Armenia gets highest growth projection by World Bank among European, Central Asian countries
Regarding other regional countries, the World Bank projected Azerbaijan’s 2022 growth at 4,2%, Georgia at 10% and Turkey at 4,7%.
Regarding other regional countries, the World Bank projected Azerbaijan’s 2022 growth at 4,2%, Georgia at 10% and Turkey at 4,7%.
The proposed arrangement will support the government’s economic program to achieve investment-driven, knowledge-based, and export-led growth, while preserving macroeconomic, fiscal, and financial stability and reducing poverty.
The top 1000 corporate taxpayers paid a total of more than 1 trillion 82 billion 627 million drams in the reporting period.
According to the statement, the stable economic growth of Armenia, the decline in geopolitical risks, the strengthening of Armenia’s external position and the slower rate of foreign debt accumulation will contribute to the improvement of Armenia’s sovereign credit ratings.
In its latest Regional Economic Prospects (REP), the EBRD said that the economies of Armenia, Azerbaijan and Georgia are enjoying some of their highest growth rates in years.
The rate of funds attracted from banks by the CBA is 8%.
The conversation also touched upon the possibility of making investments by the Qatari side in Armenia.
The 1000 largest taxpayers paid more than 722 billion 325 million drams in taxes in the reporting period, of which more than 109 billion 253 million drams are customs payments.
The report also forecasts that the economic growth in Armenia will be 3.5% in 2022, 4.6% in 2023 and 4.9% in 2024.
According to the statement, Armenia will be adversely affected by spillovers from the crisis in Russia, given important linkages between the two economies, but Fitch presently expects that the sovereign's policy buffers, financing options, and long-dated commercial debt profile can help it navigate the shock without major impairment of repayment capacity.
The Armenian economy has continued to recover, posting 5.7 percent growth in 2021, and continuing to grow strongly in early 2022.
The Bank now forecasts 1.6% economic growth for the year, President of the CBA Martin Galstyan said at a press conference today.
The Lombard repo facility rate is at 10.75 percent.
In the context of the ongoing Russian-Ukrainian military operations, Minister Tigran Khachatryan presented the impact on the Armenian economy.
Minister of Finance Tigran Khachatryan presented the summary analysis made by the Ministry, the purpose of which is to provide information to the state agencies on the assessment of the current and capital expenditure limits of the fiscal space.
The Minister of Finance Tigran Khachatryan presented the general description of the proposed system with a comparative analysis with the current declaration system.
It’s no secret that the investment attractiveness of our country has been problematic for many years both for subjective and objective reasons, including the "no war, no peace" situation in which we have lived for a long time.
The Armenian government still remains undecided about restrictions on imports of Turkish goods.
The State Commission for the Protection of Economic Competition of Armenia and the Federal Antimonopoly Service of the Russian Federation signed a Memorandum of Mutual Understanding in the competition policy sector through which the parties will cooperate through exchange of experience with regard to the conduct of studies of cases regarding violations of anti-monopoly/competition legislation, law-enforcement...
The rate of funds attracted from banks by the CBA is 4%.
He said they would present the 2021 projections later.
In accordance with the Decision N 1708-N dated October 20, 2020 of the Government of the Armenia all the imports in to Armenia of any consumption goods of Turkish origin will be banned effective December 31 2020.
Welcoming the guest, the Armenian minister informed that the ministry has been reformulated a year ago and currently involves the fields of communication, high technologies, military industry and digitization.
The preliminary estimated valuation of 100% of AMX is approx. PLN 6 million (USD 1.6 million) On 18 September 2020, the Warsaw Stock Exchange (GPW) Management Board and the Central Bank of Armenia (CBA) signed a term sheet concerning negotiations to purchase 65% majority interest in the Armenia Securities Exchange (AMX) by GPW.
The Lombard rate is set at 5,75%, while the Deposit Rate is set at 2,75%.
"Let's build Armenia in anew: Tashir-Vardaghbyur," he wrote regarding this video.
