YEREVAN. – The amount to subsidize the rise in electricity tariffs for the small and medium-sized businesses in Armenia, and even for the Armenian citizens, could have been used for housing in Gyumri city.

Chairman of the Republican Union of Employers of Armenia, economist Gagik Makaryan, expressed such a view at a press conference on Monday.

“Approximately thirty six to forty million [US] dollars will be spent to subsidize the electricity prices for the [country’s] citizens and businesses,” noted Makaryan. “The government’s share in this amount will make up approximately nineteen to twenty million dollars. But even with this amount, approximately six hundred to seven hundred apartments could have been built in Gyumri for the people who don’t have their own apartment for more than thirty years.”

He recalled that the one-year respective subsidy to be allocated for one small enterprise is only 50 dollars.

“That is, this not a significant amount [of money],” added Gagik Makaryan.

On June 17, and despite numerous complaints, the Public Services Regulatory Commission of Armenia approved the electricity price hike, and it came into force on August 1. PM Hovik Abrahamyan, however, announced that the government will subsidize this increased amount, but solely for the residents and the small and medium-sized enterprises of the country.