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Lake Sevan's water level rose by 22 cm in 2024 – National Weather Center
The water level in Lake Sevan as of December 30 was 1900.39 meters, which is 22 cm higher compared to the same period last year, said Levon Azizyan, director of the Hydrometeorology and Monitoring Center. YEREVAN, December 30. /ARKA/. The water level in Lake Sevan as of ...
12/30/2024Former Artsakh State Minister: Yerevan and Baku will not sign peace agreement
... nothing more," Beglaryan said. According to him, a peace agreement implies a document that addresses and resolves all the key components of the conflict. "At a minimum, all the major issues of this conflict should be addressed at a fundamental level. The issue of prisoners is one of the smallest. It is the easiest to resolve," the former state minister said. The Armenian side, he added, has, for example, the issue of the return of the people of Artsakh to their homeland, the protection ...
12/26/2024Ardshinbank once again recognized as Private Bank of the Year and Retail Bank of the Year by Global Banking and Finance Awards magazine
... services and retail banking in Armenia. “These awards highlight Ardshinbank’s leadership, innovation, and unwavering commitment to providing exceptional banking services. This approach fosters trust and long-term relationships, ensuring the highest level of service and customer satisfaction,” the statement says. Commenting on the selection of the winner, Global Banking & Finance Review editor Wanda Rich noted: "Ardshinbank’s consistent recognition reflects its exceptional vision and execution....
12/26/2024Dilijan to be transformed into a major tourist hub
... has historically developed as a tourism cluster, but it is clear that the city needs to be elevated to a completely different level. In this regard, further infrastructure investments are of great importance. The government is also investing through subsidy ... ... to Armenia for the creation of tourism clusters in communities such as Areni, Jermuk, Goris, Dvin, Gyumri, Aparan, Yeghegis, Sevan, and Dilijan. The TRIP program will be implemented from 2025 to 2029 and aims to improve the viability of the territories ...
12/26/2024Mandate of OSCE Minsk Group co-chairs on Karabakh settlement no longer relevant: Zakharova
All structures of the OSCE Minsk Conference, i.e. the Minsk Group and the High-Level Planning Group (HLPG) should be dissolved, Russian Foreign Ministry spokesperson Maria Zakharova said today. YEREVAN, 25 December. /ARKA/. All structures of the OSCE Minsk Conference, i.e. the Minsk Group and the High-Level Planning Group ...
12/25/2024Armenia short of 200 billion drams in tax revenues in 2024 - Finance Ministry head
... Hovhannisyan stated that the inability to implement capital expenditures was due to a shortfall of 200 billion drams in tax revenues. "In this regard, we tried to cut expenses to avoid additional problems," he said. The minister added that the level of tax collection is in line with economic growth indicators. He explained that some projects were funded from the Reserve Fund. "We had, if I am not mistaken, 130 billion drams in the Reserve Fund. This fund was mainly used for two purposes: ...
12/25/2024Ardshinbank Finances the Construction of an Innovative Greenhouse Facility
... production area to 18 hectares, which will allow the cultivation and export of more than 5 thousand tons of high-quality pepper. Our main advantage is that the greenhouses are located in the highlands of Armenia, at an altitude of 1415 meters above sea level. This provides a large number of sunny days and favorable climatic conditions, while the clean mountain water contributes to the complete nutrition of plants and significantly affects the taste of the product,” said Grigor Amirkhanyan, Executive ...
12/25/2024New greenhouse farm worth 9 million euros established in Armenia
... Federation, followed by the UAE and European countries. Currently, 177,000 pepper seedlings are being cultivated in the greenhouse, with the first harvest expected in February 2025. The greenhouse is located at an altitude of 1,415 meters above sea level, providing numerous sunny days and favorable climatic conditions.
