“Armenia is at the threshold of another economic recession, that is in 2010 despite all positive forecasts” said Bagrat Asatryan, Former Chairman of the Central Bank of Armenia (CBA), member of oppositional Armenian National Congress party at the August 19 joint press conference.

“I advise the Government to be reasonable! You must at least apologize for the disgraceful program approved by the Parliament,” Asatryan told reporters, expressing outrage on draft budget that “forecasts 9% economic growth under 20% actual decline”.

RA Deputy Minister of Finance Vardan Aramyan was representing the Government at the meeting.

“I state that Armenia has no anti-crisis program now. The words they say are mere words,” Asatryan stated. He pointed out that the Government is talking about enlarged policy. “What is it? Let us compare the rates of increase in the monetary base and money supply over the last three years with those of the previous six years. We can see that no enlarged policy is being implemented this year,” he added.

Speaking of the presentation of the anti-crisis program by the Government, Asatryan emphasized that the program should have been discussed by the Parliament. “The National Assembly has not stirred a finger to revise the budget providing for 9% growth.”

In response to the stated, Aramyan replied that last August the Government could not forecast such an economic decline, when the budget was being drafted.

In his turn, Asatryan reminded that the Armenian Parliament adopted the budget last December, when the downtrend was obvious.