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Seda Hergnyan

Unemployment to Rise in Artsakh, Says Former Finance Minister

Former Armenian Finance Minister Vardan Aramyan today, in Yerevan, presented the findings of a report summarizing the economic and financial impact of the ongoing blockade of the Lachin Corridor.

The report, prepared by a group of economists headed by Aramyan, says Artsakh is experiencing US$1.9 million in economic and financial losses daily due to the ongoing blockade.

Aramyan said if the Lachin Corridor remains closed 16,200 more people in Artsakh will become unemployed. He said 10,000 are already without work.

He said the state budget will face serious problems if the blockade lasts another five months and the government will be hardpressed to maintain the current level of unemployment benefits.

Aramyan said 73% of Artsakh's budget income following the 2020 war comes from Armenia in the form of a loan.

He said the annual financial aid of 10 billion drams (about US$ 26 million) that Armenia provides can’t cover the $203 million in losses Artsakh has incurred since the start of the blockade.

Dismissed Artsakh State Minister Ruben Vardanyan, by Zoom, said some in Artsakh are raising prices of food and causing increased inflation.

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