12/23/2024World Bank names main factor for slowdown in Armenia's economic activity growth in October
... activity index from January to October increased by 8.1%. The economic growth of Armenia in the state budget for 2024 is envisaged at 7%, and in the budget for 2025 – at 5.1%. According to the Central Bank, Armenia's GDP growth is expected to be at the level of 6% in 2024. The forecast for 2025 is within 7.1-4.8%.
12/20/2024Zangezur Copper and Molybdenum Combine may offer Armenian government's stake in IPO - Pashinyan
... the combine’s shares. We have already discussed and decided that the company should develop towards placing the state's share through an open subscription, which is commonly called an IPO. But for this, the company must be at a completely different level of rehabilitation and transparency, and now the government must use its participation in accordance with this logic,” Pashinyan said. The Prime Minister also said that last week the plant transferred 33.25 billion drams to the state budget as ...
12/20/2024In case of signing peace treaty with Azerbaijan, the idea of withdrawal of mutual lawsuits is acceptable to Armenia - Pashinyan
... escalations,” Pashinyan said. The UN International Criminal Court (ICC) is considering Armenia's lawsuit against Azerbaijan, filed on 28 September 2023, demanding that the country eliminate all forms of racial discrimination due to years of state-level propaganda of hatred and Armenophobia. Yerevan also expects Baku to refrain from taking punitive measures against former Artsakh leaders currently imprisoned in Azerbaijan. In addition, Armenia insists on a ban on the demolition and alteration of ...
12/20/2024Papikyan discusses defense cooperation with French Senate representatives
... Senate representatives, as reported by the press service of the Defense Ministry. During the meeting, bilateral defense cooperation was on the discussion agenda. The head of the Armenian Defense Ministry emphasized the importance of maintaining a high level of cooperation and its future prospects, noting that the achieved successes were made possible due to the continuous support of the Senate. Cédric Perrin confirmed the importance of Senate support in strengthening cooperation. The meeting also ...
12/18/2024Dalan Technopark and OVIO sign memorandum of co-operation
... infrastructure reliability. The centre is powered by two independent power substations, a redundant cooling system and 24/7 uninterrupted service. It is this robust infrastructure that will provide OVIO's partner organisations with an unprecedented level of data and access protection. OVIO will offer Dalan Technopark customers converged services and its leading cloud solutions designed to meet modern business requirements. This co-operation is another step towards the development of the IT sector ...
12/17/2024Armenia faces financial trilemma – State Revenue Committee Head
... that Armenia is facing a trilemma that many countries are experiencing. "We are facing a problem of growing public debt and increasing expenses. In recent years, we have found ourselves in a situation where spending must be raised to a whole new level. There are security concerns, expenses for our compatriots from Artsakh, and at the same time, we want to develop the economy. The third part of the trilemma is taxes. Is the current tax level really sufficient for us to address these issues?" ...
12/17/2024About 15% of Armenia's labour resources underutilized: employment strategy for 2025-2031 presented
... employment strategy for 2025-2031 prepared by the Ministry of Labour and Social Affairs. The reason for the latter is the mismatch between demand and supply in the labour market. A significant part of the labour force is uncompetitive and does not have the level of knowledge and professional skills necessary for work that meets the needs of the modern labour market,’ the strategy says. The target group of the strategy is residents of regional towns, young people out of school and unemployed, women aged ...
12/16/2024“Crossroads of Peace” initiative aligns with CIS interests – Armenian Deputy Prime Minister
... Commonwealth,” Grigoryan noted. He also emphasized the need to continue efforts to eliminate barriers to mutual trade between CIS member states, taking into account national interests, and highlighted the importance of intensifying the activities of the high-level working group in this regard.-0-
12/12/2024CSTO was created in a different environment and needs to be adapted to current realities - ex-Armenian Foreign Minister
... (CSTO), which was established in a completely different environment, needs to adapt to the current realities. The very principle of collective security cannot promptly and effectively regulate modern challenges, as countries are free to interpret the level of security threats in their own way and make appropriate decisions. Let's be frank, we already have a sad experience, which not only became a signal for external players, but also did not contribute to building trust within the organisation,’ ...
