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Barclays presents research on Armenia's economy for investors
Armenia’s government is moving decisively towards much-needed structural measures, and although it remains to be seen if the political will is there to ultimately transform Armenia’s economy, some improvements are already noticeable, according to a Barclays' ...
11/13/2019Armenia boasts one of the best economic growth among Eurasian Economic Union member countries
... given that our country is 38th among 190 countries in the World Bank’s Doing Business 2017 report having improved its position by five notches? Cherekaev – The Eurasian Development Bank, which manages the EFSD, ranks highly the progress made by the Armenian government in creation of favorable environment for businesses. I’d like to put special emphasis on the government’s efforts to provide businesses with access to energy networks and to cut the time necessary for getting permission for construction....
07/03/2017IMF ready to help Armenia in case of need
... that the IMF will not assist Armenia in dealing with the financial crisis, and the assistance under the new 3-year program will be reduced? Answer: It was before the financial crisis that we discussed the issue of the IMF’s new program with the Armenian Government, which is most interested in its implementation. We already have agreements on credit terms. The IMF Executive Council in Washington is to settle the issue on November 17, and, if the IMF approves the credit, a new program of Poverty Reduction ...
11/10/2008Raex-Europe confirms at ‘BB-’ ratings of Armenia, rating outlook is positive.
... in transparency of government policymaking and government effectiveness, institutional development in the country remains moderate, corruption remains a drag for economic growth. The spread between the 10Y U.S. government bond and the USD-denominated Armenian government bond maturing in 2029 was 2.3p.p. Negative factors: The level of government debt continues to be significant with a positive declining trend in 2019. According to RAEX-Europe's estimations, gross government debt will be slightly higher than ...
01/16/2020Fitch Revises Outlook on Armenia to Negative; Affirms at 'BB-'
... peer group median, and there is a credible reform agenda and commitment to fiscal targets, also underpinned by the IMF Stand-By Arrangement. Set against these factors are Armenia's lower income per capita, weaker external finances and higher general government debt than 'BB' medians. Armenia also has a high reliance on Russia, borders are closed with two neighbours, and the long-standing conflict with Azerbaijan over Nagorno-Karabakh has the potential to escalate. An increase in foreign exchange reserves, and the availability of IFI ...
04/04/2020President Serzh Sargsyan meets with members of new government
... them on the appointment to the high positions and wished them productive work. After that the President Sargsyan spoke about the tasks set before the Government. “As you know, we have concluded in the stipulated period of time the formation of the government of the Republic of Armenia. On this occasion, I congratulate you all on your appointment to the high state positions, or more precisely on assuming your duties at the high state positions and wish you success. It is needless to speak about the responsibility which now lies ...
10/06/2016Armenian government to allocate about 150 billion for necessary preparations for victories in post-crisis world
The Armenian government will allocate about 150 billion drams not to counter this crisis, but for necessary preparations for victories in the post-crisis world, Armenian Prime Minister Nikol Pashinyan said Tuesday night in his address to the population. "The ...
03/25/2020Armenia: making the velvet revolution work - Global Finance
... resilience to shocks.” Moody’s expects GDP growth of 5.5% to 6% in the medium term. The International Monetary Fund, which expects growth to moderate to 4.6% this year from 5.2% in 2018, has approved a $248.2 million standby facility to support Armenia; although the government says it views the money as precautionary and has no plans to draw on it. Outgoing EU ambassador Piotr Świtalski praised the new government’s efforts to grow the economy, fight corruption and maintain a balanced foreign policy, telling one ...
10/14/2019A Second Wave of the Crisis in Armenia is Not Likely
... good idea to channel them to small and medium businesses, since the latter can give a new impetus to growth. Second, we hope that most of the companies who received these loans will be able to repay them after the crisis is over, which will help the government to repay its debts. ARKA: Should Armenia suspend implementation of the crisis management policies in order to prevent further accumulation of foreign debt and fully benefit from the resumption of the global economic growth? N. Oomes: No, we think that the government should continue ...
12/16/2009Pashinyan speaks about advantages of tax code and prospects of industrialization in Armenia
... development. Most of these spheres deal with tourism. According to the Central Bank, tourists spent about USD 120 million in Armenia in the first half-year of 2019. With this policy, we open an economic opportunity for the citizens of the Republic of Armenia,” the premier said, adding that the Government will curb the corruption-driven economic system and there will be no compromise in this matter. Regarding the latest events in Idjevan, Nikol Pashinyan stressed that the Government does not intend to go to any illegal compromise. “We think ...
