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Armenia's Economic Pulse

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  • Re: Armenia's Economic Pulse

    Armenia’s external debt manageable – Finance Ministry

    August 22, 2012 | 18:10

    YEREVAN.- Armenia’s external debt level remains manageable, Deputy Finance Minister Vardan Aramyan told reporters on Wednesday.

    He recalled that the public debt makes about $3.6 billion, of which external is about 3.1 billion. In addition, debt service in 2012 will make $270 million.

    “External debt is fully manageable. In the medium term, the government envisages a number of loan agreements but their volume will meet solvency norms,” he assured.

    According to the Central Bank of Armenia (CBA), in late 2011 Armenian government’s external debt made 2955 million, the debt of CBA - 754 million

    The IMF report as of June 2012 said Armenia’s external debt will reach 36.9% of GDP by the end of this year and in the period of 2013-2015 - 35%, 33% and 32.2% respectively.


    http://news.am/eng/news/118065.html
    <<եթե զենք էլ չլինի' ես քարերով կկրվեմ>>

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    • Re: Armenia's Economic Pulse

      PanARMENIAN.Netx- Armenian Minister of Transport and Communications Gagik Beglaryan met with the delegation headed by Italian Under-Secretary of State for Foreign Affairs Marta Dassù.Minister Beglaryan attached importance to bilateral relations in the transport and communication, presenting the programs that may be of interest to Italy.He further noted that large-scale construction works ofxNorth-South highwayxwill launch in fall, to be financed by Asian Development Bank (ADB).“Italian companies are also welcome to file applications for highway construction’s tranches 3 and 4,” Minister Beglaryan said.Marta Dassù, in turn, pledged to inform Italian companies of the implementation of road construction projects in Armenia, ministry’s press service reported.
      Panarmenian.net

      Does anyone envision lower transportation costs as a result of this new road? Maybe to the point of export diversification?
      Ազատություն, արդարություն, ՀՅԴ

      Comment


      • Re: Armenia's Economic Pulse

        Originally posted by davidoga View Post
        Panarmenian.net

        Does anyone envision lower transportation costs as a result of this new road? Maybe to the point of export diversification?

        That would be a great boost. The Yerevan-Gyumri train, can be improved dramatically. The train takes three hours for a 120km/75mi trip. That can easily be trimmed to close to one hour with a modern train.
        <<եթե զենք էլ չլինի' ես քարերով կկրվեմ>>

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        • Re: Armenia's Economic Pulse

          Armenia first on industry growth in CIS

          September 06, 2012 | 21:39

          YEREVAN. – Armenia occupies the first place among the CIS states on industry growth according to the seven months results of this year.

          The industry growth in Armenia from January to July made 13.4 percent, in Tajikistan 12 percent, in Belarus 8.6, in Uzbekistan 7, in Russia 3.2, and 0.2 percent in Ukraine, the CIS Interstate statistical committee reports.

          It is noteworthy that the industry growth was reduced in the three CIS states, including Azerbaijan by 2.8 percent, Kirgizstan by 30.2 and Moldova by 0.2.

          To note, Armenia showed a quite high index in the economic growth as well. It made 6.2 percent for the first six months of 2012.


          http://news.am/eng/news/119958.html
          <<եթե զենք էլ չլինի' ես քարերով կկրվեմ>>

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          • Re: Armenia's Economic Pulse

            Last edited by londontsi; 09-08-2012, 02:06 PM.
            Politics is not about the pursuit of morality nor what's right or wrong
            Its about self interest at personal and national level often at odds with the above.
            Great politicians pursue the National interest and small politicians personal interests

            Comment


            • Re: Armenia's Economic Pulse

              ARMENIANS CONSUME MORE ALCOHOL - EXPERT

              news.am
              September 11, 2012 | 12:24

              YEREVAN. - Armenia's residents have used 3.2 times more vodka and 40
              percent less wine, and brandy consumption level has remained the same
              in January-July 2012, as compared with the same time period last year,
              Armenian Wine Makers' Union President Avag Harutyunyan stated during
              a press conference on Tuesday.

              In his words, this increase in vodka consumption is unprecedented in
              Armenia, and, on the one hand, this shows that the quality of vodka
              has improved, yet, on the other hand, the quality of life has dropped
              and therefore people prefer cheaper drinks.

              Harutyunyan also informed that Armenia produced 5.3 million liters of
              brandy in the first six months of this year, and this is 54 percent
              more than in January-June 2011. Also, this volume surpasses the
              pre-economic crisis volume in 2008 by 20 percent.

              In addition, 2.2 million liters of wine were produced during the same
              time period, and this is approximately 20 percent more than the volume
              in 2008, but 33 percent less than the volume in January-June 2011.
              Hayastan or Bust.

              Comment


              • Re: Armenia's Economic Pulse

                Construction Begins on Armenia’s North-South Highway



                YEREVAN (RFE/RL)—A Spanish construction company launched on Thursday the first phase of a multimillion-dollar government project to upgrade Armenia’s main highways stretching more than 550 kilometers to neighboring Georgia and Iran.

                The Madrid-based group Isolux Corsan inaugurated the start of work on a 53-kilometer highway connecting Yerevan to the southern town of Ararat in the presence of its senior executives and Armenian government officials.

                Corsan signed last April a $280 million contract with the Armenian Ministry of Transport and Communications to rebuild and expand this and another road running northwest of Yerevan. The total length of the two roads exceeds 90 kilometers. They are due to be refurbished before 2016.

                The construction will be financed from a $500 million loan which the Manila-based Asian Development Bank (ADB) allocated to Armenia in 2009. The ADB loan is designed to support the implementation of the so-called North-South Project envisaging the reconstruction of the highways stretching from the Armenian-Iranian border to one of the three Armenian-Georgian border crossings.

