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IMF: Armenia's 2025 budget well-balanced
Armenia's 2025 state budget is appropriately balanced between maintaining macroeconomic stability and addressing priority expenditures, including refugee integration and high security spending, according to IMF Deputy Managing Director and Acting Chairman Bo Li. YEREVAN, December 18. /ARKA/. Armenia's 2025 state budget is appropriately ...
12/18/2024Converse Bank Deputy CEO and CFO, Grant Akopian, Elected to BACEE Board
... extensive experience in financial management and strategic planning to the BACEE board. His leadership at Converse Bank, coupled with his deep understanding of the banking landscape, will be invaluable as BACEE continues to advance its mission of promoting stability and sustainable development in the region. "We are proud to have Grant represent Converse Bank on the BACEE board," said Andranik Grigoryan, CEO of Converse Bank. "His expertise will be instrumental in furthering BACEE's goals ...
12/17/2024Armenia and UAE to strengthen trade, tourism, and tech ties
... the importance of periodically holding reciprocal visits and forums involving business circles was emphasized. Mirzoyan and Gargash exchanged views on regional issues. The head of Armenia's Foreign Ministry presented Armenia's vision for establishing stability and peace in the South Caucasus, including the opportunities created by the opening of regional communications. The interlocutors also discussed the latest developments in the Middle East. The head of Armenia's Foreign Ministry congratulated ...
12/17/2024Pashinyan presents progress in negotiations on peace treaty with Baku to Council of Europe Secretary General
... press service reported. Pashinyan and Berset wwere said to speak about discussions on the peace treaty between Armenia and Azerbaijan. The two men discussed also some issues related to the partnership between Armenia and the CoE, as well as regional stability. -0--
12/12/2024Unblocking communications will restore region's role: Armenian speaker on talks with Azerbaijan
... economic development, but also for fostering respect for the principles of sovereignty, territorial integrity, equality, and reciprocity among states in people-to-people contacts and cultural ties. This will significantly contribute to security and stability both within the region and beyond," Simonyan said. He stated that the Armenian government, guided by this vision, introduced the “Crossroads of Peace” initiative. This program, as part of our peace agenda, aims to develop regional communications ...
12/11/2024Armenian Foreign Minister says 15 out of 17 articles of draft peace treaty with Azerbaijan agreed upon
... administrative borders into state borders. Of course, the commissions of the two countries should work together on further delimitation and demarcation of their border. The minister called the demarcation of the Armenian-Azerbaijani border a guarantee of future stability. ‘As far as any guarantees are possible these days, having a clearly delimited border is a very strong mechanism,’ Mirzoyan said. Regarding the opening of transport links between the two countries, the minister noted that Armenia and Azerbaijan ...
12/09/2024Armenia and Azerbaijan make progress in peace agreement – Mirzoyan
... Declaration as a basis for delimitation of the border. 'On the ground, we succeeded to delimit more than 12 km of the border, and we hope that this document will pave the way for efficient continuation of the process and thus will largely contribute to stability in the region. We have also managed to achieve some progress towards signing the Peace Agreement between our two countries. We have agreed upon Preamble and 15 out of the 17 Articles of the draft Agreement, and if there is enough political will,...
12/06/2024US Secretary of Defence expresses support for Armenia's aspiration to achieve long-term peace in the region
... independent and prosperous Armenia and that relationship between the two nations continues to grow closer. Austin added that the U.S. plans to sustain the momentum in strengthening the relationship. He also emphasized the United States support for peace and stability in the South Caucasus region. Defence Minister Suren Papikyan reaffirmed Armenia's aspiration to achieve long-term peace in the region. In turn, US Defence Minister Lloyd Austin expressed US support for this aspiration.-0-
12/06/2024Armenian Foreign Minister highlights Yerevan's efforts to normalize relations with Baku at a meeting with new head of EU diplomacy
... result of joint efforts, Armenia-EU cooperation includes a wide range of areas of mutual interest - from people-to-people contacts, democratic reforms to dialogue on security issues. Among the tools used, the role of the EU monitoring mission in ensuring stability on the border of Armenia and Azerbaijan was noted. Mirzoyan and Kallas also exchanged views on regional issues. The Armenian minister spoke about the efforts of the Republic of Armenia to establish stable peace in the South Caucasus, including ...
