroup of the chief economist of the Eurasian Development Bank (EADB).

In the II quarter of 2017, there was an improvement in the economic dynamics of the EDB member countries. This fact was largely based on the restoration of key communication channels in the region, primarily mutual trade and remittances. The report specifies that as of May of this year, remittances in all EDB countries have reached the positive zone. While in Kyrgyzstan the positive growth rates of remittances have been observed since last year (growth of 21.6% by the end of 2016), in Armenia the growth of remittances went into positive territory only at the beginning of this year and exceeded 40% in dollar terms in May 2017 compared to the same period last year. In Tajikistan, after more than 70% of the decline in the volume of remittances in the first quarter of 2016, on an annual basis in the first quarter of this year, remittances increased by 1.3% (according to the Central Bank of Russia).

In the foreign trade sphere, the Armenian economy continues to show significant results: a significant growth in exports (in May of this year, growth was recorded by almost 40% compared to the same period last year) both in the raw and food segments. A similar picture is observed in Kyrgyzstan, where along with high growth rates of gold exports (1.5 times growth in January-April 2017 compared to the same period in 2016), there was a significant growth in exports of textiles (a 1.5 times increase in January- April 2017 compared to the same period in 2016) and agricultural (growth of about 2 times in January-April 2017 compared to the same period in 2016) products.

In general, the growth of mutual trade is observed in all EDB countries, which creates prerequisites for a more sustainable recovery of the dynamics of the countries of the region in the coming years, "says Yaroslav Lissovolik, chief economist of the Bank. It should be noted that according to EDB forecasts, the GDP growth of Armenia in 2017 will be 2.9%. The financing of Armenia by the Eurasian Stabilization and Development Fund (EDF), which manages the EDB, is $ 490 million. Agreements on budget assistance for $ 300 Million, construction of the North-South highway for $ 150 million and an irrigation project for $ 40 million. A project of construction of Mastara reservoir for $ 40 million is also under consideration.  The Eurasian Development Bank (EDB) is an international financial organization designed to promote the economic growth of member states, expand trade and economic ties between them and develop integration processes in the Eurasian space through investment activities. The Bank was established on the basis of an interstate agreement signed on January 12, 2006 by authorized representatives of the Russian Federation and the Republic of Kazakhstan. The initiative to create the Bank belongs to the presidents of Russia and Kazakhstan. The EDB is open to new participants. States and international organizations become its participants upon the decision of the Council of the Bank after their accession to the Agreement on the establishment of the EDB and payment in due course of the acquired shares of the Bank. In 2009, the Republic of Armenia and the Republic of Tajikistan, in 2010 - the Republic of Belarus, and in 2011 - the Kyrgyz Republic became full participants of the Bank. The main result of the past years of the EDB is the completion of the Bank's establishment as a recognized international financial development institution with a specialization in regional integration. The Bank's activities are aimed both at creating conditions for sustainable economic development and deepening the integration processes between the EDB member states and solving the problems of overcoming the consequences of the global financial and economic crisis.

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