PRESS RELEASE                                                       April 10, 2006

Vahram Nercissiantz Addresses Carnegie Endowment on Armenian Economy

On April 6, 2006, Mr. Vahram Nercissiantz, Chief Economic Adviser to the President of Armenia, presented the current state and future prospects of the Armenian economy at the Carnegie Endowment in Washington, D.C. In his address, entitled “Armenian Economic Reforms: Results and Challenges,” Mr. Nercissiantz explained the nature of economic reforms implemented in Armenia since independence and presented its main achievements, such as economic growth and liberalization. He noted that Armenia was ahead of neighboring Georgia and Azerbaijan in terms of economic indicators even though Armenia’s economic growth occurred without the benefit of oil resources or transit opportunities, and in the presence of economic blockade.

Mr. Nercissiantz also noted that Armenia’s economic progress is acknowledged by the international financial institutions, as well as in the annual Index of Economic Freedom by the Heritage Foundation and the Wall Street Journal. The latter ranked Armenia considerably higher than that of any CIS country or any of its neighbors. In the Q&A following his remarks, Mr. Nercissiantz also addressed issues of energy security, foreign trade, and cooperation with the Millennium Challenge Corporation.

The presentation was attended by economic experts from Washington-based think tanks, representatives from the World Bank, IMF, State Department, Department of Commerce, MCC, as well as the diplomatic corps.

Please click here to access the text of remarks and Q&A