Parliament Control Chamber has today discussed and approved the report of CC Foreign Credit Control Department on usage of the means allowed under credit programs by “Leense” Fund and “Development of Enterprises”. Under January 13, 1997contract, ”Association of International Development” have allocated a credit of $ 13.2 million by Government “Development of Enterprises”. The sum was to be distributed among the Armenian enterprises...

While implementing business projects Grand holding cooperates with the scientists. At December 19 conference Hrant Vardanyan said that stuff called “Husit” was produced, which kept moisture, thus enabling to grow tobacco on the waterless territories. Holding chair stated that they import stuff from various countries, including Turkey. Holding implements business programs abroad, too. In particular,...

Businessman Hrant Vardanyan assures that “Grand Tobacco” doesn’t hold monopoly in the Armenian market. There are other enterprises producing tobacco – Cigaronne, International Masis Tabak, Sevan’ Fermentation Factory, “Ashot Tabak” /Ararat/ and “Robert Kocharyan” enterprises in Yerevan. As to the latter, he said it bears no relation to the president. By Vardanyan’s words, donut in “Ponchikanotc” won’t rise in price. “Grand”...

Well known businessman Hrant Vardanyan thinks that the tax package approved by Parliament is quite normal though it needs to be improved. The shade economy influences negatively on the projects of businessmen and they are discontented with work of custom service, contraband in particular. Goods excising is a positive step. He noted this at the press conference on summarizing Grand Holding 2003 activity....

The official researches show that there is no monopoly on petrol import in Armenia. Seven or eight companies are engaged in that business, Chief of State Tax Agency Arsmen Alaverdyan said Wednesday at parliamentary session. Answering the question is there oil mafia in Armenia, he ruled out the shady activity in oil import area saying oil is being brought in Armenia by trains, which are under state...

New parliament set a structure to scrutinize abuses in energy sphere. Speaker Arthur Baghdasaryan expects the commission will accomplish in its study of credits abuses. He says within the next year the commission will present the results of its work.

Armenian parliamentarians adopted all legislative initiatives put on the agenda at a special session convened Wednesday to consider and vote the 2004 state budget. It is remarkable that Yerevan Heating Power Plant was removed from the list of the enterprises due to be privatized.

Government-proposed bill on amendments to tax package was put on Armenian National Assembly floor on Monday. Government suggests to tighten tax inspection order and to oblige the enterprises operating with losses to pay 5-percent income tax. The bill prompted businessman MPs’ discontent. They urged lawmakers to vote against it insisting that the bill passing can trigger rise in some services'...

“EU-Armenia: annual account, 2002” book presentation took place today in Yerevan. Armenia was given grants and credits of 686 million euro from European governments within the last decade, 57,5 million of which in 2002. Answering the question put to him about whether the money given is spent in the right way and for intended purposes, the head of European Commission Delegation to Armenia and Georgia Torben Holzen said “yes”. “Although...

The journalists have today been invited to “Zvartnoc” Airport to see how the new owners bring it in correspondence with the international standards. Under the requests of the contract signed between the Armenian Government and “Corporasion America S.A.” Argentine Company on December 18, 2001, repairing is implemented at the airport. It is not known yet how much money will be invested to reconstruct “Zvartnoc”. According to the airport...

Three agreements were signed Friday by Armenian Finance and Economy Ministry and German Recovery Credits Bank. Under the first one, the bank grants 2 million 250 thousand euro for “Struggle against Tuberculosis” interregional program implementation and also targets 250,000 euro for treatment of correctional facilities’ inmates affected by TB. Credit of 1,5million euro will be given to “Resources and Specialists Foundation 3” project,...

Armenian Prime Minister Andranik Margaryan received Monday a delegation headed by International Monetary Fund’s Executive Director Horst Keller. Mr. Keller said he was impressed with economic growth in Armenia though noted that poverty is still visible in the country. Premier, in turn, said economy could develop faster if its growth wasn’t being hampered by political tension in the region...

