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    Serious damage to Armenia's economy from Georgian conflict: PM

    HotNewsTurkey with wires
    23 Ekim 2008 - 10:51Son Güncelleme : 23 Ekim 2008 - 11:47

    Armenia's economy has suffered losses of $670 million (520 million euros) from the August conflict between Russia and neighboring Georgia, Prime Minister Tigran Sargsyan said Wednesday.

    "Armenia has suffered serious damage from the Georgia-Russia conflict," he was quoted by AFP as saying at a session of the ex-Soviet republic's parliament.

     

    Officials have previously said Armenia's trade was disrupted and investors were scared off.

     

    Georgia lies between Armenia and Russia, which are close allies. 

     

    Sargsyan's comments came on the same day that an international donor conference in Brussels pledged $4.55 billion (3.5 billion euros) in aid to conflict-stricken Georgia.

     

    Georgia is a crucial transit country for Armenia, as neighbors Azerbaijan and Turkey have closed their borders with the country because of Armenia's aggression against Azerbaijan.

     

    Sargsyan said both Moscow and Washington would provide "financial and technical help" to soften the impact of the conflict on the Armenian economy.

     

    Armenia is also one of the largest recipients of foreign aid from the United States, home to a large Armenian diaspora.

     

    Russia sent troops into Georgia on Aug. 8 to repel a Georgian military attempt to retake the Moscow-backed rebel region of South Ossetia.

     

    Russian forces entered the country, but later withdrew to within South Ossetia and another rebel region, Abkhazia, which Russia has recognized as independent states.

     

    The conflict raised fears of instability throughout the South Caucasus, a strategic region wedged between Iran, Russia and Turkey.

     

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