For full information on the terms and conditions of Ameria Tour draw, please visit explorearmenia.ameriabank.am.
All member states of the Eurasian Economic Union have acknowledged the elimination of the obstacle by Armenia. As Minister of Internal Markets, Informatization, Information and Telecommunication Technologies Gegham Vardanyan stated, Armenia, as a country with the least obstacles, has promptly taken steps to eliminate the obstacles by providing equal access to public procurement for businesses of member...
In the first half of 2020, the SRC rendered tax revenues of AMD 680.3 billion.
Earlier today head of the opposition Bright Armenia faction Edmon Marukyan informed that they would vote against the report.
As a result of talks with the IMF representatives, an agreement was reached on the use of the funds as direct budget support to finance socio-economic consequences.
Two other neighbors of Armenia, Russia and Iran, are not included in the report.
According to our estimations, Armenia’s economic growth based on the results of 2020 will be negative, significantly lower from our previous prediction. The most affected sectors from the pandemic are housing and public food, transportation, tourism agencies, other services and construction. But the pandemic almost had no effect on agriculture", he said, Armenpress reports.
"We hope that the desired result will be achieved for everyone. In any case, we hope that the result will not lead to a worsening of the situation for the main social groups," he added.
"The deadline for submitting applications is over. Now it’s the stage to discuss and review the applications. In the coming weeks it will be clear which company is going to deal with the designing of five prototypes of ventilators", the deputy minister said, adding that after that they will try to understand the production process.
The legislative amendments introduced by the Armenian government suggest that the provision of the law allowing the Central Bank to publish the names of dishonest creditors will continue to be considered invalid, CB deputy head Nerses Yeritsyan said on Tuesday.
"With this, we want to say our words of encouragement and appreciation to the companies that have been able to maintain jobs and payrolls during these difficult times," he added.
In 2019, the volumes of import into Armenia made up AMD 2,661,000,000, which is 11% more than the indicator in 2018
Despite the challenging environment amid the coronavirus outbreak Moody’s expects that the Bank’s funding and liquidity profiles will remain stable.
According to her, these deductions will be determined by the authorities in the environmental domain, and they will be reflected in the budgets of the communities in whose territory the activities of these companies have a detrimental effect.
As a result, unemployment will increase in the country from 17.7% to 19%.
"The dram is strengthening stability, the deposits and loans are growing, and the liquidity of banks is also increasing," he added, in particular.
Nikol Pashinyan noted that the coronavirus-caused deviations shall not affect the rehabilitation of 500km-long road sections, which was announced last year.
Minister of Territorial Administration and Infrastructure Suren Papikyan stated this Tuesday, during the discussion of the sitting of the National Assembly Standing Committee on Financial-Credit and Budgetary Affairs on the ratification of the Second Additional Financing to the Lifeline Road Network Improvement loan agreement between Armenia and the IBRD.
Banking sector fundamentals will weaken as a result of the coronavirus shock, captured by the negative banking sector outlook for 2020.
At the end of last year, the CBA had forecast 5.3% economic growth for this year, whereas the government—4.9%.
Gazprom Armenia intends to increase the price of natural gas for the country’s consumers by 36% from July 1.
According to the report, to attract greater investment and finally break out of its holding pattern to move higher into the mostly free category, Armenia will need to focus more intently on improving judicial effectiveness and government integrity.
An additional 80-billion-dram fund will be developed aimed at re-organization of the economy and its positioning in accordance to the parameters of the post-crisis period, PM Nikol Pashinyan said at the Cabinet meeting.
It is also important that shopping conditions and hygiene rules have been tightened in Armenia several times.
According to current assessments it is expected that these impacts, both on the global economy and the Armenian economy, will be short-term. Nevertheless the Central Bank is monitoring the developments in the global economy, the financial and commodity markets, and is assessing the short-term effects that could be recorded upon the Armenian economy.
