Crisis Seems Over But Bail-out Measures Not Spent Yet: Tigran Sargsyan

The Bail-out foundation of Eurasian Economic Community (EEC) is working rather slowly, Armenian Prime Minister Tigran Sargsyan said in a briefing prior to the opening ceremony of Eurasian Development Bank's Yerevan-based office.

Tigran Sargsyan also said that during their last meeting in the framework EEC the prime ministers of the CIS states discussed issues related also to the financial resources to be provided by the EEC bail-out foundation.

"I drew colleagues' attention to the fact that the foundation is working rather slowly. The crisis seems to be already over but the funds to be provided by the foundation have not been spent yet," said Sargsyan.

According to him the problem is that the foundation is controlled by finance minister who are famous for their "greediness" and do not give money to anybody.

"That is a function of finance ministers, and they seem to perform their mission well enough," said the prime minister.

The next problem with the foundation, according to Sargsyan, is related to the terms of provision of finances. In his words those terms are rather strict and do not correspond to the agreements reached between the prime ministers and presidents.

Further the Armenian PM said that the terms of provision of financial resources should be more accessible, flexible, long-term, or else it will be senseless to use them, as there are other international organizations, particularly, the World Bank, Eurasian Development Bank, that provide "expensive resources."