Sustainable economic development is not possible by taking on foreign debt all the time

It is not possible to ensure sustainable economic development by constantly taking external debt. Gagik Tsarukyan wrote about this, referring to the RA economy.

“Although the last major Russian-American economic deal is not directly related to Armenia, it is a good opportunity and obligation for us to draw conclusions.

First of all, one should never appear in the center of the conflict of interests of major powers. For small states, it always ends in losses, and sometimes in tragedy. This is what my team and I have been warning about for the past few years.

The presidents of the USA and Russia protect the economic interests of their states, therefore, the interests of their peoples, the well-being of their citizens.

The economy is not pro-Western or pro-Russian. I have said this many times in the last year, when I saw that problems are artificially created for our economy.

Today, our agriculture, exporters are facing a serious problem. many will not endure, they will simply go bankrupt. And that’s because of a problem that shouldn’t have happened. Instead of pleasant and unrealistic promises, we faced a serious problem that concerns the well-being of hundreds of thousands of our citizens. Why, what made us get into that artificial problem?

I know very well how difficult it is to find markets and stay in those markets. It requires years of hard and persistent work. But the market can be lost because of one mistake, in one day.

It is another fallacy when they say that as soon as the problem with Russia is solved, we will immediately resume the export of our products, agricultural products. I assure you. when that day comes, many will find that their place has already been taken by others, with the products of other states. I also know, you also know, which country in particular. Economic life never stops, and others always take advantage of other people’s mistakes. The longer this situation lasts, the greater the volume of losses we will record.

Economies develop due to sound economic policies. It is not possible to ensure sustainable economic development by constantly borrowing foreign debt.

The economy develops by building, creating, investing. The economy does not develop by trying to take it away, closing the working institutions, bankrupting them, leaving thousands of families without work and without a means of livelihood. By the way, it’s not just about the enterprises owned by me, at all. When the wrong rules of the game enter the economy, it can affect everyone.

Our small Armenia has good opportunities for economic development thanks to its working, creative people. We have good opportunities for mutually beneficial cooperation with Russia, USA, Europe, China, neighbors and many others. But we can also put ourselves in a difficult situation,” he wrote.