Vusal Gasimli: “Armenia’s military losses in the first four days are estimated at USD 1.2 billion”
The Executive Director of the Center for Analysis of Economic Reforms and Communication (CAERC), Vusal Gasimli, stated that the counter-offensive of the Azerbaijani Army has come at a heavy cost for Armenia. He noted:
“Within the first four days, as a result of the strikes inflicted on the enemy, military equipment and ammunition belonging to Armenia with an estimated value of more than USD 1.2 billion were destroyed. Most importantly, military infrastructure has been eliminated, the restoration of which would take decades. The financial scale of Armenia’s military losses exceeds by two times the volume of military expenditures envisaged in its state budget. At the same time, the value of the military equipment and ammunition destroyed in just the first four days is equivalent to half of Armenia’s strategic foreign currency reserves and one third of its state budget.”
Mr Gasimli also emphasized that Armenia is already facing threats such as the devaluation of its national currency, the dram, and food shortages:
“The successful counter-offensive of the Azerbaijani Army further increases Armenia’s already high level of risk and accelerates capital outflows from the country. Investing in or lending to this country has now become even more dangerous. If these processes continue, the number of people living in poverty in Armenia will increase sharply. As a result, the enemy country will first face an economic crisis, followed by social and political crises.”
It should be noted that the Center for Analysis of Economic Reforms and Communication is currently analysing the existing situation of the Armenian economy and preparing a detailed report on this matter.
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