07/22/2019IMF expects Armenia's economic growth to accelerate in 2019
... Director of the Middle East and Central Asia Department at the International Monetary Fund, speaks about the IMF expectations regarding Armenia, as well as what recommendations and reforms it plans to implement. Question - The challenges facing the Government of Armenia were identified (fighting against corruption, improving business climate, mobilizing tax revenue, maintaining macroeconomic and financial stability in the upcoming years) earlier this year. Half a year later, do you think that the necessary steps ...
08/29/2019Department of State: Armenia's investment environment improves, but there are still problems
... of Armenia’s EAEU obligations. There is no free trade agreement between the United States and Armenia, through Armenian exports to the United States may be eligible for preferential treatment under the Generalized System of Preferences program. The Armenian government nominally uses transparent policies and laws to foster competition. Some report that Armenia’s new government has pursued a more consistent execution of these laws and policies in an effort to improve market competition and remove informal ...
09/11/2020IMF Resident Representative to Armenia on economy, agreement with EU and poverty
... to support global economic and financial stability. Therefore, the IMF provides financial support to its members to maintain economic stability and overcome problems related to the balance of payments. For example, the IMF’s previous program with Armenia (for 2014-2017) supported government economic policies aimed at mitigating the negative impact of the external shock: the contraction of the Russian economy, and the devaluation of the ruble. Currently we see that Armenia’s economic situation has stabilized. There was a period ...
12/21/2017Key aspects of government program: consolidation of Armenian communities worldwide and protection of investors
... October 20. /ARKA/. The Armenian Cabinet ministers gathered Wednesday for giving their approval to the government’s new program. Key focuses and approaches are outlined in the program though without particular figures and terms. In its new program, the government points out Armenia and Nagorno-Karabakh Republic’s security, constitutional changes, development of democratic institutions, enhancement of public confidence in the country’s electoral system, struggle against corruption and shady dealings and reduction of poverty ...
10/20/2016RAEX-Europe confirms credit ratings of Armenia at ‘BB-; outlook changed from stable to negative
... economic activity in October 2020 demonstrated a decline of 8,1% as compared to October 2019. On a positive note, this reading is lower than the May 2020 figure of 12,8% and reflects the easing of the government lockdown measures. In September 2020, the Armenian government reopened the airspace, lifted the state of emergency, and imposed a quarantine regime (prohibition of large gatherings, fines for not wearing a mask in public) until 11 January 2021. As of October 2020, the fiscal response to the COVID-19 outbreak ...
01/13/2021IMF forecasts 4 percent GDP growth for Armenia in 2012, but says there is growth potential
... degree of cooperation and progress in implementation of the IMF-supported programs in Armenia? IMF provided USD 114 million to Armenia in 2011. The cooperation has been very good, and there was progress on the implementation of IMF-supported programs in Armenia. The government has met all the targets regarding fiscal deficit, the level of reserves of the Central Bank, the pace of money creation, and concessionality of debt. The government has also been meeting almost all structural benchmarks in a variety of areas ...
05/22/2012EBRD Vice President: the Bank has invested over €2 billion euros in 205 projects in Armenia to date - EXCLUSIVE
... transport route. We also discussed the organisation of our upcoming annual meeting and business forum, which is set to be held in Yerevan in 2024. As part of this event, together with local stakeholders, we will be attracting prominent participants to Armenia from around the world, ranging from leading government officials, financial and corporate executives to entrepreneurs, civil society and international media. We are very much looking forward to this event. ARKA- Please tell us about the EBRD projects in Armenia: recent signings, plans and strategy,...
01/18/2023Aviation is strategically important to Armenia – Pashinyan
... confident that he will continue to make further contributions,” Pashinyan said. Armenia’s Zvartnots Airport and Shirak Airport are run by the Armenia – International Airports in accordance with a 30-year concession management agreement sealed with Armenian government in 2001. American International Airports, an Argentine company owned by Eduardo Eurnekian, an Argentine entrepreneur of Armenian descent. -0--- YEREVAN, June 5. /ARKA/. Armenia attaches strategic importance to air transport service, ...
06/05/2019Landlocked Armenia must make the best use of human resources - ADB head in Armenia (exclusive)
... reservoirs, modernise and re-equip the irrigation systems, and introduce best irrigation practices. This year ADB an experienced expert in water resources management has joined ADB’s office in Armenia and whose task will be to make recommendations to the Armenian government on water resources issues over the next few years. Third, electric mobility. Armenia has a unique position that it can take advantage of with the use of electric cars. You have several sources of electricity generation, such as nuclear power ...
