Armenian PM Andranik Margaryan Tuesday received his Russian counterpart Mikhail Kassyanov. Andranik Margaryan attaches a great importance to the agreements on cooperation in the field of the electronics and energy industry signed by the Armenian-Russian intergovernmental commission co-chairs Serje Sarkissyan and Ilya Klebanov in the framework of the Russian delegation visit to Armenia. It is the...

“As a human being, I’m against ceasing water” , Gagik Martirosyan, Chair of State Committee of Water Economy, announced in Parliament today. “If a tenant is poor, a MP is to solve the problem” , he says. He calls upon MPs: “Put money into people’s pocket and they will pay” . Mr Martirosyan says Government executes a credit program of 120 million $ to improve water supply system. Martirosyan is expecting for a grant of 1,5 million...

Armentel’s Directorial Board accepted Saturday the company Exec Nicolas Yorghulas’s resignation. He made no comments over easy-card-related imbroglio. Actually, Yorghulas was expected to be sacked two weeks later in case he didn’t resign voluntarily. His deputy George Vasilakis appointed to the post of acting Executive director. The company stocks are to be sold by auction. All the receipts...

Finance and Economy Minister Vardan Khachatryan introduced the 2003 state budget draft at the cabinet meeting held Thursday. The draft is to be submitted for the Parliament consideration soon.

“Orinatz Erkir” parliamentary fraction submit Thursday a bill for the National Assembly consideration in a bid to put on legal ground the problems related to recovery, protection and reimbursement of Armenian citizens’ lost deposits. According to the bill worked out by the fraction leader Arthur Baghdasaryan, Armenian government should recognise the lost deposits, especially soviet-era ones, to be its internal debt and embark on step-by-step...

Foreign economic relations’ system of Armenia which doesn’t exist yet, was discussed today at the Armenian Centre for National and International Studies. Representatives of 50 organisations were arguing of what kind that system having no conception would be. According to economist Tatul Manaseryan, even if the conception were introduced, there would be no one in Armenia to implement it . ...

To spite those who don’t’ believe in economy development in Armenia, Minister of Industry and Economic Development Karen Chshmarityan says industry growth, including power engineering one, made 111 in comparison with the previous year, export volume grew, too. Number of official unemployed persons reduced by 8 state shares of former “Kanaz”, the present “Armenal” Factory were confirmed.

Today, Armenian National Assembly discussed amendments to the Bill on Information as well as the 2001-2003 State Property Privatisation Bill. The discussion lasted only few minutes. Amendments to Cash Operations Law were also discussed at the parliament session. According to the amendments some restrictions should be imposed on cash payments. For example, in a bid to crack down on a second economy...

“We don’t abandon PDN privatisation process. There is simply lack of information about the investor’s experience and successes in that field. We would like to have some substantiation that the company will achieve success in that sphere. If there is such proving, Eurobank will review its approaches ” ,- the acting director of Armenian Office of the bank says. Armenian PM said under the conditions produced by Government, the owner of...

Supporters of “Zvartnots” Airport sale pave the way for selling other airports of Armenia . Anyway, standpoints are heard that Stepanavan’s and Shirak’s Airports might be transferred to a long term management if profitable conditions are suggested . Discussion for “Development Prospects of Armenian Civil Aviation” held in the Armenian Centre for National and International Studies with participation of almost all the parts interested....

A company is trying to totally cover the mining metallurgy sphere of Armenia. It has initiated implementation of “Armenian Copper” long term program thanks to support of Authorities. 5 years ago Alaverdi’s Copper-Founding factory was sold to Valeri Mejlumyan, who was involved in business in Russia. 2 more companies has been under his management since that time. One of them is in Karabagh. Those enterprises function within “Base Metals”...

Based on his personal convictions, Edvard Sandoyan, former Finance and Economy Minister as well as the present head of the Stock Exchange prefers to build the capital market of Armenia by Russia’s support. “Besides the fact Russia is closer to Armenia in market, political, moral and psychological, social and historical aspects, Russian stocks cause huge interest all over the world. I think Russia’s market has great future and it will be...

