YEREVAN. – The foreign investment “fever” is dangerous for Armenia, economist Tatul Manaseryan stated at a press conference on Wednesday.  

In his view, Armenia makes itself dependent on foreign investors and does not think about the need to promote domestic investment.

But as per the economist, there are the respective resources, since the amount of released money in Armenia is virtually equal to the country’s GDP.  

“The shares of the Vorotan [Hydro] Cascade can be introduced in the local stock market and forced to make this money work.  

“Having such resources, however, we [Armenia] already have accrued an external debt [amounting to] half of the GDP and we think about how to pay it off,” Manaseryan noted.     

The Vorotan Hydro Cascade comprises three electric power plants. The Government of Armenia was the 100-percent shareholder of the Vorotan Hydroelectric Power Plant. On November 27, 2013, the Public Services Regulatory Commission of Armenia had confirmed the deal to sell the Vorotan Hydro Cascade to the American ContourGlobal company, and for $180 million.