08/01/2024Ensuring transparency to be one of main focuses in Armenian government activities
Ensuring transparency of government work will be one of the main focuses in government activities, the Prime-Minister of Armenia Tigran Sargsian said at the government sitting Thursday. YEREVAN, April 17. /ARKA/. Ensuring transparency of government work will be one of the main focuses in government activities, the Prime-Minister of Armenia Tigran Sargsian said at the government sitting Thursday. Involvement ...
04/18/2008Zangezur Copper and Molybdenum Combine may offer Armenian government's stake in IPO - Pashinyan
The Armenian government's stake in the Zangezur Copper and Molybdenum Combine (ZCMC) may be put up for an IPO, Armenian Prime Minister Nikol Pashinyan said at a government meeting on Thursday. YEREVAN, December 20. /ARКА/. The Armenian government's stake in ...
12/20/2024Government press service provides media with information on topical; Issues
At the order of Armenian Prime Minister Tigran Sargsyan the government press service has sent detailed information to all media outlets about several issues for which the government is being criticized by the opposition and media YEREVAN, June 27. /ARKA/. At the order of Armenian Prime Minister Tigran Sargsyan ...
06/27/2013Experts say lack of clear numbers in Armenian government’s action plan is not drawback
... eliminating monopolies and developing a competitive environment, combating shadow and poverty. The government also considers information technology, agriculture and tourism as priority directions for economic development of the country. Discussion of the government program in the National Assembly of Armenia will begin on June 7. -0-
06/04/2018First policy dialogue of "GREEN Armenia" joint platform took place
... beneficiaries to come up with innovative ideas and to learn about global knowledge, which is key to building resilience to climate change. Deputy Prime Minister Hambardzum Matevosyan welcomed the participants of the discussion, emphasizing that the Armenian Government highly appreciates such initiatives in terms of summarizing the work done, learning lessons and outlining the next steps. “This is best expressed in the Government’s Action Plan 2021-2026, by which we have planned a number of measures, ...
06/27/2022International financial institutions welcome Armenian government’s investment policy of 'open doors'
The international financial institutions welcome Armenian government’s investment policy of 'open doors', the World Bank and the International Financial Corporation (IFC) say in a joint press release. YEREVAN, November 20. /ARKA/. The international financial institutions welcome Armenian government’s ...
11/20/2015EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... their economic integration. A significant financing package of EUR 44million will soon be announced and deployed via several partners banks for the benefit of refugees. We have also been actively supporting the development of the infrastructure in Armenia. These efforts complement and support the Government’s Crossroads of Peace initiative. One of the most notable projects for this year was funding the construction of Sisian-Kajaran road part of the North-South corridor infrastructure rehabilitation. As Armenia is landlocked, solid road infrastructure ...
11/26/2024Economy of Armenia: challenges and prospects
... decline again, economic growth also started to «dampen». However, this is only the most general moment that indicates the government’s passivity. A more significant point was to neglect the tasks of changing the economic structure. For 25 years, ... ..., attracting European companies that created their own manufacturies around the country. Throughout its post-Soviet history, Armenia was to become an industrial growth point in the Caucasus, «luring» European companies with low costs and tax breaks....
06/13/2017‘Imminent’ resignation of Armenian government anticipated
The ‘imminent’ resignation of the government of Armenian prime minister Hovik Abrahamyan is believed to be as a forgone conclusion and according to media speculation he will be succeeded by a technocrat Karen Karapetyan. YEREVAN, September 7. /ARKA/. The ‘imminent’ resignation of the government ...
09/07/2016Armenian premier points out main allies of government in economic revolution
Armenian Prime Minister Nikol Pashinyan attended "My Step for Aragatsotn Marz" Investment Forum, the press office of the Armenian government reports. Addressing the forum, the prime minister spoke about the country’s current economic situation and stressed that this year is the first full economic year where his government is politically responsible for the economic situation....
10/14/2019Outgoing ministers from prosperous Armenia wish to take a little break
..., and would have a rest for some time. YEREVAN, May 31. /ARKA/. Outgoing Ministers from Prosperous Armenia Party told the journalists that they hadn’t planed on new job place yet, and would have a rest for some time. On May 31, Thursday, the Government of Armenia announced on its resignation. In the outgoing government the Prosperous Armenia Party was represented by four ministers. The position of Parliament Deputy Speaker was also held by a member of Prosperous Armenia. “I haven’t decided what ...
