Armenia's Economic Pulse

[Eddo211]

Re: Armenia's Economic Pulse

That is hell of deal……..what is that, like less than 200 Euro’s? I know they will be handing a lot of money out over there but wow, that is good.

[Haykakan]

Re: Armenia's Economic Pulse

IRAN, RUSSIA AGREE TO INTENSIFY NORTH-SOUTH CORRIDOR PROJECT

/PanARMENIAN.Net/
28.07.2009 19:16 GMT+04:00

/PanARMENIAN.Net/ Iran's Ambassador to Russia Mahmoud-Reza Sajjadi
and State Secretary of Russian Ministry of Transport Sergey Aristov
agreed to intensify implementation of North-South project, Rossiyskaya
Gazeta reported.

Armenia and Georgia have recently confirmed interest in the initiative.

International North-South Transport Corridor (INSTC), is a multi modal
transportation established in 12 Sep. 2000 in St. Petersburg, by Iran,
Russia and India for the purpose to promote cooperation among the
member states. This corridor connects India Ocean and Persian Gulf
to the Caspian Sea via Islamic republic of Iran, then is connected
to St. Petersburg and North European via the Russian Federation.

The INSTC was expanded to include eleven new members: Azerbaijan,
Armenia, Republic of Kazakhstan, Kyrgyzstan, Tajikistan, Turkey,
Ukraine, Belarus, Oman, Syria, Bulgaria (Observed).

[Federate]

Re: Armenia's Economic Pulse

2009 Tourist Numbers Up in Artsakh

[ 2009/07/29 | 15:22 ] Nagorno Karabakh society
Anahit Danielyan

Despite the global economic crisis, the number of tourists visiting Karabakh has risen this year.

Sergei Shahverdyan, who runs the NKR Department of Tourism, told “Hetq” that the country has also witnessed a large inflow of tourists from Armenia as well. He was confident that the country would witness a 20-25% rise in the tourist trade over last year.

Mr. Shahverdyan also reported that the program designed to increase the affordability of tourist package-plans to the NKR was underway and that a number of publicity measures were being carried out to inform the public about the new offers designed to boost tourism in Artsakh.

http://hetq.am/en/society/tourism-in-karabagh/

[Federate]

Re: Armenia's Economic Pulse

Yerevan Eyes Another Massive Project


The government formalized on Thursday its extremely ambitious plans to seek more than $1 billion in external funding for the expansion and upgrading of Armenia’s key highways which it says would turn the country into a regional transit hub.

The government ordered relevant regional authorities to halt any construction along hundreds of miles of roads stretching from northwest the Armenian-Iranian border to Georgia. It also approved funding for the first feasibility study on the project which it hopes will be financed by the Manila-based Asian Development Bank (ADB).

“We are launching a big process of road construction,” Prime Minister Tigran Sarkisian said at a weekly session of his cabinet. “North-South highway will meet the highest international standards,” he told ministers.

Sarkisian estimated the total cost of the project at roughly $1.5 billion, a sum worth more than half of Armenia’s state budget for this year. He said the Armenian government has already asked the ADB for a $700 million loan to finance the first phase of road reconstruction. The bank’s governing board will consider the request when it meets next month, he added.

Transport and Communications Minister Gurgen Sargsian said last month that Yerevan and the ADB are already negotiating on the release of $1 million in funding for the comprehensive feasibility studies on the project. “The project enables us to play a serious transit role in the region,” he told journalists. “So it’s not an Armenian project, it’s a regional project.”

Sargsian said that neighboring Iran would find it much easier to use Armenian territory for cargo shipments to and from Georgia and other countries. He also stressed that the upgraded roads would connect to a highway in southern Georgia leading to the Black Sea ports of Batumi and Poti.

The Armenian and Georgian governments agreed last year to jointly seek external assistance for rebuilding that highway and thereby significantly shortening travel between Armenia and the Georgian Black Sea coast. The issue was on the agenda of Georgian President Mikheil Saakashvili’s recent visit to Yerevan. Sarkisian said afterwards that the ADB has agreed in principle to finance the project.

The bank was already approached by the Yerevan government last year over the financing of an even more ambitious project to build a railway connecting Armenia and Iran. Expert says its implementation would cost more than $1 billion.

The figure pales in comparison with at least $5 billion need for the construction of a new reactor at the Metsamor nuclear power plant planned by the government. The latter insists that foreign investors have shown an interest in the project. But it has still not named any of them.

http://www.armenialiberty.org/content/article/1794188.html

[Icy]

Re: Armenia's Economic Pulse

Federate this is good news, but do they really ever happen?
I mean remember that one time with the Stepanakert Airport?
Is it really being built, and will this highway thing come through?