12/05/2024Foreign Ministers of Armenia and Georgia discuss cooperation with EU and regional issues
... reaffirmed their readiness to actively work jointly in the directions defined by the strategic partnership declared between the two countries in January this year, aimed at ensuring the well-being of the peoples of the two neighboring countries and stability in the region, the Armenian Foreign Ministry reported. Ararat Mirzoyan and Maka Botchorishvili exchanged views on issues on cooperation with the EU. Minister Mirzoyan presented the steps undertaken towards developing the Armenia-EU new partnership ...
12/05/2024Ardshinbank Successfully Completes Acquisition of HSBC Armenia
... of HSBC Armenia will be welcomed under the new branding while retaining their existing services and terms, complemented by numerous additional benefits. "This process is a milestone for Armenian banking and financial system, as it emphasizes the stability and reliability of an Armenian-based independent banking group. We are confident that customers of Ardshinbank group will experience a renewed sense of strength and trust, and the former HSBC Armenia employees will find new opportunities to ...
11/29/2024Armenia extends grain export ban outside the EAEU for six months
... a government meeting on Thursday. The ban applies to wheat, barley, corn, buckwheat, as well as sunflower seeds and sunflower oil, in addition to grains. This decision, as stated in the justification, is aimed at ensuring food security and economic stability. It is also noted that the production volumes of the aforementioned goods do not meet the needs of the domestic market. The deficit is covered by imports.
11/28/2024EBRD: Armenian authorities to strengthen economic stability
... said Elisabetta Falcetti, Managing Director for Turkey and the Caucasus at the European Bank for Reconstruction and Development (EBRD). ‘’We praise authorities’ sound macroeconomic management and professionalism in preserving financial sector stability. They serve as a strong pillar of economic stability. The government has made progress in reducing corruption, improving transparency and setting up anti-corruption institutions. Those reform efforts should continue. More efforts are needed ...
11/27/2024EBRD has invested record 2.4 billion euros in Armenia - EBRD Managing Director for Turkey and Caucasus (EXCLUSIVE)
... the EU market through the Comprehensive and Enhanced Partnership Agreement and to the central Asian markets of the members of the Euroasian economic union. ARKA- What steps, in your opinion, could help the Armenian authorities to strengthen economic stability, ensure long-term growth and improve the investment climate? Elisabetta Falcetti - We praise authorities’ sound macroeconomic management and professionalism in preserving financial sector stability. They serve as a strong pillar of economic ...
11/26/2024Armenian Parliament considers transforming EFSD into independent structure
... recalled that initially the EFSD was established as the Anti-Crisis Fund of the Eurasian Development Bank (EDB), but later its activities were revised. Thus, the EDB is engaged largely in financing private projects, while the EFSD in ensuring the financial stability of the region. The total investments in the charter capital of the fund stands at $8.513bn, of which $1m is Armenia's share, while EFSD’s loan portfolio in Armenia makes $840m, of which $540m is allocated for 10 projects being implemented....
11/25/2024Armenia to grant Iranian company 2 billion dram loan for high-voltage power line completion
... power transmission line This power transmission line will be the third between Armenia and Iran. Its operation will increase electricity transmission between the two countries from the current 350 MW to 1200 MW, enhancing the security, reliability, and stability of Armenia's energy system, among other benefits. The project is set to be completed by December 31, 2034. On the Armenian side, it involves the state-owned JSC ‘’High Voltage Electric Networks.’’ -0-
11/22/2024''Energy Efficient Regions'' program implemented in Armenia with $1.7 million EFSD grant
... Eurasian Fund for Stabilization and Development (EFSD) is a regional financial mechanism with assets exceeding $9 billion. It was established in 2009 by the Republic of Armenia, the Republic of Belarus, the Republic of Kazakhstan, the Kyrgyz Republic, the Russian Federation, and the Republic of Tajikistan to support the economic and financial stability of its member states and promote their sustainable development. -0-
11/21/2024Mirzoyan and Baerbock discuss Armenia-EU partnership and prospects of deepening cooperation
... stressed that the new agenda of the partnership is quite ambitious and is based on the experience of cooperation, as well as on the vision of further development. Mirzoyan and Baerbock also exchanged thoughts on regional issues. In the context of ensuring stability in the South Caucasus, the process of settling relations between Armenia and Azerbaijan was discussed. Mirzoyan presented the recent developments in this process, including the work done towards the finalisation of the Armenian-Azerbaijani peace ...
