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Armenia's Economic Pulse

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  • Re: Armenia's Economic Pulse

    PM: Armenian goods get expensive due to transit via Georgia

    YEREVAN. - The transit via Georgia seriously influences the prices of goods delivered to Armenia, Armenian PM Hovik Abrahamyan stated in the parliament Wednesday.

    The transit of goods from the Georgian ports to Armenian borders is almost equal by price to or even slightly exceeds the cost of the delivery to the Georgian ports from Europe or even China. This hinders the Armenian goods from being cheaper, Abrahamyan added.

    But inside Armenia nobody interferes with doing business or makes raise the prices, the PM said.

    “I will reiterate: anyone who wants to deal with import can do that. I will be consistent. No agency will create special privileged conditions for ones and artificial obstacles for others,” he noted.


    “I will reiterate: anyone who wants to deal with import can do that...

    Comment


    • Re: Armenia's Economic Pulse

      Armenia economy ministry: Names linked to monopolies will be included in report

      YEREVAN. – All the names, which are discussed in Armenia as monopolists, will be included in the Ministry of Economy report, but I would have to submit a reasoned analysis.

      Minister of Economy Artsvik Minasyan told the aforementioned to reporters, and along the lines of Wednesday’s US-Armenia Business Conference being held in capital city Yerevan.

      In the minister’s words, although the time period specified by the Prime Minister of Armenia is enough to outline the main issues, these problems require radical solutions.

      “We [i.e. the Armenian government] must take numerous [respective] actions,” Minasyan noted. “We [also] have petitioned to international organizations.”

      In the minister’s conviction, however, the three weeks specified by the PM are a very little time for the fight against monopolies in Armenia.

      “But it is enough [time] for forming a level playing field, [and] developing a roadmap for the transformation of the entire monopolistic economic order [in the country],” Artsvik Minasyan added.

      Comment


      • Re: Armenia's Economic Pulse

        Originally posted by Haykakan View Post
        Foreign Currency Reserves in Armenia Fall 10 Percent in First Quarter: Press

        05.12.2016 12:36 epress.am

        Armenia's foreign exchange reserves have dropped by US$172 million to
        US$568 – a fall of 10% in total reserves – since the beginning of
        2016, as reported by Haykakan Zhamanak daily newspaper. And although
        the overall decline in foreign reserves is not unusual for Armenia,
        according to the paper, such a rate can't be considered “traditional.”

        The funds from the country's foreign reserves are usually used for
        foreign debt repayments, and for carrying out currency interventions
        in order to stabilize and maintain the exchange rate of dram.

        “The simultaneous growth in Armenian's foreign debt is especially
        alarming. In the first quarter of this year alone, our external debt
        increased by 576 million dollars, standing at US$ 5.2 billion. In
        other words, during these months, our foreign reserves have registered
        a fall of 10%, while the debt has increased by 12%. Everything
        indicates that the existing negative trends in the Armenian economy
        will continue,” Haykakan Zhamanak writes.

        https://urldefense.proofpoint.com/v2...RiXkiIiDsiU&e=
        Armenian fx reserves stand at $1.6B, not $568 million.

        Comment


        • Re: Armenia's Economic Pulse

          Vice PM: Armenia is more well-to-do than Russia in terms of living standard fluctuations

          Armenia is in more favorable condition than Russia in terms of the fluctuations of living standards, Armenian Vice Prime Minister and Minister of International Economic Integration and Reforms, Vache Gabrielyan, stated in the parliament Wednesday.

          It must be admitted that the 3.2 percent economic growth didn’t correspond to the welfare dynamics of households affected by the drop of transfers from Russia.

          Nevertheless, this drop has stabilized now, Gabrielyan added.

          “If we consider the dynamics of consumption and living standards in Russia, which we are closely linked with, the picture there is incomparable with ours,” he added.

          According to the information of Russian Federal State Statistics Service (Rosstat), inflation in Russia constituted 12.9 percent in 2015, while in Armenia it made up minus 0.1 percent during the same period.

          “If we consider the dynamics of consumption and living standards in Russia, which we are closely linked with, the picture there is incomparable with ours,” he added...

          Comment


          • Re: Armenia's Economic Pulse

            Armenian Government Vows ‘Equal Conditions’ For Importers

            Prime Minister Hovik Abrahamian on Wednesday effectively pledged to liberalize lucrative imports of fuel and other essential commodities to Armenia in the face of opposition skepticism about his government’s latest anti-corruption drive.

            “There will be equal conditions, equal taxation,” Abrahamian said in the parliament. “Any citizen can import anything they want. There will be no artificial obstacles.”

            Abrahamian made the assurances one week after announcing that the government will streamline its expenditures, step up its declared fight against corruption and radically improve the domestic business environment. He linked the move with “new challenges” facing Armenia as a result of the recent escalation of the Nagorno-Karabakh conflict.

            The premier said the Armenian authorities will make tax administration less arbitrary and investigate de facto monopolies owned by wealthy businesspeople close to the ruling establishment. Most of them control imports of fuel and basic foodstuffs to the country.

            Opposition parties and independent media outlets responded to the announcement with skepticism, saying that many senior government officials personally benefit from business “oligopolies.” One of those parties, the Armenian National Congress (HAK), rejected Abrahamian’s offer to submit concrete proposals to improve competition and the broader investment climate in the country.

            Speaking during the government’s question-and-answer session in the National Assembly, the HAK’s parliamentary leader, Levon Zurabian, argued that the government has blocked anti-trust bills drafted by the HAK in the past.

