ArmInfo. Armenian Former Minister of Finance Vardan Aramyan calls for a closer look at the current monetary and fiscal policies, which today are not designed for long- term economic growth. Vardan Aramyan stated this on October 9 on the sidelines of the scientific and practical symposium "What to do-2 Economic Revolution: Perception and Launch".
According to him, the indicators of economic growth and the index of economic activity indicate positive trends in economic development. "These indicators are among the highest in the region, and within the framework of the Eurasian Economic Union, the best. But I have repeatedly expressed concern about the structure of the economy," he said.
According to the former minister, the government should pay more attention to the ongoing monetary and fiscal policies. "Today we have a situation where monetary policy is adapted to the fiscal policy, which is wrong. The banking system ensures liquidity of the economy - the money goes mainly to households, finances consumption and mortgage lending, which indicates the structural problems of the country's economy. That is, with clear steps, we are returning to the situation of 2002-2008, when not export, but import prevailed in the economy, "he said. In general, according to Aramyan, fundamental reforms are needed to implement the economic revolution proclaimed by the new authorities in Armenia. In particular, according to him, appropriate institutions should work in the country, and private traders should react to their work. "Decisions should not be made by Ad hoc " especially for this "or on a special occasion, but have an institutional basis," he explained.
When asked if there are necessary conditions in Armenia for the economic revolution to take place, Vardan Aramyan stated: "We should not dream that we can achieve this in the next 6-7 months. It's another thing to have a clear program and sequence of steps at hand, which will lead to the formation of relevant institutions. And in this part, I think we are limping. "
As regards the anti-corruption fight in Armenia, according to Aramyan, it is a prerequisite, but not sufficient to ensure economic growth. "Today, the punitive system is mainly emphasized, but it is also necessary to think about the formation of institutional foundations," the financier said.
It should be noted that the new government of Armenia at the level of the Prime Minister and Minister of Economy of the Republic has repeatedly announced the start of the economic revolution in Armenia. Despite this, the 5-year government program fixed the "level" of economic growth at an average of 5%. At the same time, the GDP growth rate for the current year in the budget was laid at 4.9%, which has been revised by the Ministry of Finance today up to 6.3%. Nevertheless, the financial authorities of the country, according to the draft state budget, calculated that the economic growth of Armenia in 2020 will not exceed 4.9%.