11/20/2024Under pressure from the West, Yerevan froze its participation in trilateral working group - Zakharova
... Caucasus. We are present there, our interests are there, naturally, historical, economic, humanitarian, financial and others," Zakharova said. She stated that Russia is ready to develop this region, because it is in its interests, it is a guarantee of stability and security in this part of the planet. "The Russian side is ready to continue to provide comprehensive assistance to Azerbaijani and Armenian partners in order to achieve sustainable peace and prosperity in the region on the basis of trilateral agreements," Zakharova said.-0-
11/13/2024Armenian Central Bank head names measures to boost 5.6 per cent economic growth in 2025
... the budget in the parliament. According to him, this implies targeting lower economic growth compared to the medium-term programme, as a result of which the fiscal policy for 2025 will be guided by the forecast of 5.6% growth with a focus on fiscal stability and debt sustainability, as well as safeguarding of the economic potential built in recent years. Galstyan said it is expected that effective implementation of the necessary structural reforms will be required to achieve the target level of ...
11/12/2024Armenia and Sweden discuss economic cooperation opportunities
... institutions and strengthening the country's capacities. Mirzoyan and Dousa also exchanged views on regional developments. In this context, Mirzoyan emphasized the importance of the EU observer mission in Armenia as a factor contributing to the maintenance of stability in the current situation. Mirzoyan also noted that Armenia has adopted an agenda aimed at resolving relations with its neighbors and establishing stable peace in the South Caucasus, which, in turn, could create favorable conditions for regional ...
11/12/2024Pashinyan and Macron discuss economic programs, visa liberalization with EU and Armenian-Azerbaijani settlement
... infrastructure and other sectors. Pashinyan and Macron also exchanged views on the process of normalization of Armenian-Azerbaijani relations. Pashinyan emphasized Armenia's commitment to the peace agenda and the steps that will ensure regional security and stability. -0-
11/08/2024Development of 360-meter tunnel and road infrastructure concreting begins on Armenia's ‘’North-South’’ route
... and significantly increase the transit potential of the country. The Eurasian Fund for Stabilisation and Development (EFSD) is a regional financial mechanism worth over $9 billion established in 2009 by Armenia, Belarus, Kazakhstan, Kyrgyzstan, the Russian Federation and Tajikistan. The objectives of the EFSD are to promote economic and financial stability in its member states and to support their sustainable development.-0-
11/07/2024Pashinyian congratulates Kobakhidze on ruling party's victory in Georgian parliamentary elections
... develop and expand,’ Pashinyan said in his congratulatory message. The Prime Minister also noted that the strategic partnership established between the two countries creates tangible opportunities for jointly addressing common challenges and enhancing stability, security and prosperity of the region. According to the Georgian Central Election Commission, the ruling Georgian Dream party won the 26 October parliamentary elections with 54.08% of voters' support. The next four parties that passed the 5 ...
10/28/2024West's call for speedy peace treaty with Azerbaijan is Armenia's foreign policy priority-MP
... as soon as possible and a peace treaty should be signed. In his letters to both the President of Azerbaijan and the Prime Minister of Armenia, US President Joe Biden emphasizes this and notes that the US is prepared to make every effort to establish stability in the South Caucasus and ensure the peace treaty is signed swiftly. This is a priority for Armenia's foreign policy — for our international partners in the West, including EU members and the US, to publicly express the necessity of urgently ...
