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Armenia's Economic Pulse

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  • Re: Armenia's Economic Pulse

    Originally posted by SoyElTurco View Post
    Exactly what kind of sanctions?
    It's the Council of Europe, so any kind of sanctions they impose are not binding in their nature (cf. international law). PACE acts more as a body issuing the so called recommendations rather than effective measures, due to the fact that the CoE (Council of Europe) does not have any coercive powers on its members.


    • Re: Armenia's Economic Pulse

      Financial Ombudsman’s Office to start functioning in Armenia

      23.01.2009 13:59

      Hasmik Dilanyan

      If everything goes within the framework of law, the Armenian public trust in the financial system of the country will soon rise. For this purpose the Office of the Financial Ombudsman will start functioning in Armenia from tomorrow. The details of the activity of the Financial Ombudsman’s Office were clarified today at the Central Bank of Armenia.

      When making financial tranfers, cliens can now be calm. In case of suffering financial losses as a result of delay they will be able to apply to Piruza Sargsyan, the only financial ombudsman in our country.

      The insurant, who has damaged his car in an accident, can also apply to the Ombudsman if the insurance company refuses to reimburse the damage.

      According to the President of the Central Bank of Armenia, Arthur Javadyan, “the structure will function on the basis of internationally accepted principles. Clients will be served free of charge.”

      The decision of the Financial Ombudsman will be binding for all financial organizations. The insurance brokers, investment companies, pawnshops, companies engaged in foreign currency exchange cannot apply to the Ombudsman’s Office.


      • Re: Armenia's Economic Pulse


        [12:00 pm] 23 January, 2009

        Over 415 milch cows will be brought from Austria to Armenia in May, 2009. The Armenian government has earmarked 500 billion drams to provide the transportation of Simental cows. Yet, ordinary peasants cannot afford such a luxury, besides, the cows need special care.

        Today, “Caucasian Grey” cows are largely spread in Shirak marz. To provide stock-raising, new species are generally imported to the country. They are either crossbred with local species to increase their milk yield or are bred separately as noble animals.

        As soon as new species are imported to Armenia, they are put on sale in different marzes. Nowadays interbreeding is only available to cattle farmers. Undoubtedly, an ordinary peasant cannot afford to pay €3500 for a cow. Simental cows should be kept inside the cattle shed all day round. Our cows lose great energy when walking in the field, therefore they have low milk yield.

        The partnership between Armenian and Australia in the sphere of agriculture started in 2007. Experts say the milk capacity of our cows will better in the nearest future.


        • Re: Armenia's Economic Pulse

          Armenia Seeks Anti-Crisis Aid From Russia

          By Emil Danielyan

          Armenia is seeking to obtain a sizable loan from Russia in an effort to alleviate the negative impact of the global financial crisis on its economy, senior officials in Yerevan and Moscow confirmed on Friday.

          “We have approached Russia to attract financial resources,” Artur Javadian, chairman of the Central Bank of Armenia (CBA), told journalists. “That issue is currently in the discussion stage.”

          “These will be additional resources for country’s economy,” he said without elaborating.

          Russian Finance Minister Alexey Kudrin likewise announced that Yerevan is seeking a “stabilization credit” from Moscow. “We are now holding negotiations with Armenia,” he said, according to the RIA-Novosti news agency.

          Both Kudrin and Javadian declined to give any figures, saying that the Russian-Armenian talks are not yet over.

          The Yerevan daily “Haykakan Zhamanak” claimed on Friday that the Armenian government has sharply lowered its aid expectations from Russia and would now settle for $170 million. The paper reported earlier that Prime Minister Tigran Sarkisian discussed the issue with his Russian counterpart Vladimir Putin during a December visit to Moscow.

          The Armenian government is also seeking hundreds of millions of dollars in aid and low-interest loans from Western lending institutions and the World Bank in particular. It hopes to secure a $250 million loan package from the World Bank that would be channeled into Armenia’s small and medium-sized businesses through local commercial banks. The Washington-based bank appears ready to disburse at least some of the requested sum.

          Foreign assistance will be vital for the success of the government efforts to minimize the fallout from the global economic recession. Armenia’s economic growth slowed significantly in the fourth quarter of 2008 amid falling cash inflows from abroad and an increasingly obvious downturn in its construction sector. The sector had helped to keep the growth rate in double digits in the previous months and years.

          The authorities are particularly worried about an anticipated drop in large-scale remittances from Armenians working abroad, another driving force behind the country’s economic recovery. Russia is the principle source of those remittances.


          • Re: Armenia's Economic Pulse

            Armenia Rail Project on Track

            25 January 2009
            Iran and Armenia successfully developed relations in various fields in 2008, an annual report issued by the Armenian Foreign Ministry said, Fars News Agency wrote.