Armenian Economy and Finance Ministry delegation has been plunged in discussion and debates with its American colleagues for 2 day. The debates were broke out over the first part of U.S. credit SAC-5. Setting 2003 budget, Armenian Government pinned all its hope on this credit. The first expected payment of $20 million was already included in the budget. The thing is that the World Bank government was...

”The Law on Privatization has often been infringed recently. Instead of privatizing the enterprises under tender our Authorities prefer to sale them at low prices ,- Aram Sargsyan, former PM as well as former director of “Ararat- Cement ” factory says citing the PDNs or Ararat – Cement examples. Let’s remind recently “Ararat - Cement” has been placed at possession of Belgian “Roberto” organization, the one registered in an off-shore...

Armenian Government made Thursday a decision allowing the Sevan-Hrazdan Cascade LTD property mortgaging in order to pay Armenian Nuclear Power Plant’s $32-million debt accumulated from 1995 to 2001 for the nuclear fuel supplied by Russian Federation companies and also to import $6,7-million new consignment of the nuclear fuel necessary for 2002. Under mortgage guarantee the money matters will...

Government cancels the debt accumulated by January 1, 2000 to water supply consumers . The bill was introduced by MP Gurgen Melikyan. Gagik Martirosyan, the Chair of the State Committee of Water Resources announced "Government doesn't mind the bill" . MP Gurgen Melikyan said total of debt cancelled will make 39 milliard 167 million drams As the MP said for those having accumulated a debt from...

Armenian Government made Thursday a decision on last year’s 13-billion budget debt repayment. 7 billions are already paid, Economy and Finance Minister Vardan Khachatryan says. 1999 and 2001 debt is to be paid thanks to IMF credit, which so far isn’t received. Vardan Khachatryan didn’t answer the question how much Armenia’s offshore debt makes. Central Bank President Tigran Sargsyan submitted a draft law on amendments to be made in the...

The head of Central Bank Tigran Sargsyan said today, speaking on Ardshinbank imbroglio, that the matters currently are under intense scrutiny. Recovery process is to start, he says. In his words, there are already 3 companies pledging their support to the bank by means of making investments. Tigran Sargsyan assures the matters are to be put right soon. Today, Ardshinbank makes its routine work as...

This year agriculture of our country was inflicted of 14,4 milliard drams by drought and hail . "It is just 3.5 70-90 and they need help . "Government can do nothing for that problem. The Legislative power will decide and allocate sums by the budget. And we will do our job. We can't help villagers through the finances we have" ,- Zadoyan says. By the way, according to Zadoyan growth of % 4-6...

Armenian economy won’t develop quickly unless its various spheres are privatised, said OSCE representatives who organised “Smooth Management in the Process of Economic Development” two-day seminar in Armenia. Armenian officials and international organisations’ representatives will discuss the issues on competitiveness in economy as well as policy and code being worked out in this area. Such...

Armenian Parliament completed today the discussion on the report of the parliamentary commission investigating government activity in the sphere of communication. The head of the commission Vazgen Manukyan insisted on stripping Armentel of its monopoly on communication and seizing a part of stocks from the company. Minister of Transport and Communication Andranik Manukyan said Armentel wasn’t opposed...

“Armentel has done $140 million in damage to the Republic of Armenia” said Arshak Sadoyan, the member of parliamentary commission engaged in examination of the company activity. He emphasised he had no intention to blame the Ministry of Communication for that situation saying the whole responsibility bears Justice Minister David Harutyunyan, who sighed up a document harmful for Armenia and defended...

People of civilized countries would be surprised if knew that Yerevan's people demand the Authorities within a day to provide a 2-hour long water supply twice a day . The supporters of the standpoint are the representatives of Armenian Authorities. Programs on improvement of water supply of Armenia and Yerevan in particular will soon be executed more seriously. The first program approved by Government...

"Midland Resources" Company, the new owner of Power Ditsribution Networks of Armenia is not aware of comments of international finance companies to the PDNs bargain. . Andrey Zavrajnov, "Midland Resources" representative says he hasn't heard of that the WB or International Currency Fund are against PDN deal . It is known that "Midland"'s off-shore provenance seemed dubious to WB, ICF and Eurobank....