Armenia premier tenders resignation over political, economic crisis

Armenian Prime Minister Hovik Abrahamyan has resigned over his government’s failure to carry out proper measures to put an end to the current political and economic crisis in the country.

"We need a new approach, new start. That's why I've decided to resign and let the president form a new government," Abrahamyan said as he tendered his resignation during a government meeting on Thursday.

His announcement follows weeks of unrest and violence and a sharp economic slowdown this year.

Abrahamyan’s resignation paves the way for the cabinet to resign and President Serzh Sarksyan to appoint a new prime minister following consultations with parliament.

Abrahamyan, who is a former parliamentary speaker and an economist by training, was appointed prime minister two years ago.

After he came to power as prime minister, economy started to become progressively worse as economic growth in Armenia dropped from 3.5 percent in 2014 to 3 percent in 2015. For 2016, the government expects the economic growth to plunge even further to 2.2 percent.

SS