They said directorial boards of the two banks decided to join voluntarily without any pressure. It is remarkable that Armagrobank, which was in the brink of bankruptcy and already considered as insolvent, did manage to repay 80% of its debts. “None of our 776 depositors will be left without his money”, said Armagrobank’s executive director. The banks representatives denied to tell which part of assets and responsibilities will pass...

It is planned to separately introduce Armenia in the Economic Business Conference, which will be held in Moscow in the middle of 2004. Sergey Mironov, Chairman for Federation Council of Russia, would like Armenia to get prepared for that event in the best way. According to him, the exhibitions and round table discussions within the conference will also enable to establish economic relations between...

Today, Russian and Armenian officials marked signing of an agreement between the two countries by drinking champagne. The agreement signed by Armenian PM Andranik Margaryan and the head of “Russia’s United Energy Systems” shareholding company Anatoly Chubays gives Russia the right to run 80% of Armenia’s energy-producing system. Armenian Nuclear Power Plant is still not to be closed, said...

”Some people phone me and ask to give them storage pools to raise the fish there. The name of our organization misleads people and it must be renamed”, Robert Nazaryan, Ex-Mayor and Chair of the Committee on Coordinating the Natural Monopolies of Armenia, announced. After having held the new post for 110 days Mr Nazaryan concluded though the name of the committee deludes people, it’s a serious...

Third international exposition “ArmProdExpo 2003” will be held in the Government House on October 20 to 23. The exposition aims at showing the best food products and distributing them to local market as well as offering to the foreigners attending the event. The exhibition is organized by Armenian Agriculture Ministry, Trade & Industry Chamber, Yerevan’s Municipality and “Agrobusiness”...

“Today, poverty in Armenia rose to frightening rate. It exceeds 45%. Many families are socially unsecured. We worked out a program to fight this phenomenon”, PM Andranik Margaryan said today. Armenian government approved the program on poverty elimination strategy. The program includes increase in pensions, teachers’ salaries and family benefits. Finance and Economy Minister Vardan Khachatryan is sure increase in prices doesn’t contradict...

Armenian Cabinet Ministers approved the sanatoria development program for 2004 – 2008 at its session. Speaking on the program's objectives, Trade and Economy Minister Ara Petrosyan said «we have inherited from the Soviet era a lot, however, tourism faces decline because its technical base is in poor condition today and far from international standards». Besides, our tourism isn't being introduced at the international market in due cource...

Armenian cabinet ministers allocated amount of 158,100 USD from state budget’s reserve fund to improve living conditions of six disabled participants of Karabakhi war and solve their apartment problem. A part of the sum is to be given to Armenian Embassy in Greece for purchasing a new floor in the building where the embassy stays. Another part of money is targeted for oraganisation of “Landscape...

New Renault buses will appear in Armenian capital’s repaired streets. It isn’t known yet how many buses will be purchased, but it is known that the government is going to lavish 45 million drams for that purpose.

Three state-owned enterprises – Spitak’s lift-producing works, which was destroyed in 1988 earthquake and has been fallen into neglect since then, Hrazdan’s “Norogoshin” factory and “Sevan” health centre for children - are to be sold soon, Armenian government decided at today's session. On the government decision, a new house will be built on Yerevan’s Sayat-Nova Street on the site where now stands National Academy’s Linguistics...

In 2003 January accord was reached between Armenian and German governments on financing “Guarantee Fund of Credits” project. Armenian Finance and Economy Minister Vardan Khachatryan and Claus Glaubit, the head of the Department of Financial and Private Sphere in South Caucasus, Eastern and Central Europe, signed today an agreement, under which German Credit Bank is to provide a grant of 4.345.980...

The next day of the Independence Day in Armenia is the best period to collect the Armenians of Diaspora in their homeland. Within Armenia-Diaspora economical conference till September 24 no efforts must be spared to convince all that Armenia is very attractive for investments. On the whole about 250 people take part in the event and 150 of them are Armenians from Diaspora. The largest delegation...