10/25/2024Biden urges Pashinyan to finalise peace deal with Azerbaijan by end of year
... dignified peace agreement that would finally put to rest centuries of conflict,” Biden said in his letter to Pashinyan. “A peace agreement that safeguards Armenia’s unity, sovereignty, and territorial integrity would not only provide security and stability for the Armenian people. It would transform the entire South Caucasus region. As you know, finalizing the remaining articles of the peace agreement will require persistence, ingenuity, and compromise. But putting patriotism above politics, you ...
10/23/2024US welcomes Armenia's goal-setting and steps to promote peace and stability
... signing of the treaty will promote mutual trust and will give a positive impetus to the discussions and reaching an agreement on the remaining issues. Michael Carpenter emphasized that the US welcomes Armenia's goal-setting and steps to promote peace and stability, emphasized the border demarcation process and the signing of the regulation, and emphasized the United States' readiness to further contribute to peace and stability in the region. The sides exchanged ideas on the possibilities of unblocking ...
10/23/2024Armenia interested in achieving lasting peace in the region - Ararat Mirzoyan
... values, already recorded achievements, and exploring also additional opportunities for sectoral engagement," emphasized the Foreign Minister of the Republic of Armenia. Ararat Mirzoyan and Michael Carpenter exchanged views on issues of regional stability and security. The Foreign Minister of Armenia stressed the efforts made by the Republic of Armenia in the direction of establishing peace in the South Caucasus and touched upon the recent discussions in the normalization process of Armenia-Azerbaijan ...
10/22/2024Armenia considers presence of extraterritorial corridors in region unacceptable; Iran supports principle of territorial integrity – Armenian ambassador
... territory are simply a distortion of reality," Avakyan said. Answering the question raised by the Azerbaijani side about the so-called “Zangezur corridor”, the ambassador stated that one of the important guarantees for establishing peace and stability in the region is the unblocking of transport and economic infrastructure, which is one of the priorities of the Armenian government. Avakyan also touched upon the proposal to consider the “Aras Communication Road” as an alternative and ...
10/21/2024Alen Simonyan says why Azerbaijani parliament speaker cancelled planned meeting in Geneva
... emphasised, and a call was made to refrain from inflammatory rhetoric and hate speech that could hinder the peace process. The resolution also emphasised the importance of the European Union Civilian Mission in Armenia (EUMA) and its contribution to stability in the border areas. The resolution emphasised the need to ensure continued humanitarian assistance for the 115,000 Armenian refugees from Nagorno-Karabakh, as well as to address the problems of Armenian prisoners of war, other detainees held ...
10/20/2024Armenia interested in unblocking all communications in the region - Mirzoyan
... achieving better cooperation, development and prosperity of our countries. ‘We strongly believe that responsible approaches and constructive efforts of all regional actors to this end at the same time will largely contribute to achieving peace and stability in the region.” ‘As a long-standing advocate for inclusive and equitable transport connectivity to promote trade and cooperation, Armenia is sincerely interested in unblocking all economic and transport communications in our region. ...
10/18/2024Armenian FM off to Turkey to attend 3+3 platform meeting
... Mirzoyan will have also bilateral meetings. According to Turkish mass media reports, Turkish Foreign Minister Hakan Fidan, his Russian counterpart Sergey Lavrov, Azerbaijan’s Jeyhun Bayramov, Armenia’s Ararat Mirzoyan and Iran’s recently appointed ... ... their countries on those issues. The ministers are said also to discuss steps to replace conflicts with efforts to maintain stability and prosperity in the region and concrete cooperation projects for regional interconnectivity. Hakan Fidan is expected ...