Deputy Minister Avag Avanesyan touched upon the economy and the steps aimed at increasing competitiveness and productivity of industry and talked about the need for enterprises to absorb innovative technologies.
In January, inflation was only 0.2 percent, the salary increase - 5.9 percent. In short, we have started a brilliant economic year.
The competition regulator said it is monitoring the area and in the event of recording violations or abuse administrative proceedings and other measures will be enforced.
"Today the Central Bank of Armenia made a purchase of $5,000,000 from the financial market. This is the first purchase of the year," he stated.
It said the division is functioning as part of the Department of Economic Security and Anti-Corruption which was formed in October 2018 as result of reforms.
According to the report "firming growth in the South Caucasus, to an estimated 3.7 percent in 2019, was supported by private consumption, and on the supply side by strong manufacturing growth, as well as by a recovery in mining production in Armenia".
Armenia will be granted a 45.8mn euro loan in accordance with a loan agreement signed between Armenia and the International Bank for Reconstruction and Development
"In other words, within one and a half year the government returned 180 billion AMD in working capital to the business. The process continues, including in the form of VAT debt returns", the PM said.
The deal was signed in Vienna during a session of a board of the German-Armenian Fund (which functions with participation of KfW).
"If the statistics were incorrect or invented, then this money would not exist. The question would be, where did they come and from then? " Pashinyan noted.
The BIF is a platform where the leading practices of innovation development are presented, practical discussions are held, and future action plans are developed.
According to the organization, Armenia's institutions have facilitated a peaceful and orderly political transition and could strengthen further through structural reforms.
Ladikov-Roev noted that the EDB aims to expand its activities with the EEU member states, in particular Armenia, to cooperate more closely and to increase its role in financial processes.
According to him, if the price changes, Gazprom Armenia shall apply to the Public Services Regulatory Committee, and after that will be decided the gas tariff for consumers. "The working contract with Russia expires on December 31," he said. "There are negotiations now and there is no information yet."
Israel is also considered as the country of startups, it captures a leading place in the world both with the quantity and quality of its startups. Having an office in Armenia will enable to cooperate with the Israeli office, get acquainted with the Israeli companies and create a joint product, as well as will open a direct window for Armenia to the Asian market.
According to Mariyasin, Armenia’s signed documents with Georgia and Iran on the use of information between the customs services will allow to make it faster for passengers and freight carriers to cross the border, and this is very important in the context of the reforms that Armenia is making in the sector of provision of state services, as well as in the context of integration into the Eurasian...
Digital technologies are especially important for landlocked countries, including Armenia, both in terms of enhancing trade and economic relations, and in terms of risk management, which is also recorded in international conventions.
A document on technical requirements of preliminary electronic information system has been signed .
Banks provided unprecedented consumer and mortgage loans this year, the volumes of which increased by about 30-40%, while household incomes did not increase significantly during this period. Thus, significant risks arose for both banks and citizens.
When asked what Veolia Water’s justification for raising the tariff was, Baghramyan said the company takes the baseline price, takes into consideration the factors for specification and submits a bid.
India is the largest supplier of generic medicines in the world, accounting for 20% of global supplies. The country has 3,000 pharmaceutical companies with a strong network of more than 10,500 manufacturing facilities. The cost of production in India makes up almost one-third of the value of the United States, and in Europe nearly half.
I am pleased to report that we have a substantial decrease in unemployment since the second quarter of 2019.
The FDI Index measures statutory restrictions on foreign direct investment in 22 economic sectors across 69 countries, including all OECD and G20 countries.
According to the report, Armenia’s gross domestic product (GDP) growth moderated from 8.7% year on year in the first half of 2018 to 6.8% in the same period of this year—still robust, reflecting buoyant domestic demand.
“At the end of July, there was a great deal of uproar that, supposedly, the dam of the tailing dump of the Teghut mine was on the verge of collapse and could collapse at any time,” Pashinyan wrote.
A trend in external national debt reduction has been recorded in August 2019 for the first time since 2015.
