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The Board of Trustees of the Hayrenik Development Foundation held a meeting on Tuesday.  The meeting was chaired by Artur Vanetsyan, Chairman of the foundation’s Board of Trustees, it said in a statement.

The meeting addressed the strategic directions of the foundation’s activity and its projects. The economic indicators of Armenia were presented, the development trends of which raise more concerns day by day, the foundation said.

"The policy pursued by the government to act as an observer, legging behind the events, as well as gross mistakes it made have caused serious systemic, economic problems and lack of foreign investments. Entire branches of business are on the verge of bankruptcy.

“If these tendencies continue, there will be a significant increase in unemployment. Tens of thousands of citizens seeking jobs abroad will face major problems due to the pandemic, which will give way to further tensions. Due to the slow actions of the government, in some places, absolute inaction, we are losing a very precious period of time, in fact, we are not ready for serious challenges,” the statement read.

The foundation called for an active and proactive economic policy.

“Believing that it is possible to fix the situation and ease social tensions with sensible solutions, the Hayrenik Development Foundation is going to appeal to Armenia's leading economists and a number of figures with management skills to make anti-crisis proposals and elaborate economic steps.

"We are confident that there is sufficient professional and management potential in Armenia to meet the existing challenges," the statement concluded.