10/18/2024Secretary of Armenian Security Council to visit Prague and Berlin
... Prague and Berlin. According to the press service of the Security Council, on October 14, Grigoryan will take part in the "Forum 2000" conference in the capital of the Czech Republic, entitled "Evidence of Democratic Determination and Stability." He will also hold a number of working meetings. Grigoryan will then travel to Berlin, where he will also have a number of working meetings.-0-
10/11/2024Blue chips: why to buy ‘elite’ shares
... companies with a market value of at least $10bn. However, status players with a smaller capitalisation are often included in this range. - Established market positions. Companies have been operating for years and occupy a large share of their sector. - Stability. Blue chip issuers maintain high financial performance over a long period of time, in some cases for decades. They are more resilient to market crises and recover more quickly. Therefore, blue chips are considered a relatively safe way to invest....
10/10/2024Pashinyan announces his readiness to sign peace treaty with Azerbaijan in October
... in each other's internal affairs, establishment of diplomatic relations and creation of bilateral mechanisms for the fulfillment of obligations assumed by the parties within the framework of the peace treaty. Another important aspect of establishing stability in the South Caucasus is the issue of unblocking all transport and economic connections. In this matter, we offer concrete solutions, which are reflected in the "Crossroads of Peace" project developed by us. The essence of this project ...
10/08/2024Azerbaijan's aggressive rhetoric is unacceptable, says Pashinyan
... Considering the aggressive rhetoric of Azerbaijan in recent days as unacceptable, the Prime Minister emphasized the commitment of the Armenian Government to the peace agenda. The Prime Minister of Belgium highlighted the steps aimed at ensuring peace and stability in the region, welcoming the steps taken by the Armenian Government in that direction. The sides exchanged ideas on the Government's "Crossroads of Peace" project and its principles aimed at unblocking regional communication channels....
10/05/2024Pashinyan and Macron strengthen bilateral ties: France's support and Armenia's steps towards peace
... peace treaty with Azerbaijan, noting that 80 percent of the points of the draft have been agreed upon and Armenia is ready to sign the treaty based on it and continue further discussions. Nikol Pashinyan emphasized the steps aimed at ensuring peace and stability in the region, expressing his belief that the signing of the agreement will contribute to the solution of this issue. Issues related to the "Crossroads of Peace" project of the Armenian Government were also discussed. Nikol Pashinyan ...
10/03/2024Armenian Ministry of Foreign Affairs: Danger of escalations from Azerbaijan exists constantly
... no agreement on normalizing relations or a peace treaty between the two countries," Kostanyan told reporters on Thursday. The deputy minister noted that the signing of an Armenian-Azerbaijani peace treaty would further increase the chances of stability in the South Caucasus. On the eve, Armenian Prime Minister Nikol Pashinyan stated that Azerbaijan is not inclined to sign a peace treaty with Armenia. According to him, the threats of a new attack by Azerbaijan on Armenia have not disappeared,...
10/03/2024Neither Russia nor CSTO reacts to attacks on Armenia's internationally recognised borders - Mirzoyan
... frozen its membership in the CSTO and has no intentions to return to the relations that existed before these incidents. ‘We don't see ourselves in a military alliance that doesn't work. I think we all have to be careful and this is not a big secret - stability should be a priority and the processes that can happen should be well calculated and should be manageable in terms of risks,’ he emphasised. According to Mirzoyan, this brings Armenia closer to the EU and the US. ‘In the context of society's ...
10/02/2024US Ready to support Armenian authorities in Helping Those Who Lost Their Homes in Conflict with Azerbaijan – Ambassador
... solidarity and paid tribute to the Armenians who lost their lives as a result of the long-standing conflict between Armenia and Azerbaijan. We reaffirm our strong support for establishing a lasting and dignified peace in the region that will ensure stability and security," the U.S. Embassy in Armenia quoted Kvien as saying. -0-
09/27/2024Prime Minister Pashinyan meets with UN Secretary General António Guterres
... well as the border demarcation process and the "Crossroads of Peace" project of the Armenian Government. Nikol Pashinyan emphasized the support of the UN and Secretary General António Guterres to Armenia's efforts towards peace and ensuring stability in the region. -0-
09/27/2024Blinken urged Armenia and Azerbaijan to make progress in finalizing peace treaty as soon as possible
... progress Armenia and Azerbaijan have made toward a lasting and dignified peace, and encouraged both countries to make further progress in finalizing the agreement as soon as possible. The Secretary emphasized that a peace agreement will bring greater stability and prosperity to the region,” Miller said in a statement on the State Department's website. -0-
09/27/2024Vorotan Cascade owner to invest more than $14 million in 2024-2026.