This is what Armenia’s Minister of Finance Atom Janjughazyan said during a discussion on the report on the performance evaluation of the 2018 State Budget at the National Assembly today, responding to a question from deputy of the Bright Armenia faction Karen Simonyan.
“EAEU has opened great opportunities for Armenia’s economy. We have made some comparisons as of late 2014 (before Armenia’s membership) the quantitative figure of our relations with the member states. And we can state that the trade turnover volumes between Armenia and the other EAEU states has increased by 34.5%. Moreover, in the same period the exports from Armenia to the EAEU states has grown...
The 14 employees of the International Manufacturing Group ensemble up to 300 devices each day
The PM told minister of economic development and investments Tigran Khachatryan that it is necessary to understand where there are discrepancies which create technical problems so that the Cabinet will take actions to solve them.
Lazar Serebryakov, or by his birth name Ghazar Artsatagortsian, was a Russian admiral, who participated in the Russo-Turkish War and also held top command positions during the Crimean war.
The Ministry of Finance of Armenia has issued its synopsis of the country’s national debt, and according to which 2020 and 2025 will be the toughest years in terms of paying off this debt.
According to the forecast, in 2021 Georgia will come close to $ 5,000 per capita, in Armenia the figure will be slightly lower at about $4,730, at about $4,590 in Azerbaijan.
Baghramyan informed about the recent meeting with the representatives of the State Department when the Armenian side briefed the Americans on the development of our energy system based on cooperation with the Iranian side amid economic blockade by Azerbaijan and Turkey.
Armenia was the 62nd exporter of goods to Iran over the four months. The imports mainly included sheep, vehicles and diesel engines.
“When I first came to Armenia I investigated the environment and found that the country has highly qualified doctors and biologists. Armenia may become the perfect platform for our company to enter Europe” noted Mr Kirit Velani, the Executive Director of FMD K&L Europe.
This is very important in terms of the interests of the citizens of the Republic of Armenia on the one hand, and on the other hand, in order to be perceived as a partner in the international arena.
Armenian producers have signed export contracts worth of AMD 38m, and the Mitsario Gold has opened a branch in Kazakhstan.
GSP-eligible products may enter the U.S. with reduced or zero rates.
It is known that the main Armenian products that enter the Eurasian markets are high-quality Armenian cognac, which is a national brand and is exported mainly to Russia, Belarus and Kazakhstan, but in 2017 Armenia exported to these markets more than 1.2 million high-quality wines.
Еuronews reminds that Karapetyan had earlier met representatives of the UN Development Programme to help kick-start the reform process.
The bank’s GDP growth projection for Armenia in 2017 has risen from 2.7% to 3.7%.
The establishment of the "Mike Sport" sportswear and accessories production in Armenia is at the stage of discussions. "Management and Development International Company" aims to invest in the projects developed by the DFA.
First, it is worth noting that the CB's targeted four-percent inflation, which was mentioned in the statement, is the derivative of the two main reasons - the Customs Union rates and the expected global economy impulses. In other words, the CB policy is based on other factors affecting the goods prices, not equally acting as a factor promoting inflation.
DFA stressed that “for Iranian entrepreneurs doing business in Armenia will be by 23% more affordable with more skilled labor and financial sustainability.”
The process of replacing Soviet rubles with the new national currency began on November 22, 1993.
Veolia Djur submitted the application for raising the tariffs by AMD 14 in August.
The career and entrepreneurship fair is the largest U.S. Embassy-supported event in Armenia during Global Entrepreneurship Week, a weeklong promotion of entrepreneurship in nearly 170 countries worldwide.
Financing was originally provided only for the gravity structure, plus the main and secondary canals.
Armenia exports tobacco mainly to Syria, Iraq and the United Arab Emirates.
The means will be issued by tranches of 40 million in 2017-2018. The interest rate for each of the tranches will be approved at the moment of issue.
He assured that the Government is open to discussing all the initiatives and the State will stand by the farmers intensively and objectively so that they reach the logical point that the State has set.
