Time in Yerevan: 11:07:36,   25 April

Economist hails Karen Karapetyan’s Cabinet, highlights progress in tackling black market

YEREVAN, MAY 5, ARMENPRESS. Karen Karapetyan’s government, which was in office one and a half year and resigned by virtue of law, was able to stabilize the economic condition of the country during its tenure, according to economist Atom Margaryan.

Margaryan says when Karapetyan took office in autumn of 2016 there were great expectations first of all in terms of stabilizing the economy, which he succeeded in implementing.

“Karen Karapetyan’s government had a number of results, the main one being the stabilization of the macroeconomic and financial system. Meaning, the picture which existed in autumn of 2016, was rather poor, and the program approaches which his Cabinet adopted were implemented,” he said.

Margaryan also pointed out the stabilization of the state budget, restoration of balance of the financial system, works in terms of funding for the deficit, certain decrease in unemployment rate, as well as positive movements in terms of attracting investments.

The economist says Karapetyan and his team were also able to cut shadow economy (black market) and increase budget revenues to a certain extent.

“Black market was and remains the main Achilles heel of our economy. As a credit to Karen Karapetyan’s Cabinet, I have to say that he was able to point out the shadow [economy] to a certain extent and also implement increase of state budget revenues at th expense of cutting the shadow [economy]”, he said.

Karen Karapetyan was appointed Prime Minister in September of 2016. He was re-appointed to a second term after the 2017 parliamentary elections.

He now serves as Acting Prime Minister following the resignation of PM Serzh Sargsyan on April 23.

A new government is expected to be formed after the upcoming May 8 PM election in the Armenian parliament.

ENGLISH: Editor/Translator - Stepan Kocharyan

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