Armenian president discussing ways to cushion shocks from price hikes

Armenian president discussing ways to cushion shocks from price hikes

YEREVAN, January 11. /ARKA/. President Serzh Sargsyan held Wednesday a consultative meeting to discuss the price hike for some goods in the country and ways mitigating the consequences of rising prices, the presidential press office reports. 

“The meeting was attended by Deputy Prime Minister, Minister of International Economic Integration and Reforms Vache Gabrielyan, Chief of Presidency Staff Armen Gevorgyan, Central Bank Chairman Arthur Javadyan, Minister of Economic Development and Investments Suren Karayan, Minister of Agriculture Ignaty Arakelyan, Chief Presidential Adviser Aram Gharibyan, Head of Control Service of the President of the Republic of Armenia Hovhannes Hovsepyan, State Revenue Committee Chairman Vardan Harutyunyan, Chairman of State Commission for Protection of Economic Competition Artak Shaboyan,” the press office reports.

Stressing that the heads of some government agencies in attendance of the meeting are also responsible for ensuring free and fair competition for economic entities, Sargsyan said he expected the responsible officials to exercise strict control over the increase of prices for individual goods, while maintaining competitive conditions. 

He also stressed that the government has all the necessary tools to do that.

Sargsyan urged the officials to present solutions aimed at mitigating the consequences of price increases and regularly informing the public about the processes in the consumer market in addition to discussing the objective reasons behind the price hike.

“If the price hike for a number of goods proves to have objective reasons, we must consider how to mitigate these consequences,” Sargsyan is quoted by his press office as saying. “I do not want to offer a prescription now, but I want to give an example: over many years, we have subsidized prices for diesel fuel for farmers. I believe that this is a very good tool and we need to continue using it, but this is not compulsion. That is each of us should think how to mitigate the consequences.”

In November 2017, compared with November 2016, consumer prices grew 2.2% in Armenia – prices for foods, spirits and tobacco products rose 4.9%, for non foods 0.8% and for services 0.4%. 
Serzh Sargsyan said that assurances are needed, not in words, but in practice, that all the proposed budgeted revenues will be collected. 

“Already in the second half of the year, we will see what additional problems of social importance we can solve, so that inflation does not affect painfully, first of all the representatives of vulnerable groups,” he said. “I see such opportunities, but I am sure that you have a keen eye on all these issues.”

Argsyan instructed the State Commission for the Protection of Economic Competition to take decisive measures in the event of unreasonable price increases in commodity markets, study pricing on the grain and flour market and submit appropriate proposals in the event of problems. --0---

11:09 11.01.2018





 

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