12/11/2024Armenia and France sign defence cooperation programme for 2025
... Edward Asryan, Chief of the General Staff of the Armenian Armed Forces. The priorities of the transformation process of the Armenian Armed Forces and cooperation with France in this context were discussed. Asryan expressed satisfaction with the current level of cooperation and expressed hope that it will continue to develop. The sides also exchanged views on regional and international security issues.
12/11/2024Catches of whitefish temporarily banned in Armenia
... than 70 kilometres, and the area of its water mirror reaches almost 1.5 thousand square kilometres. It is one of the largest high-altitude lakes in Europe and Asia, located in the heart of the Armenian Highlands, at an altitude of 1914 metres above sea level. Sevan's waters are also used for irrigation. -0- .
12/09/2024EDB analysts see no risks in Armenia's public debt level
As for Armenia's public debt, the Eurasian Development Bank (EDB) does not see any risks or reasons for concern, since the public debt is at an average level and even below the average for developing economies, said Marina Sobolevskaya, head of the EDB Country Analysis Center, during the presentation of the bank's macroeconomic forecast for 2025-2027. ALMATY, December 5. /ARКА/. As for Armenia's ...
12/05/2024Ardshinbank Partners with the European Investment Bank to Improve Climate Risk Management
... country, as well as a representative office in Paris. Ardshinbank is the only company in Armenia holding ratings awarded by three leading rating agencies: Standard & Poor's (BB- (Stable)), Moody's (Ba3 (Stable)) and Fitch (BB- (Stable)), all on the level of the sovereign. The bank is regulated by the Central Bank of Armenia.
12/05/2024Pashinyan says Armenia has no reason to attack Azerbaijan
... have any reason to attack Azerbaijan, Armenian Prime Minister Nikol Pashinyan said today. YEREVAN, 4 December. /ARKA/. Armenia does not have any reason to attack Azerbaijan, Armenian Prime Minister Nikol Pashinyan said today. ‘At the political level, we have taken a legal step by mutually recognising each other's territorial integrity on the basis of the Alma-Ata Declaration, as well as ratified in Parliament the Regulation on the joint activities of the Armenian and Azerbaijani commissions ...
12/04/2024Armenia's poverty rate reached 23.7% by end of 2023
... The report also includes data on child poverty (ages 0-18). Specifically, the extremely poor accounted for 1.8% (down from 1.9% in 2022), the poor for 31.7% (compared to 32.3% in 2022), and the non-poor for 68.3% (up from 67.7% in 2022). The poverty level in Armenia has been assessed since 1996. Since 2019, this indicator has been calculated using the revised World Bank methodology: the documented poverty line in monetary terms represents the cost of both food and non-food goods and services, reflecting ...
12/02/2024Russia is ready for frank and substantive conversation with Yerevan - Deputy Foreign Minister
... the second Russia-Armenia public forum. According to him, Russia does not abandon its commitments to its allies, including in the military-political sphere. 'Moscow has been and remains committed to the whole set of agreements both at the bilateral level and within the framework of alliances in the Eurasian space. We are not abandoning our commitments to our allies, including in the politico-military sphere. For many years we have been working together on the formation of security architecture in ...
11/29/2024Ardshinbank Successfully Completes Acquisition of HSBC Armenia
... country, as well as a representative office in Paris. Ardshinbank is the only company in Armenia holding ratings awarded by three leading rating agencies: Standard & Poor's (BB- (Stable)), Moody's (Ba3 (Stable)) and Fitch (BB- (Stable)), all on the level of the sovereign. The bank is regulated by the Central Bank of Armenia.-0-
11/29/2024Ardshinbank Donates 120 Million AMD to Hayastan All-Armenian Fund
... country, as well as a representative office in Paris. Ardshinbank is the only company in Armenia holding ratings awarded by three leading rating agencies: Standard & Poor's (BB- (Stable)), Moody's (Ba3 (Stable)) and Fitch (BB- (Stable)), all on the level of the sovereign. The bank is regulated by the Central Bank of Armenia.
