LOW-INCOME STATES MAY FACE DIFFICULTIES IN 2012, ARMENIA MADE SOME PROGRESS -IMF HEAD
- Low-income countries should boost their revenue bases to reduce reliance on external financing, while improving the efficiency of spending, says head of International Monetary Fund Christine Lagarde.
In her article "Reinvigorate the Rich to Help the Poor" posted on the website of Les Echos she said that improving the scope and targeting of social safety nets would go a long way toward protecting the poorest in the event of a further global downturn. According to her, Armenia already made some steps in this direction.
"Several countries, including Armenia, Burkina Faso, Sierra Leone, Ghana, and Kenya, have already made successful strides in this direction, using means-tested food-voucher programs, maternal and family benefits, school-based social services, and conditional cash-transfer schemes targeting the most vulnerable groups, such as orphans," the article reads.
Lagarde said the way out of difficult situation caused by global crisis for low-income states is "to diversify their economy and avoid dependence on a few products and trading partners."
She stressed that low-income countries may face larger disruptions in 2012 adding that IMF is ready to assist with financial support, policy advice and technical assistance adding that
- 1829 General Paskevich creates a secret committee in Tbilissi (Georgia) to write the Armenian Church's statutes.
- 1865 Birth of Panos Terlemezyan (artist). He died in 1941.
- 1917 The Council of the People's Commissariat of Soviet Russia promulgates a decree on Western Armenia.
- 1940 Death of Arshak Jemalian, a prominent member of the Armenian Revolutionary Federation Party.