"Is It So Hard to Say?" Where Was 1.024 Billion Dollars Invested?

    • Country - 24 October 2017, 23:06
The economist Vardan Bostanjyan calls on the government to publish detailed information on the amount of investments and their impact on the economy of Armenia.

The minister of economic development and investments Suren Karayan has announced recently that this year 1.024 billion dollars has been invested in Armenia but this includes loans. Note that earlier this year the government had vowed 800 million dollars of investments.

According to the economist, the investments are not visible. And the inclusion of loan in this number is an indicator of lack of professionalism.

“We understand that so far we haven’t been able to see where and in what projects these amounts have been invested in. And in this situation, this approach according to which borrowed money is added to it and qualified as investments is a little funny from professional and economic point of view. At any rate, for the public, there should be an address of investments, where the investments were made, in what sector, what impact the sector has on my country. If the address does not exist, I cannot assess its subjective or objective nature, is it something aimed at development or is it what was there for years?” Vardan Bostanjyan said.

According to him, if there had been such investments, the society should at least be aware of their amounts and indicators. “They should say it was directed at mining, IT, energy. Is it so hard to say? Should there be an indicator to measure innovations in that given sector. If nothing is said, one starts to think that this has very little to do with the reality,” he added.

The economist says this situation indicated that the government is not in the best situation.

“We should have received an average monthly 120-125 billion drams of tax collections in 2017. However, in 9 months we had 95 billion drams. This means that the situation with budget revenues is sad. It is not enough that we will have no increase at the most vulnerable levels, allowances and pensions. And these are already too low. So, given this, the situation is not the worst it could be,” Bostanjyan said.