11/28/2024IMF: Armenia's economy to grow by up to 5.5% by 2028
... growth," he said. In this regard, Rawat noted that these trends are not negative phenomena. "Over the past two years, the IMF and other international financial institutions expected that economic growth would stabilize at a more sustainable level. And now, in fact, we are seeing exactly that. It was predicted that this would happen, so it was not a surprise," he emphasized, adding that when economic growth exceeds its potential for an extended period, it carries certain risks. According ...
11/26/2024Armenia's GDP growth slowed to 5.2 per cent to about AMD 2.7 trillion in Q3 - official statistics
... warehousing - 5.9%, provision of electricity, gas, steam and air quality - 3.6%, mining and operation of open-pit mines - 3.6%, and agriculture, forestry and fisheries - 1.2%. Armenia's economic growth in the state budget for 2024 is envisaged at the level of 7%, inflation – at 4% (±1.5%). According to preliminary data, Armenia's economic activity in January-September 2024 grew by 8.7 per cent compared to the same period in 2023. The Central Bank of Armenia expects the country's economy to grow ...
11/20/2024Justice or sixfold increase of burden: tax changes discussed in the National Assembly of Armenia
... have long been exempt from value added tax (VAT) and profit tax, set at 20 and 18 per cent respectively, and pay instead a ‘simplified tax’ of 5 per cent of their annual turnover. He said the proposed changes were prompted by the need to create a level playing field for all types of businesses. 'A teacher or a doctor pays 20 per cent income tax, while individual entrepreneurs or micro-enterprises either do not pay this type of tax at all or pay 5 per cent tax on their turnover,’ he argued. The ...
11/20/2024Armenian PM tells Pope about Armenian-Azerbaijani peace process
... briefed His Holiness Pope Francis at a meeting at the Vatican on the latest developments in the Armenian-Azerbaijani peace process and reaffirmed his government's commitment to the peace agenda. During the meeting, Pashinyan noted that the reciprocal high-level visits confirm the special inter-state relations between Armenia and the Holy See, the Armenian government's press service reported. Pashinyan added that the appointment of the Apostolic Nuncio Resident in Armenia will serve the progress in friendly ...
11/18/2024OVIO launches OVIO Cloud service in its data processing center
... a key place among our company’s offers, and we consider the launch of the OVIO Cloud service to be a strategically important step. The latter is of particular importance for the public sector, as it raises the reliability of data storage to a new level. One of the advantages of the OVIO Cloud service is also the customer self-service portal, through which customers will have the opportunity to make changes to the volume of cloud services and other parameters online,” said Hayk Faramazyan, General ...
11/14/2024Armenian Central Bank head names measures to boost 5.6 per cent economic growth in 2025
... 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 economic growth. ‘Ensuring economic growth will significantly depend on the opportunities and results of improving the investment climate, promoting exports, as well as the implementation of infrastructure investment programmes in a timely ...
11/12/2024Ardshinbank participates in Banking Forum 2024
... platform. The bank possesses the largest branch network in the country and maintains a representative office in Paris, France. Ardshinbank is the only private entity in Armenia with assigned ratings from three international rating agencies, all at the level of the sovereign, as follows: S&P Global Ratings (BB- (Stable)), Moody’s (Ba3 (Stable)) and Fitch (BB- (Stable)). The bank is also the only non-sovereign entity from Armenia which has issued RegS /144A public Eurobonds in international capital ...
11/12/2024Sweden is Armenia's loyal partner - Foreign Minister
... democratic reforms. We support the strengthening of EU-Armenia relations. I look forward to the development of our close relations!’, she wrote on X. According to the press service of the Armenian Foreign Ministry, the prospects of expanding the high-level political dialogue between Armenia and Sweden, enriching the bilateral agenda and deepening cooperation were discussed at the meeting. The sides highlighted the main directions of mutual interest for the development of cooperation. ‘I am confident ...