            An Armenian delegation led by Foreign Minister Edward Nalbandian was in Tehran in September on invitation of Foreign Minister Manouchehr Mottaki. Armenian National Security Council (NSC) Secretary also visited Tehran in November, the report says.

            Construction of the second segment of the Iran-Armenia gas pipeline was completed in late November.

            Yerevan and Tehran signed a memorandum of understanding in December 2008, the report says.

            Plans for joint infrastructure projects between Armenia and Iran may prove a key first test of President Barack Obama's policy intentions toward Tehran and Armenia's own economic muscle amidst the global economic crisis. Analysts note that international reactions to the projects could prove a blessing.

            On the drawing board are a railroad between Iran and Armenia, an oil pipeline from Iran's Tabriz refinery to a special terminal to be built in Armenia's Ararat province, and a hydropower station on the Araks river, which borders the two countries. Bringing Armenian-Iranian trade relations into sync with World Trade Organization requirements is also under consideration, Energy and Natural Resources Minister Armen Movsisian Gevorgian, who co-chairs the Armenian-Iranian intergovernmental commission, told reporters last December.

            The Armenian government expects work on the railroad to begin by late 2009, Prime Minister Tigran Sargsyan said. With its Turkish and Azerbaijani borders closed, the projects present a critical chance for Armenia to create alternative routes for supplies and shipping. Its only open land border--with Georgia--is considered highly insecure following Georgia's war with Russia last August.

            Potential financial and political difficulties, however, mean that opinions vary about the projects' feasibility.

            "A change in US policy towards Iran was an expected event, and even the former administration was reported last spring to undertake some rapprochement with Iran," commented David Hovhannisian, a professor at Yerevan State University and a former Armenian ambassador to Syria.

            "The need for such changes is dictated by the fact that Iran is an important regional player, and many problems--such as the problems of Iraq, the Middle East, and even the complicated relations of the US with Turkey--make a dialogue between Washington and Iran important," said Hovhannisian, who also is a member of the unofficial Turkish-Armenian Reconciliation Commission.

            China was invited to take part in construction of the Iran-Armenia railroad during a December 2008 visit by an Armenian parliamentary delegation to China. Beijing is reportedly considering the proposal, according to the parliament.

            Finding such investors is critical to the projects, noted Noyan Tapan news agency analyst David Petrosyan. The railroad, with a total price tag of between $1.5 and $2 billion, would cut shortly into Armenia's budget amidst the global economic downturn. The entire 2009 budget is $2.38 billion, and the government faces difficulty collecting even these revenues under the current economic crisis, the analyst believed.

            The pipeline from Tabriz is estimated to run another $200-$240 million, squeezing the budget still further. Under the terms of the agreement, Iran and Armenia would split the projects' overall cost.

            Prime Minister Tigran Sargsyan stated that the Asian Development Bank has provided a $1 million grant to perform feasibility studies for the railroad project. "Private investors have also expressed interest in it. The government is ready to allocate its money for this railroad, and the participation of other governments and private investors is also possible."

            © Iran Daily 2009

            Azerbaboon: 9.000 Google hits and counting!


            • Re: Armenia's Economic Pulse

              Nabucco looks like a go.

              You guys are losing so much opportunity. Do you think all that lost development is worth NK and the "issue" ?
              (personally, i wouldnt give up NK for money and development)


              • Re: Armenia's Economic Pulse

                Originally posted by SoyElTurco View Post
                Nabucco looks like a go.

                You guys are losing so much opportunity. Do you think all that lost development is worth NK and the "issue" ?
                (personally, i wouldnt give up NK for money and development)
                We can't lose what we don't have.Even without the NK issue the turcks would be isolating us and without our control over NK their job would be easier.
                Hayastan or Bust.


                • Re: Armenia's Economic Pulse

                  Originally posted by SoyElTurco View Post
                  Nabucco looks like a go.
                  You guys are losing so much opportunity.
                  How many countries in the world have a flourished economy by being pipeline transport routes?


                  • Re: Armenia's Economic Pulse

                    Originally posted by Azad View Post
                    How many countries in the world have a flourished economy by being pipeline transport routes?
                    Good point, how much do the pipelines add to the econs of Ukraine, Georgia, or Turkey?


                    • Re: Armenia's Economic Pulse

                      The pipeline is NOT going to happen. Every year the costs go up, every year the nations involved in the transportation of the gas become more unstable and every year the country most against this project becomes stronger.
                      For the first time in more than 600 years, Armenia is free and independent, and we are therefore obligated
                      to place our national interests ahead of our personal gains or aspirations.