Economy Minister of Armenia calls some critical remarks by the second president appropriate Yerevan , January 16 . ArmInfo. Arthur Yernjakyan. Minister of Economy of Armenia Varham Avanesyan called appropriate some critical remarks by the second president of Armenia Robert Kocharyan addressed to the government. Particularly, the minister told reporters that the criticism regarding the mortgage market development is appropriate. "There are things I cannot assess, but mortgage loans in Armenia are actually not so high to influence the construction scales," the minister said. He admits that there are many reasons that hinder development of the mortgage market, but the major problem is too high interests on mortgage loans. At the same time, the minister said that the high share of the construction sector in the GDP of Armenia that went up under Kocharyan could not remain unchanged. "A 25% share of constriction in the GDP of Armenia or any other country is impossible in the long-term and even mid-term outlook. I cannot define whether it was a construction bubble. And no matter, who created that bubble. Yet in 2006- 2007 experts, including me, made negative assessments on the further growth in the construction sector," the minister said. He disagreed with Kocharyan's criticism of 'gas' agreements with Gazprom . "I don't think that such treaty can be given an economic assessment. At least, I would fail to give such assessment. However, I can say for sure that the gas agreements were favorable for Armenia . I don't think that we could made more favorable ones," the minister said. To recall, the Government of Armenia and Gazprom OJSC will make a treaty on the sale of ArmRusgasprom CJSC's shares till January 17 2014. The treaty proceeds from the relevant purchase-and-sale agreement approved by the government on 16 January. The agreement implies sale of 20.0007% of ordinary nominal shares (12 600 000 shares) at the nominal value of 63.333 bln drams ( $155.6 million on the current rate).
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