11/11/2024$9bn investment can help Armenia decarbonise economy and improve energy security - WB report
... new growth drivers and quality jobs. Faster decarbonization can strengthen Armenia’s energy independence while lowering the cost of energy to the economy,” said Carolin Geginat, World Bank Country Manager for Armenia. Armenia also faces a high level of water stress, with over-extraction in areas like the Ararat Valley and Lake Sevan threatening both agriculture and drinking supplies. In addition, transboundary water flows, which account for up to 35% of Armenia’s water source, are declining due to climate change and intensified human activities, such as dam construction and ...
11/08/2024Pashinyan and Macron discuss economic programs, visa liberalization with EU and Armenian-Azerbaijani settlement
... on the margins of the European Political Community summit in Budapest, the Armenian government's press service reported. The two men were said to discuss Armenia-France cooperation issues. Pashinyan and Macron stressed the periodic nature of the high-level meetings, which give an opportunity to discuss both issues of bilateral agenda and other issues of mutual interest. They also touched upon the issues related to the joint programs in the fields of economy, infrastructure and other sectors. Pashinyan ...
11/08/2024Yerevan interested in intensifying meetings with Baku to agree on peace treaty - Armenian MFA
... transferred to Azerbaijan. There are issues that remain unresolved. Negotiations between the parties are ongoing,” Kostanyan told reporters. The deputy minister noted that there is no specific agreement yet on holding an Armenian-Azerbaijani meeting at the level of ministers or leaders of the two countries. The Armenian Foreign Ministry confirmed on Tuesday that it had received a response from Baku to its latest proposals on the draft treaty, which was the 11th version of the document that the parties have ...
11/07/2024Ardshinbank Recognized as Leader in Armenia’s Secondary Corporate Bond Market
... in 2020, The Banker by Financial Times recognized Ardshinbank’s Eurobond issuance as the “Deal of the Year” in Europe. Ardshinbank is the only private entity in Armenia with assigned ratings from three international rating agencies, all at the level of the sovereign, as follows: S&P Global Ratings (BB- (Stable)), Moody’s (Ba3 (Stable)) and Fitch (BB- (Stable)). The bank is also the only non-sovereign entity from Armenia which has issued RegS /144A public Eurobonds in international capital ...
11/06/2024Armenia to tighten control over trout catch from Sevan
... volume should be determined based on regular assessments of existing stocks, conducted twice a year -in November and June. Lake Sevan is the main source of drinking water in the region, one of the largest high-altitude lakes in Europe and Asia, located in ... ... tributary of the River Araks), while 28 rivers flow into it from a total basin area of 2776 square kilometers. By 2030, the lake level is to be raised to l 1903.5 m above sea.-0-
11/06/2024Plug and Play is already in Armenia: 10 Armenian startups will travel to Silicon Valley
... Simonyan. P lug and Play sees potential in Armenia Plug and Play Germany GmbH Executive Director Sascha Karimpour noted that he is very inspired by the initiative being implemented in Armenia to help entrepreneurs and startups reach an international level, as well as to help them establish connections with major corporations and investors. "In fact, it is the startups that are currently building the future of the country. Our credo is to bring innovation to anyone, anywhere, and help bring together ...
11/01/2024Economic development more important than recognition of Armenian Genocide - Armenian minister
... ambassadors, the main issue on the agenda is the development of trade and economic relations between their countries and Armenia. The issue of security is resolved as the economy develops. None of the issues will be solved until the economy reaches the proper level. Having ensured economic development, the issues of security, culture, education, health care, international position of our country are also solved. Economy, economy, economy, economy, economy, and no other problems,’ Papoyan said. 'We have recorded ...