[Icy]

Re: Armenia's Economic Pulse

Yerevan heat station generator delivered

On August 12, 2009 AH 225 cargo aircraft with 190-ton generator from Khan, Germany landed at Zvartnots airport, RA Ministry of Energy and Natural Resources informed NEWS.am.

It is the heaviest aerial cargo delivered to Armenia ever. It had to arrive on August 2, 2009, but the flight was cancelled. The generator was delivered within the framework of Yerevan Thermal Power Plant (TPP) program under Japanese Government credit, RA Ministry of Energy and Natural Resources reported.

On March 29, 2009 an agreement between Armenian Government and Japan Bank for International Cooperation of 16 billion yen was signed. The project is due to be completed by April, 2010.


Yerevan TPP operates since 1961, but its useful life under international standards is 25-30 years. Besides, TPP progress data are insufficient. 1kwt/h electrical energy consumes 372g gas, comprising electricity cost 16.5AMD, which is economically unprofitable.

After the reconstruction electricity will cost 7-8 AMD enabling Armenia to save USD 19.4 billon only on fuel. Besides emission into the atmosphere will be reduced for 2.5 times and seismic stability will rise.

Source: http://news.am/en/news/economy/2395.html

[Icy]

Re: Armenia's Economic Pulse

Armenia to strengthen communication system

At today’s session of Armenian Government chaired by Tigran Sargsyan, the Ministers ordered the regional governors and heads of communities to suspend construction and allotment of lands in protection and restricted zones of Yerevan-Gyumri-Georgia and Yerevan- Yeraskh-Meghri-Iran national motorways. The decision was made following the “North-South” motorway and Armenia-Iran railway construction, Armenian Government Press Service told NEWS.am.

Under another decree Government allocated AMD 18.5 mln from reserve fund for the construction of Yerevan-Ashtarak section. The amount will be repaid by the end of 2009 after ADB (Asian Development Bank) allocates the credit estimated at U.S. $1.5 bln.

Government established “Railways Construction Directorate” CJSC to manage Armenia-Iran railway construction and get credits assigned to the project.

Source: http://news.am/en/news/economy/2146.html

[Icy]

Re: Armenia's Economic Pulse

Armenia — more stable country

Under U.S. Foreign Policy magazine’s ‘The Failed States Index 2009’ rating, Armenia took the 101st place among world’s unstable countries. The rankings are made based on 12 criteria. Georgia took the 33 place, whereas last year it was on 56th line.

The rating breakdown is the following:

Russia moved from 72 to 71 line.

Azerbaijan is far behind, ranked 56.

Uzbekistan – 31;

Ukraine – 110;

Tajikistan – 37;

Kyrgyzstan – 42;

Turkmenistan – 59

Turkey-85.

Besides, Georgia is 9th by military intervention, with total USD $427mln spent for the arms in 2006-2007.

The most unstable is Somalia.

The more unstable the state, the higher its rating is under ‘Foreign Policy’.

Source: http://news.am/en/news/economy/2565.html

[Icy]

Re: Armenia's Economic Pulse

Armenia Got US $400mln Loan



International Monetary Fund (IMF) allocated US $400m loan out of US $823m estimated to Armenia.

IMF Resident Representative in Armenia Nienke Oomes stated that US $160m will be transferred to Armenian Government immediately and the rest – to Central Bank of Armenia. She informed that till the end of the year Armenia will receive another US $60m.

In 2009 IMF adopted a decision to allocate a 28-month US $540m loan to Armenia. Under the loan terms US $237m should be granted immediately and the remainder — in 9 subsequent tranches. Later IMF Executive Board lifted the loan up to US $823m (instead of scheduled US $540 m).


Source: http://news.am/en/news/economy/2747.html

[Icy]

Re: Armenia's Economic Pulse

Armenian Government Lives In Grand Style



In the first half of this year, budget revenues totaled 359bln AMD, and on-budget expenditures 426.5bln AMD, thereby ensuring the respective 67.1% and 70.3% of the RA Government-specified 10-month program.

The press service of the RA Ministry of Finance reported that the annual budget was thus executed 39.9% and 47.6% respectively.

In the fist half of 2009, budget revenues decreased by 55bln AMD (13.3%) as compared with the corresponding period last year. Specifically, budget revenues taxes and duties registered a decrease of 61.5bln AMD (18.1%). Official grants exceeded 2.7bln AMD (a decrease of 3.1%).

During the period under review, compulsory social insurance payments and other budget revenues registered an increase of 1.7bln AMD and 4.8bln AMD or 3.2% and 31.5% respectively. Foreign donor provided a total of 242.5bln AMD to Armenia as credit funds. Specifically, the Russian Government provided 185.1bln AMD, and the International Monetary Fund (IMF) 57.4bln AMD.


Source: http://news.am/en/news/economy/3082.html