05/31/2012Armenian government approves first long-term development program
The Armenian government approved today the first long-term economic development program with the total budget of 50 billion drams (about $100 million). YEREVAN, May 21. /ARKA/. The Armenian government approved today the first long-term economic development program ...
05/21/2020Armenian government holds first session behind closed doors
The Armenian government held today the first closed session over the last 10 years to discuss as many as 72 issues. YEREVAN, April 12. /ARKA/. The Armenian government held today the first closed session over the last 10 years to discuss as many as 72 issues....
04/12/2018Council of Europe pledges full support to justice system reforms in Armenia
Prime Minister Nikol Pashinyan had Friday a working lunch with members of the high-level mission of the Council of Europe, headed by Christos Giakoumopoulos, Director General of Human Rights and Rule of Law at the CoE, the press office of the Armenian government reports. YEREVAN, May 31. /ARKA/. Prime Minister Nikol Pashinyan had Friday a working lunch with members of the high-level mission of the Council of Europe, headed by Christos Giakoumopoulos, Director General of Human Rights and Rule ...
05/31/2019Second Armenian president opposed to accumulative pension system’s mandatory component
... financial markets that creates risks in management of the accumulating funds gives grounds for concern. “Many pension funds have lost considerable amounts in the latest crisis, and there are no guarantees that the same will never repeat,” he said. “Armenia’s government has no sufficient reserves for compensating possible losses, and allusion to budget is an argument for naïve people. In addition - it is absolutely unclear how effectively citizens’ savings will be run.” The former president said that ...
01/13/2014Armenian government to start searching real owners of companies
The Armenian government intends to do whatever is necessary to reveal real owners of companies. The press office of the Armenian government quoted Justice Minister Rustam Badasyan as saying at a news conference that the government is stuck to its commitments under ...
10/30/2019Offshore participants in government procurements ought to reveal their owners
Russia’s government has approved the package of legislative changes which make offshore companies’ access to the state’s money more complicated. YEREVAN, July 17. /ARKA/. Russia’s government has approved the package of legislative changes which ...
07/17/2014IMF welcomes Armenian government’s decision to effect new pension system
The International Monetary Fund (IMF) welcomes the decision of the Armenian government to effect a new funded pension system, the IMF Resident Representative in Armenia Yulia Ustyugova said in a televised interview. YEREVAN, June 15. /ARKA/. The International Monetary Fund (IMF) welcomes the decision of the Armenian government ...
06/15/2018Lydian Armenia donates 12.5 per cent of its shares to Armenian government
... appropriate measures were taken. Under a MoU, signed in February 2023 by the government, the Eurasian Development Bank (EDB), and Lydian Armenia the parties pledged to attract approximately $150 million for the development of the Amulsar gold deposit. The Armenian government owns 12.5% of the company and is to provide insurance for the transaction against certain risks. Neighboring communities are to receive $7 million annually in support from the company.
12/28/2024Geopromining’s subsidiary and Armenian government to build new copper smelter in Armenia
"Industrial Company" and the Government of Armenia (GOA) are happy to announce that the Company has granted the Republic of Armenia and the GOA has accepted a 25% share of the Company, the press service of the Armenian government announced today. YEREVAN, October 1, /ARKA/. "Industrial Company" and the Government of Armenia (GOA) are happy to announce that the Company has granted the Republic of Armenia and the GOA has accepted a 25% share of the Company,...
10/01/2021Prosperous Armenia Party regards forming coalition as irrational
... social-political life,” the statement says. Tsarukyan also added that the Party will be very active in the National Assembly, always staying beside the nation and protecting the rights of the citizens. He wished success and effective performance to the new government of Armenia. Prosperous Armenia, a moderate centrist liberal-leaning party, was established in April 2004 by Gagik Tsarukyan, parliament deputy, Head of National Olympic Committee of Armenia, president of Multi Group concern. In the incumbent government ...
05/24/2012UNISEF must keep pace with dynamic rates of Armenia’s development
... satisfied with her work and have no intention to appoint a new ambassador. In 2008, we also plan a l;arge-scale campaign for children’s right to live in families, and Alla Levonyan will participate as well. ARKA: What is your opinion of the Armenian Government’s activities in dealing with children’s problems? Yett: As compared with the other countries of the region and Commonwealth of Independent States (CIS) budget allocations to health care, education and social protection of children ...