10/31/2024Armenia certifies 4 local geographical names as national brands
Armenian authorities are working to protect their national brands at the international level, Minister of Economy Gevorg Papoyan said. YEREVAN, 31 October. /ARKA/. Armenian authorities are working to protect their national brands at the international level, Minister of Economy Gevorg Papoyan said. According to him, the Ministry of Economy ...
10/31/2024Goris school students to study French in modernized classroom (video)
... ‘’Stepan Gishyan’’ Charitable Foundation. "Our goal is to help develop the French language in Armenia. I must note that in the schools where French language classes have been equipped with our support, the French language is at a very high level, I am impressed. There are even children who have never left Armenia, but speak French very well," said Alen Tukhadyan, Chairman of the Board of Trustees of the ‘’Sustainable Development Fund’’. This classroom is the ninth one fully ...
10/23/2024Armenian parliament speaker announces need to discuss participation in COP29 in Azerbaijan
.... /ARKA/. There is no decision yet on Armenia’s participation in COP29 in Baku, Armenian parliament speaker Alen Simonyan said on Tuesday. "We need to discuss and understand why we should participate, what it will give to Armenia, and at what level we will participate. The invitation to COP29 and participation is not only an event and monopoly of Azerbaijan but a UN event. We will discuss and understand whether our state needs it. If not, we will not go," Simonyan said at a briefing in ...
10/22/2024Venture capital: the most exciting investments
... options for private investors with a lot of capital and experience. It is not uncommon for project founders to approach status investors directly with an offer to join the business. · There are online crowdfunding platforms at the international or local level. Here startup founders post information about themselves and raise funds. This is a good way to ‘get acquainted’ with venture capital investment and try your hand. · With the help of platforms, you can analyse the market situation, see what ...
10/22/2024New opportunities open in Armenia-Iran relations after Pezeshkian's election - Voskanyan
Iranian President Massoud Pezeshkian has declared a special level of relations with Armenia almost from the first day of taking office, Vardan Voskanyan, Head of the Department of Iranian Studies at the Yerevan State University, , said. YEREVAN, 21 October. /ARKA/. Iranian President Massoud Pezeshkian has declared ...
10/22/2024Armenia serves as a natural bridge to the EAEU market for Iran - Armenian ambassador
... emphasized Avakyan, in an interview with the Iranian news agency "ISNA ". "Our government welcomes both the signing of a free trade agreement between the member states of the Eurasian Economic Union and Iran in 2023, as well as Iran's high-level participation in the Eurasian Economic Forum held in Yerevan from September 30 to October 1," the ambassador noted. It was previously reported that Iran might receive observer status in the Eurasian Economic Union (EAEU) by the end of 2024....
10/21/2024Armenia considers presence of extraterritorial corridors in region unacceptable; Iran supports principle of territorial integrity – Armenian ambassador
... is the position expressed through the "Crossroads of Peace" program. We emphasize that these considerations regarding Armenia were not only fully understood in Iran, but that public statements continue to be made from Tehran at the highest level, stressing the need for unconditional respect for Armenia's territorial integrity and the inviolability of its borders," Avakyan noted in an interview with the Iranian news agency "ISNA". According to him, Armenia is ready to fully ...
10/21/2024Ameriabank presents MyBusiness.am online platform at Real Business Conference
... because it is the driving force of development of the economies of the countries. He pointed out that in developed countries the share of SMEs in GDP is 50-60 per cent, while in Armenia this indicator is growing year by year, but still stands at the level of 25 per cent. As for MyBusiness.am platform, Karamyan noted that thanks to it the clients don't need to visit the bank and they can receive all services online. In his opinion, this is one of the reasons why the SME customer base has expanded ...
10/19/2024Armenian FM off to Turkey to attend 3+3 platform meeting
... President Ilham Aliyev in December 2020 ‘to promote cooperation among countries in the region.’ Georgia was also invited to join the platform, but Tbilisi declined the offer. The platform’s first meeting was held at the deputy foreign minister level in Moscow in 2021, and its second meeting was held at the foreign minister level last year in Tehran.-0-
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