                The Armenian government says the planned upgrades will facilitate access to the Georgian and Iranian ports. Another aim of the ambitious project worth at least $1 billion is to enable Iran to use Armenian and Georgian territory for large-scale freight shipments to and from Europe.

                “This will give us greater economic opportunities,” Transport and Communications Minister Gagik Beglarian told journalists at the ceremony. “The fact that we are going to have a fast transit motorway will also solve a very important national issue for Armenia.”

                Beglarian said the road works will also translate into 1,000 new jobs. Daniel Domingo, a senior Corsan executive, said some of the company’s local staff will undergo special training. “We will hold special courses to bring their skills into conformity with European standards,” he told RFE/RL’s Armenian service.

                The government has yet to indicate external sources of funding for the rest of what would be the single largest road project in Armenia’s history. Its implementation was originally due to start in 2010.

                http://asbarez.com/105396/constructi...south-highway/
                <<եթե զենք էլ չլինի' ես քարերով կկրվեմ>>

                Comment


                • Re: Armenia's Economic Pulse

                  This will help the country alot especialy Meghri. The yummy tuz can get tomarket now wo spoiling.
                  Originally posted by Mher View Post
                  Construction Begins on Armenia’s North-South Highway



                  YEREVAN (RFE/RL)—A Spanish construction company launched on Thursday the first phase of a multimillion-dollar government project to upgrade Armenia’s main highways stretching more than 550 kilometers to neighboring Georgia and Iran.

                  The Madrid-based group Isolux Corsan inaugurated the start of work on a 53-kilometer highway connecting Yerevan to the southern town of Ararat in the presence of its senior executives and Armenian government officials.

                  Corsan signed last April a $280 million contract with the Armenian Ministry of Transport and Communications to rebuild and expand this and another road running northwest of Yerevan. The total length of the two roads exceeds 90 kilometers. They are due to be refurbished before 2016.

                  The construction will be financed from a $500 million loan which the Manila-based Asian Development Bank (ADB) allocated to Armenia in 2009. The ADB loan is designed to support the implementation of the so-called North-South Project envisaging the reconstruction of the highways stretching from the Armenian-Iranian border to one of the three Armenian-Georgian border crossings.

                  The Armenian government says the planned upgrades will facilitate access to the Georgian and Iranian ports. Another aim of the ambitious project worth at least $1 billion is to enable Iran to use Armenian and Georgian territory for large-scale freight shipments to and from Europe.

                  “This will give us greater economic opportunities,” Transport and Communications Minister Gagik Beglarian told journalists at the ceremony. “The fact that we are going to have a fast transit motorway will also solve a very important national issue for Armenia.”

                  Beglarian said the road works will also translate into 1,000 new jobs. Daniel Domingo, a senior Corsan executive, said some of the company’s local staff will undergo special training. “We will hold special courses to bring their skills into conformity with European standards,” he told RFE/RL’s Armenian service.

                  The government has yet to indicate external sources of funding for the rest of what would be the single largest road project in Armenia’s history. Its implementation was originally due to start in 2010.

                  http://asbarez.com/105396/constructi...south-highway/
                  Hayastan or Bust.

                  Comment


                  • Re: Armenia's Economic Pulse

                    IMF increases Armenia’s GDP growth projection rate for 2012

                    September 28, 2012 | 18:09

                    YEREVAN. – International Monetary Fund (IMF) increased Armenia’s GDP growth projection rate from 3.8 to 6.2 percent, IMF Yerevan office reports.

                    The projection was changed by the IMF experts after the fifth review of the loan agreements of EFF/ECF program on Sept. 5 to Sept. 18. The previous growth index for Armenia was 3.8 percent, which was stated in March 2012.

                    Head of the IMF Armenia Mission Mark Horton said that macro-economic indexes are improving, and due to it, GDP is expected to go up by 6.2 percent in 2012 and by 4.3 next year. However, inflation is still preserved within 2.5 to 5.5 percent set by the Central Bank of Armenia.

                    As a whole, credit agreement implementation is satisfactory, and budget-tax balance is going up. It is expected that deficit of the budget for this year will make 2 percent in 2012 and 2.6 percent next year.

                    http://news.am/eng/news/122839.html
                    <<եթե զենք էլ չլինի' ես քարերով կկրվեմ>>

                    Comment


                    • Re: Armenia's Economic Pulse

                      Originally posted by Mher View Post
                      Armenia’s external debt manageable – Finance Ministry

                      YEREVAN.- Armenia’s external debt level remains manageable, Deputy Finance Minister Vardan Aramyan told reporters on Wednesday.

                      He recalled that the public debt makes about $3.6 billion, of which external is about 3.1 billion. In addition, debt service in 2012 will make $270 million.


                      According to the Central Bank of Armenia (CBA), in late 2011 Armenian government’s external debt made 2955 million, the debt of CBA - 754 million

                      The IMF report as of June 2012 said Armenia’s external debt will reach 36.9% of GDP by the end of this year and in the period of 2013-2015 - 35%, 33% and 32.2% respectively.
                      I agree, the debt is manageable, but I have to say I'm a little worried about these figures:

                      1- The external debt is rising pretty fast from 30% of the GDP in 2008 to around 75% of the GDP in 2011

                      Debt - external
                      $7.336 billion (30 September 2011)
                      $6.103 billion (31 December 2010 est.)




                      2- The Armenian budget deficit remains negative 3% of the GDP in 2011

                      Budget surplus (+) or deficit (-)
                      -3% of GDP (2011 est.)




                      It is manageable, but it is challenging, especially with the global economic crisis

                      Comment

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