"Over the course of last year Armenia improved its business regulations as captured by the Doing Business indicators in absolute terms. The country is indeed continuing to narrow the gap with the global regulatory frontier which is a positive development," the reports says.
The forum will gather some 200 entrepreneurs and IT specialists from Armenia and abroad around technological innovation and business presentations.
The Public Efficiency and Financial Markets Program will increase the depth of financial markets in Armenia and help the government in its goal of increasing fiscal sustainability and resilience in the country’s financial sector.
The Prime Minister instructed to consider the possibility of providing resources as part of budgetary allocations and follow them up during the budget debate.
If we consider the broader opportunities, then Meghri Free Trade Zone may be of great interest both for the EAEU countries, for which this is an opportunity to develop economic relations with Iran on favorable conditions, and for Iran to enter the EU market more easily, taking into account the fact that Armenia is using the GSP+ privileges.
We need to start drafting the 2018 business environment improvement program and hold discussions with all interested parties," the Prime Minister noted on this.
In this sense, the attempts to identify a joint calculation unit with a single monetary unit are senseless.
I have mentioned that by joining the system, we periodically had a dialogue with representatives of the European Commission in terms of presenting information about the work done on conventions. So far, we have submitted four annual reports to the European Commission and the upcoming report is not the first one.
He added that the present situation shows that Armenia has an opportunity to finish a year with a positive index, which opens a new path for development.
"In 2020 defense expenditure in Armenia will be 4 percent of GDP," the Minister noted underlining that the decision is conditioned by the necessity to keep balance.
In this connection, it was noted that as a result of joint discussions with stakeholder agencies and business associations, several matters related to SME activities were included in the package of legislative amendments under consideration.
"As a result, the food, beverages, fish products, textile and metallurgical products, with a stamp "Made in Armenia" will not need a Certificate of Origin when being exported to Europe," he noted.
Customs officers discovered more than half a ton of food salt and tea of Azerbaijani origin in vehicles coming from Georgia, the State Revenue Committee informed Armenian NEWS.am.
The Minister also referred to the reforms implemented in the sphere of light industry
The creation of FEZ between the Eurasian Economic Union (EAEU) and India will not only increase gross exports and trade with India, but will also contribute to the development of trade relations between India and individual member countries of the EAEU.
The visit was interesting in itself, and not only in its rich content, but also in the political sense. In particular, during the last 12 years, it was the first visit made at such a high level, which demonstrates the goals to give a new impetus to the development of the Armenian-Indian relations.
Thus, the estimations actively circulating by the media, according to which our government should give up the idea of a free economic zone with Iran and the arguments from unknown sources, that it is not "economically appropriate" are hasty and false news, to put it mild.
On the other hand, it is necessary to pay attention to the fact that the reduction of tariffs for cargo transportation with Russia is supplemented by trade preferences on the borders of the EAEU. i.e. this cooperation reduces the obstacles connected with the absence of Armenia's land borders with the EAEU.
The world-famous American brand, which includes a number of companies (most widely known "Marlboro" cigarettes among them), emphasizes the importance of technological development and the role of human resources in the production process.
In January to September 2016, the state budget posted a deficit of AMD 93.6 billion, 40% more than in the same period of 2015.
A trade attaché is a person posted to a foreign embassy to promote the economic interests of his or her home country.
As for the business environment, the first result of a reduction in tariffs for gas and electricity will be seen immediately after the first productive cycle with the new tariffs.
The President of Armenia held discussions with the Vice-President of the Asian Development Bank Wencai Zhang, President and Chief Executive Officer of Lydian International Howard Stevenson, Executive Director of Contour Global International Company Joseph Brandt.
The forum is aimed at raising awareness of Armenia’s investment attractiveness and competitive advantages.
The fair will promote the development of trade and economic relations between Armenia and Iran, encourage investments, the development of tourism, and the facilitation of business agreements.