... environmental protection, labor protection and technical support operations”; AMD 353.9 million will be allocated for “collection of data on dams and hydraulic structures, drawing up project documentation for their rehabilitation and increasing their stability”. About Vorotan cascade The Vorotan complex of hydroelectric power plants consists of three HPPs - “Tatev”, “Shamb” and “Spandaryan”, located on the Vorotan River. The total installed capacity is 404.2 mW. The cascade, which is ...
09/26/2024Armenia invites Azerbaijan to sign agreed peace treaty points before COP29 summit - PM
... sign the agreed peace treaty clauses before the COP29 climate summit to be held in Baku in November. ‘I and the government I lead are determined to end the conflict in our region and transform the current dynamics into cooperation for prosperity, stability and peace. Armenia is ready to sign a peace treaty with Azerbaijan and proposes to sign the already agreed articles of the peace treaty before COP29 in Baku, thereby creating a stimulating environment to advance the peace process,’ the Armenian ...
09/26/2024Armenian Prime Minister and Kuwaiti Crown Prince discussed prospects of cooperation
... economy, infrastructure, tourism, healthcare, and education to be promising. An agreement was reached to continue the work at the interdepartmental level. The Crown Prince of the State of Kuwait highlighted Armenia's steps towards ensuring peace and stability in the region and expressed his country's support for that process. In that context, the Prime Minister presented the "Crossroads of Peace"project of the Armenian Government's and its principles.-0-
09/26/2024Armenia and Cyprus intend to deepen cooperation in defense and security
... potential, which we will realize in the near future. Armenian-Cypriot cooperation is aimed at developing defense capabilities of both countries, strengthening the security and sovereignty of our states, as well as promoting regional and international stability," the minister emphasized. Papikyan also highly appreciated the trilateral format of cooperation between Armenia, Cyprus and Greece, based on the implementation of common goals of countries sharing the same values, as well as the readiness ...
09/25/2024U.S. presidential candidate Kamala Harris voices support for Armenia and the right of Artsakh residents to return to their homeland
... between Armenia and its neighbors that respects sovereignty, independence, and territorial integrity. The right of Armenians displaced from Nagorno-Karabakh to return safely to their homes is vital to restoring the dignity of the Armenian people and stability in the region,” the message reads. Harris pledged to continue to support Armenia in its efforts to strengthen democracy and promote stability in the region. “Armenia and its people have a rich history that inspires us all to strive for freedom ...
09/25/2024Armenia ready to sign peace treaty with Azerbaijan in short time - Mirzoyan
... General Assembly in New York. The interlocutors discussed the current situation in the region. The steps taken by Armenia towards the establishment of peace in the South Caucasus were mentioned. Mirzoyan emphasized that Armenia's vision of ensuring stability in the region is based on unconditional respect for territorial integrity, principles of inviolability of borders, as well as initiatives aimed at ensuring economic interconnectivity. The Ministers also touched upon the prospects of deepening ...
09/24/2024Mirzoyan tells OSCE Chairman-in-Office of importance of concluding a peace treaty with Azerbaijan in a short period of time
... issues related to the OSCE activities and decisions during Malta's chairmanship of the organisation. The sides touched upon the current security situation and processes in the South Caucasus. Reaffirming the interest of the Armenian side in establishing stability in the South Caucasus, Mirzoyan stressed that it is important not to create artificial obstacles on the way to the conclusion of the peace treaty between Armenia and Azerbaijan and to sign the treaty in short terms. -0-
09/23/2024U.S. ready to continue assistance in promoting Armenia's democratic reforms: State Department
... "Crossroads of Peace" project of the Armenian Government were discussed. In this context, Prime Minister Pashinyan referred to the firm positions of the Armenian side and emphasized that Armenia is committed to the peace agenda and ensuring stability in the region.-0-
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