Expert: Sargsyan administration spends much to stay in power

By Azernews

By Rashid Shirinov

The Armenian leadership continues year after year to spend more money on the state apparatus with a view to stay in power as long as possible.

Former Chairman of the Central Bank of Armenia, Bagrat Asatryan announced about this while talking to local media on January 30.

“Over the past eight years, the cost of the state apparatus of Armenia increased by 260 percent, while the expenditure on education increased by only 30 percent,” he said.

Asatryan is sure that only 8-9 of the current 18 ministries of Armenia are effective and can be kept, while the rest are useless for the country.

“This shows the true aim of the current regime,” said Asatryan. “Unfortunately, we have to admit: the main concern of the Sargsyan administration is to stay in power at any cost and as long as possible.”

Speaking of the economic situation, he said that the situation is really grave, and the country has not had economic growth for a long period.

“We have economic recession and stagnation in the entire economic sector,” Asatryan said.” No steps toward economic recovery have been made during the last ten years. The ruling force stubbornly continues complicating the situation.”

He said that the 2017 budget arouses concern as well, noting that the reality and challenges are different.

Asatryan said that this also affects the investment making in the country as potential foreign investors see the true essence of the developments taking place in the country.

“Even our financially successful compatriots abroad do not want to risk their capital by investing in Armenia,” said Asatryan.

He added that Armenia has significantly increased external debt in recent years, but this money has not contributed to the growth of the economy.

In late 2007, the external debt of Armenia was about $1.449 billion. But now, the Armenian government expects it to reach $6.34 billion by the end of 2017.

“Unfortunately, we cannot say that the huge loans have made the life of people better. Roughly speaking, we borrow money for food today, and our children will have to pay for it tomorrow. This is a very dangerous approach,” the expert pointed out.