Money transfers from Russia to Armenia have shown a 25% increase since last year, which has had a serious impact on the Armenian economy, RA Prime Minister Tigran Sargsyan stated at the Oct. 18 parliamentary discussions of the 2011 draft budget.

This year’s change in the world economic situation has had a positive impact on the Armenian economy. The price for raw materials, first of all copper and molybdenum - which are of high importance for Armenia’s export system - has risen. Another positive factor for Armenia is the rapid economic growth in Russia, China, India and Brazil. The Armenian Premier said that Armenian benefits from the favorable economic situation in Russia, a source of 80% of money transfers to Armenia. The Government’s anti-crisis policy, with a relatively large budget deficit, continues to the improvement of the economic situation in Armenia.  Premier Tigran Sargsyan promised the actual budget deficit, as well as external debt, will be smaller than planned. “the budget deficit will be within 4% during the next few years,” the Premier said.