            Armenia - Prime Minister Hovik Abrahamian speaks in the parliament, Yerevan, 27Apr2016.
            Armenia - Prime Minister Hovik Abrahamian speaks in the parliament, Yerevan, 27Apr2016.
            “You are looking for excuses,” replied Abrahamian. “You all know that we can’t fix the problem with a magic wand.”

            Khachatur Kokobelian, another opposition parliamentarian, challenged Abrahamian to explain why gasoline and diesel fuel are considerably cheaper in neighboring Georgia than Armenia. “Don’t you think that this has to do with monopolies and that if this sector is liberalized then the prices will be really market-based?” said Kokobelian.

            “I discussed this issue with the president of the republic yesterday,” said Abrahamian. “We will be consistent and will do everything to generate price reductions in the market.”

            The government came under fire when it emerged on Tuesday that the Armenian customs service has blocked the import of about 46 metric tons of Russian diesel fuel by a new and relatively small company called Rusarmoil. Heavy trucks carrying it had been held up at Armenia’s main border crossing with Georgia since May 1 on the grounds that the fuel does not meet Armenian quality standards.

            The company’s representatives rejected the official explanation, alleging foul play and appealing to Abrahamian and the Russian Embassy in Yerevan for assistance. According to A1plus.am, the Rusarmoil trucks were allowed to cross into Armenia on Wednesday morning.

            In what appeared to be a related development, Abrahamian met with several senior government officials later in the day to discuss the situation in the domestic fuel market. A government statement said they explored “possibilities of simplifying procedures” for fuel imports.

            “The prime minister stressed the importance of ensuing free and competitive conditions for all business entities active in this sector in a manner defined by law,” said the statement.

            The meeting took place shortly before Abrahamian answered lawmakers’ questions on the parliament floor.

            Prime Minister Hovik Abrahamian on Wednesday effectively pledged to liberalize lucrative imports of fuel and other essential commodities to Armenia in the face of opposition skepticism about his government’s latest anti-corruption drive.

            Comment


            • Re: Armenia's Economic Pulse

              Originally posted by armnuke View Post
              Armenian Government Vows ‘Equal Conditions’ For Importers

              The government came under fire when it emerged on Tuesday that the Armenian customs service has blocked the import of about 46 metric tons of Russian diesel fuel by a new and relatively small company called Rusarmoil. Heavy trucks carrying it had been held up at Armenia’s main border crossing with Georgia since May 1 on the grounds that the fuel does not meet Armenian quality standards.

              The company’s representatives rejected the official explanation, alleging foul play and appealing to Abrahamian and the Russian Embassy in Yerevan for assistance. According to A1plus.am, the Rusarmoil trucks were allowed to cross into Armenia on Wednesday morning.

              http://www.azatutyun.am/content/arti...medium=twitter
              The trucks were allowed to enter on Wednesday morning, so they meet Armenian quality standards.
              So they were stopped on false claims in the first place. The person that stopped them, is being paid money. He should be arrested and the company paying him money should be prosecuted, that's how you fight corruption.

              Comment


              • Re: Armenia's Economic Pulse

                Originally posted by Zeytun View Post
                The trucks were allowed to enter on Wednesday morning, so they meet Armenian quality standards.
                So they were stopped on false claims in the first place. The person that stopped them, is being paid money. He should be arrested and the company paying him money should be prosecuted, that's how you fight corruption.
                Absolutely.

                Comment


                • Re: Armenia's Economic Pulse

                  6% Increase in Armenia's Economic Activity
                  Seda Hergnyan
                  According to Armenia’s National Statistical Service, the country’s Economic Activity Indicator (EAI) grew by 6% from January-April of this year.


                  16:41, May 20, 2016
                  According to Armenia’s National Statistical Service, the country’s Economic Activity Indicator (EAI) grew by 6% from January-April of this year.
                  Growth was registered in manufacturing (10%), Services (9.3%) and Agriculture (4.1%), while other sectors experienced losses, notably Construction (-7.4%).

                  Comment


                  • Re: Armenia's Economic Pulse

                    U.S. government to release $1.2 million grant to Armenia

                    YEREVAN, May 19. /ARKA/. The Armenian government has approved today the release of a US government grant of $1.2 million. The money that will be disbursed via USAID is to be used to boost Armenia's private sector.

                    The money will be allocated as part of a bilateral agreement to support private sector’s competitiveness and diversification. It was signed in August 2010. A total of $55.1 million has been allocated already.

                    According to Armenian economy minister Artsvik Minasyan, $900,000 of the grant will be channeled to support regional energy integration program, and $300,000 to finance aviation and tourism programs. -0-


                    Comment


                    • Re: Armenia's Economic Pulse

                      Armenian agriculture's indicators expected to be high this year

                      YEREVAN, May 19. /ARKA/. Armenian agriculture's indicators are expected to be high this year, Sergo Karapetyan, agriculture minister, said Wednesday in the National Assembly.

                      «There are all grounds for saying that this year's indicators will be higher than those of the previous year,» he said.

                      Gross product of Armenia's agriculture and fishery grew 11.5% to AMD 1 030.1 billion in 2015.
                      The minister said that the spring agricultural campaign, including sоwing and soil fertilizing, has been run properly.

                      A spring agricultural campaign in Karabakh has successfully been carried out as well, though with a slight delay because of shelling from the Azerbaijani side.

                      Armenian agriculture's indicators are expected to be high this year, Sergo Karapetyan, agriculture minister, said Wednesday in the National Assembly.

                      Comment

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