Money Obtained Through ArmenTel to be Put to Good Use

YEREVAN (Noyan Tapan–The Armenian government is going to make "the best use" of funds obtained through selling the ArmenTel Telephone Co.–Armenia’s Economy & Finance Minister–Armen Darbinian said.

"We are not entitled to use the money obtained through selling ArmenTel for current consumption–and if even used–the returns from privatization will be aimed at making capital investment only–he told journalists Tuesday.

Darbinian said Article 31 of the 1998 draft state budget provided for a program of additional capital investment equal to 14 billion drams to be implemented on the funds obtained through selling ArmenTel.

"We don’t feel like either spending or implementing the funds within a year. It is stipulated in the budget that spending must be made in a volume not exceeding 1.5 per cent of the gross domestic product–which makes up 14 billion drams," Darbinian said.

At the same time–Darbinian did not rule out that the government would probably submit an additional program to be approved in Parliament in order to get the right to additional capital spendings. For that it is necessary to have a lower budget deficit–he said.


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