03/26/2008Top ten economic events of 2012 singled out by ARKA News Agency
... $280 from October and $320 from Jan 1 instead of the present $180. Armenian President Serzh Sargsyan said after he met his Russian counterpart, Vladimir Putin in Moscow on August 7 that they had reached mutual understanding on the matter. After that, Armenian government and Russian Gazprom started negotiating. The results of these negotiations will be released later this year. 7. Meghri Hydro Power Plant Construction kicks off A special ground breaking ceremony for the construction of hydropower plant with ...
12/20/2012Pegasus spyware was used to hack devices of 12 Armenian journalists, human rights defenders and activists
... coalition of media organizations called the Pegasus Project has revealed that the country is one of NSO’s clients. Still, Ruben Muradyan, a mobile security researcher who analyzed the phones of five victims in Armenia, said some of them believe the Armenian government might be behind the hacks, as they were critical of the local government at the time. The Armenian Embassy in Washington DC did not respond to a request for comment. In any case, it is unclear whether the use of spyware like Pegasus in the ...
05/25/2023Sociologist Aharon Adibekyan hails introduction of compulsory accumulative pension system in Armenia
... launched in Armenia on January 1, 2011. The obligatory accumulative pension system is planned to be introduced in the country in January 2014. The system targets all the citizens born later than Jan 1, 1974. Under the reform plan approved by the government years ago, Armenia was to switch to the new system in January 2010 whereby the amount of monthly benefits paid to retired citizens will depend on their and their employers’ contributions to the fund. People will send to their accumulative pension account 5% of ...
12/27/2013Armenian opposition lashes out at government’s program
... then to bring it to parliament. "The people demand quick actions to improve the situation, but this program is no different from the previous one. Everything is set out beautifully, but there is not a line of concrete actions,” he said. The new Armenian government was formed on May 8. Earlier chief of the government staff. Vache Gabrielian, said the government’s plan of actions will focus on five major directions- safe and secure Armenia, creation of new jobs with far wages, free and just Armenia, ...
05/21/2013Citizens suggestions on government program posted on official site
Views and proposals made by citizens on the draft government program approved by the government yesterday have been posted on the official website of the Armenian Government – www.gov.am, the government press service reported. YEREVAN, April 29. /ARKA/. Views and proposals made by citizens on the draft government program approved by the government yesterday have been posted on the official website of the Armenian ...
04/30/2008Armenian government restricts traveling to Artsakh
... restricted starting from October 2, with the exception of goods transported for the needs of the Defense Army and the Artsakh government, as well as in cases of exceptional necessity, which should be confirmed by permits, issued by the government of Armenia. The government said to obtain a permits for leaving Armenia, individuals should write a letter to info@gov.am and provide a justification for the visit and attach also photocopies of identity documents. “We remind that citizens will be allowed to leave ...
10/02/2020Armenia's public debt to amount to $7.2 billion in 2020
... department, the borrowing program for 2020 has been developed in accordance with the guidelines and targets laid down in the government’s strategic debt management program for 2020-2022. According to the forecasts, laid down in the state budget of Armenia for 2020, government debt at the end of the year will amount to 3.419 trillion drams ($7.177 billion ), by 162 billion drams ($341 million) more compared to 2019. In 2020, 448.7 billion drams will be required for paying off and servicing the government debt, of ...
12/20/2019Fitch upgrades Armenia to 'BB-'; outlook stable
... or collectively, lead to a negative rating action are: - Increased external vulnerabilities, potentially stemming from sustained large current account deficits or decrease in international reserves; and - Fiscal slippage leading to a failure to put government debt/GDP on a downward trajectory over the medium term. Key assumptions Fitch assumes that Armenia will continue to experience broad social and political stability and that there will be no prolonged escalation in the conflict with Azerbaijan over Nagorno-Karabakh to a level that would affect economic and financial stability. Fitch assumes ...
11/25/2019Government of Armenia approves its plan of actions for 2019-2023
... the health sector, the government will work to modernize regional medical centers, to advertise healthy lifestyles, to increase the availability of medical services and preventive measures against infectious diseases. On the foreign policy side, the Armenian government plans to continue protecting the country's sovereignty, to develop international relations on the principles of mutual benefit and equality, to strengthen cooperation in bilateral and multilateral formats, to attract foreign investment. The ...
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