With the end of the conflict and expected overcoming of COVID-19, Armenia can focus on the healing process - ADB country director

In an interview with Tert.am, the country director of the Asian Development Bank (ADB), Paolo Spantigati, addressed Armenia's economic situation, expressing their willingness - as a pivotal partner - to assist in projects promising economic growth, and well-being in the Armenia society.  "I believe that 2021 will present a great opportunity for the country to get back on its development trajectory. With the end of the conflict and the expected overcoming of the covid-19 pandemic, Armenia can focus on the healing process and on opportunities to continue its transformation," he said.  

Would you please present your observations on Armenian’s economy? To what extent do you consider it critical and what could be the expectations?

I arrived in Armenia in late 2019. Upon arriving, I was immediately impressed by the potential of the country and the capacity of its citizens. Unfortunately, 2020 has been a very difficult year, for the whole world and even more so for Armenia.

I think Armenia has all the qualities needed to continue on its steady growth path. I believe that 2021 will present a great opportunity for the country to get back on its development trajectory. With the end of the conflict and the expected overcoming of the covid-19 pandemic, Armenia can focus on the healing process and on opportunities to continue its transformation.

As a development partner, the Asian Development Bank (ADB) looks forward to assisting Armenia in key development areas, such as, to name a few, continue upgrading the country’s infrastructure, supporting the vibrant private sector, ensuring access to a world class education for all, championing innovation and opportunities for technological  spearheading.

How do you think this government’s steps can improve the economy? Do you think this government is able to overcome the economic problems, or do you see the need for structural, systemic changes?

The Government of Armenia has taken concrete steps and timely actions to maintains country’s economic and social stability. For example, the government launched economic and social measures to mitigate the pandemic and support businesses, which should start yielding results in the coming months. Much work has been done in preparing sector assessments and strategies. Now is an appropriate time to focus all energies on implementing them. These initiatives, coupled with new development projects, will help Armenia get back on track to achieve its ambitioned growth.

What I see happening worldwide, is the adoption of fiscal expansionary policies to help economies rebound. What is essential is that these policies address long term economic bottlenecks and invest in laying the basis for sustainable and inclusive growth.

What chances do you see for future cooperation with the current government of Armenia? Are you considering opportunities of more credit programs?

As a development finance institution, ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. ADB’s operations in its member countries are guided by ADB’s country partnership strategies covering five years periods.

ADB has been supporting Armenia’s development agenda and reform programs since 2005. Our current country partnership strategy for Armenia covers the period of 2019–2023 targets inclusive, diversified, and transformative growth. The strategy is also aligned with the Government of Armenia’s long-term plan to develop an inclusive, export-oriented economy and ensuring that economic growth benefits all Armenians.

As a key development partner of Armenia, ADB stands ready to support new projects which contribute to its economic growth and the wellbeing of Armenians. This could include building resilient key infrastructure, infrastructure which is more climate and environment friendly. Or strengthening social services (health and education), financing the private sector, bringing innovation so that Armenia can play an important role in the world’s economic future. This of course will depend on where Armenia would see our support more appropriate. I know that Armenians have the necessary capacity and the resilience to overcome challenges and achieve prosperity.