According to Safaryan, the members of the Eurasian expert club share the opinion that the trade of fuel should be organized with national currency of the EAEU countries.
Accordingly, citizens with ordinary or diplomatic passports of Armenia and Iran are allowed to stay maximum of 90 days in the other country without a need to obtain a visa.
If you start with the expected impact of this fact on the decline in prices of different goods in general, it is necessary to divide the production with more and less gas consumption.
One should not forget that Armenia as a separate economy has its interests. Consequently it would be illogical to allow transportation of the Iranian tomatoes via Armenia to Russian Federation (RF) in case when Armenia exports its own tomatoes to RF.
"No one can make American entrepreneurs invest in Armenia. The same applies to Armenian investments in the US," the diplomat said.
If we eventually realize which option is the most reasonable and whether Eurasian community is ready for the transition to the new currency in the next two-three years, in my opinion, it is not the appropriate moment to launch the process.
In the long-term perspective even if ruble rate get even lower but become stable, it will be possible to gain benefits by raising the value of the national currency.
He commended the Government of Armenia for these important successes, which have allowed Armenia to achieve a 32-step improvement in the ‘ease of paying taxes’ rankings of the World Bank Doing Business Report for 2015, rising from the 73rd place in 2013 to 41st place in 2014 among the 189 countries surveyed. Noting the positive effect that transparent tax regulations and administration have on...
Hovik Abrahamyan welcomed their visit to Armenia and noted that the Armenian government is ready to support the implementation of investment programs in different areas.
The agency noted that the risks of Armenia, connected with Russia, increase the risks to perspective growth in the country and the balance of payments and, consequently, affect the rating.
"Iran views Armenia as a good regional transit corridor between the Black Sea and the Persian Gulf. 3 billion 200 million dollars are required for its construction of the transit route. This in its turn requires a serious investor who is not found yet." as Artsakh Press reports Mohammad Reisi stated.
In an answer to the question whether subsidy will be paid at the expanse of taxpayers, Davit Harutyunyan answered that in case it turns out the price increase is not justified, this money will be charged from distribution networks.
Protesters on Baghramyan Avenue in Yerevan offered the deputy chief of police Valeri Osipyan form a team of the police and play football with them. Osipyan received an offer, but noted that the match will take place with the activists after the "restoration of public order."
"We have no political demands," say the organizers of the protest. The fact that Russia has nothing to do with the mass protests in Armenia, caused by an increase in electricity tariffs, was also stated by the Energy Minister of the Russian Federation Alexander Novak.
He also informed that protests against this decision are also carried out by representatives of the Armenian community abroad. Thus, protests took place in front of the Armenian Consulate in Los Angeles, in Strasbourg, in several cities of France and Germany.
Many media representatives describe the events in Yerevan as an anti-Russian campaign, which however, does not have any ground and the protests is organized by representatives of civil society and no political force, even the opposition is leading the protests. This is mostly a social protest and people demand justice.
Another important aspect to be underlined from Iran-Armenia official meeting was the reference to the international cooperation between the two countries. This is important because it gives an opportunity to the two countries to reach mutual agreement to support each other in the international organizations they are members by voting for each other or at least by not voting against each other.
One can say it for sure that Armenia, which does not have access to sea, will also benefit from this agreement. Here a question rises. How? This is an opportunity for an Armenian producer to participate in sea trade, if not directly from the territory of Armenia, then at least from any other EEU country.
Creation of a free trade area between the EEU and Iran could give a new impetus to the development of economic relations between Armenia and Iran, since the free trade agreement provides liberalization of customs policy, which will make the Armenian and Iranian markets more attractive for the businessmen of the two countries.
In the above mentioned UN report the percentage of the poorest people has reduced for 85% as compared to 1990s in Armenia.
Thus if one takes into consideration the above mentioned it seems that we have a kind of interesting triangle formed: both Armenia and Russia are going to mutually benefit if Iranian gas is exported to Europe through the EAEU area.
Armenia has been one of the main courtiers involved in the old Silk Road path.