“The World Bank is one of Armenia’s key partners” – PM attends the opening of a forum on the 25th anniversary of Armenia-WB partnership

Prime Minister Karen Karapetyan attended today the opening of a conference dedicated to the 25th anniversary of Armenia-World Bank partnership.

In his greeting remarks, the Prime Minister said Armenia keen to build on the upward trends of the ongoing close cooperation with the World Bank.

“The World Bank is one of Armenia’s key partners. We are cooperating successfully in all areas of economic management. Many programs have been implemented with the World Bank’s support over the past 25 years aimed at ensuring our country’s socio-economic development and forming modern institutions. The instruments provided by the Bank’s various teams have helped us to ensure economic growth, development and progress. In 2014 we embarked on a new development cycle, shifting from the International Development Agency’s programs towards the programs supported by the International Bank for Reconstruction and Development. The Government of the Republic of Armenia has initiated and is implementing radical reforms and modernization of our economy, which calls for the mobilization of all existing resources, increased efficiency in their use and closer cooperation with our main partners,” Karen Karapetyan said.

Noting that the Government Program had been appreciated by Armenia’s partners, the Prime Minister was pleased to state that the key goals of the Government and the World Bank were consistent.

“Our ultimate goal for the future is to have an independent, safe, fair and smart Armenia. This must be the pillar of cooperation between Armenia and the World Bank. The WB’s extensive experience and knowledge base may assist the Government in promoting decades-long progressive development through effective and intelligent use of resources and competitiveness. The World Bank’s support for the past 25 years is very impressive from this point of view. 95 programs have been implemented to a total cost of USD2.3 billion. The Bank’s credit portfolio in the Republic of Armenia makes up nearly USD620 million at this point of time,” the Head of Government said.

According to Prime Minister Karapetyan, the global economic environment calls for an up-to-date competitive economy and effective governance in order to overcome the existing challenges. Only those economic systems can succeed in the future which can modify the models of economic growth in tune with the present requirements and ensure progressive, sustainable, long-term economic growth.

“To build our future, to ensure our security, we need to have an advanced, competitive and innovative economy, which should be developed owing to dynamic digitization in the 21st century, with a sense of adaptability to the environment at all times. This will be possible only if there is a modern, globally competitive, high-skilled and motivated workforce. The foundations of the future Armenia ought to be laid in the school and continue to be strengthened ahead,” Karen Karapetyan underscored.

The Prime Minister assured that both the WB team and the participants from Armenia will continue to work together in order to develop the newly independent Armenia’s economic system with their best effort and knowledge so that the vision of future Armenia could be realized.