Armenia’s economy needs diversifying, which is impossible without putting an end to corruption in the customs and taxation system, creating equal conditions for market competition and liquidating oligopolies, Head of the WB office in Yerevan Aristomene Varoudakis told a press conference.

He stressed that putting an end to oligopolies requires political will, as many politicians are connected with the owners of oligopolies. The eradication of oligopolies will create equal conditions for market competition, Varoudakis said.

He stressed that the Government is taking certain steps, which is not sufficient however. Specifically, the Government drafted a bill to enhance the transparency of government officials’ incomes and expenses, he said, pointing out that the adoption of the bill requires great political will.

T.P.