Month: December 2008

CBA REDUCES REFINANCING RATE BY 0.5% TO 7.25%

Noyan Tapan

Dec 3, 2008

YEREVAN, DECEMBER 3, NOYAN TAPAN. At the December 2 sitting, the
Board of the Central Bank of Armenia (CBA) reduced the refinancing
rate by 0.5% to 7.25%.

According to the CBA PR Service, 0.1% inflation was recorded in
November on October 2008, as a result of which 12-month inflation
declined by 2% to 6.6%.

The CBA Board stated that in November the developments of the domestic
and external environments were mainly in line with the directions
forecast for the 4th quarter. The envisaged risks of a decline in
economic growth rates became apparent. At the same time, responding
to the tendencies of a continuous fall in international prices of
foodstuffs and fuel in recent months, the internal inflationary
environment considerably weakened, which was reflected in a fall of
prices of gasoline and "bread products" commodity group.

The continuous weakening of global inflationary pressures and the
response of domestic prices to these tendencies will result in a
considerable decline of the overall level of inflation in the next
12 months. Under such conditions the CBA Board considers it expedient
to use less strict monetary conditions in order to help maintain high
rates of economic growth.

From: Emil Lazarian | Ararat NewsPress

RESTORATION OF ARMENIAN COMPLEX IN TURKISH-OCCUPIED NICOSIA FEASIBLE IN 30 MONTHS, EXPERTS TELL COMMUNITY
Alexander-Michael Hadjilyra

Gibrahayer
Wednesday 3 December, 2008

The Armenian community of Cyprus filled the Utudjian Hall of the
Armenian Prelature on Tuesday night, 2 December 2008, to listen to
the UNDP’s plan on the restoration of the medieval Armenian church
of Sourp Asdvadzadzin in occupied Nicosia. Present were the UNDP
Programme Manager for Cyprus, Jaco Cilliers, the project engineer
Stefano de Vito, and the project architect Paolo Vitti as well as
MP Vartkes Mahdessian and Father Momik Habeshian. The evening was
presented by the Chairman of the Diocesan Council Sebouh Tavitian.

In the beginning of the slide-show presentation, we were delighted to
see that this team of experts had previously undertaken the restoration
of many important monuments in Rome, Perugia, Sicily and Jerusalem.

The slide-show contained a wealth of historical information about the
church and the adjacent monastery, as well as architectural information
and pictures on the various stages at which the church building was
built. It also contained information on the Melikian mansion, which
is also scheduled to be restored in parallel with the church. This
feasibility study has taken about 18 months to complete, and it is
now ready to be put into use for the much-awaited restora tion of the
Armenian complex. While conducting the study, survey plans were used,
as well as pre-1963 photographs, which greatly helped the team to
discover what was built where, when, and for what purpose.

As the team informed us, the entire project will take about 18 months
to complete, and it includes the restoration of the old buildings and
their collapsed roofs, as well as the electrical illumination of the
complex. The ultimate goal is not to restore the church as i t was
in the 17th or the 18th century, but to restore what we have now and
to prevent the further decay of the buildings. The Melikian mansion
wall will be re-built, and a new entrance will be opened from the
north part of the complex, to allow a better view of the impressive
church and belfry. We were also prompted to keep in mind that the
programme may stop at any time, either due to lack of funding or due
to other reasons.

Let us hope that what the UNDP has planned for the last 4 years
will soon become a reality, and let us hope that once the project is
finished, all the Gibrahay community will pack the ancient church of
Sourp Asdvadzadzin for an unforgettable Badarak!

ARMENIAN PRESIDENT OPENED HIGHWAY LINKING YEREVAN’S SOUTH-EAST TO NORTH-WEST

ARKA
Dec 3, 2008

YEREVAN, December 3. /ARKA/. The RA Government assigned 8.5bln AMD for
construction of a highway linking Yerevan’s south-east to north-west,
said Yerevan Mayor Yervand Zakharyan at the opening of the highway
on Wednesday.

RA President Serzh Sargsyan, second President Robert Kocharyan and
Yerevan Mayor Yervand Zakharyan participated to the opening ceremony.

"Today we opened another highly important sector of a transport
system, which is truly exclusive in the history of road constructing
in Yerevan during the past ten years," said Zakharyan.

He said the project of a highway that will link the city’s south-east
to north-west was developed as far back as in 1970-1980s, but it is
notable the project was implemented in the years of independency and
during the country’s stable economic uprise.

"Armenian economy develops abreast with today’s criteria for
civilization foreknowing the current challenges. What was impossible
five years ago is now a reality in Yerevan," said Zakharyan.

According to the Mayor construction works started last year.

"Today, less than in two years, the capital city has a long-expected
and highly important highway which is to change the appearance of
center of Yerevan as well as to improve the condition of transport
communication," he said.

The last sector of the new20highway is 2.6km-long which enables to
direct transport stream from Tigran Mets, Arshakunyats and Khanjyan
streets to the tunnel on Myasnikyan street linking it to Saralanji
avenue and making it faster to reach Komitas avenue and Davidashen
bridge.

This will contribute to the relieve of Mashtots, Baghramyan, Tigran
Mets, Khanjyan, Alek Manukyan, Isahakyan, Abovyan, Nalbandyan,
Koryun and Charents streets as well as to reduce time spent on road
thrice.

ARMENIAN GOVERNMENT GETTING READY TO FIGHT FRESH WAVE OF GLOBAL CRISIS

ARKA
Dec 3, 2008

YEREVAN, December 3. /ARKA/. Armenia’s Government is undertaking
meaningful steps to fight the second wave of the global financial
crisis, RA Minister of Finance Tigran Davtyan told today the RA
Parliament.

"The two stages of the crisis are the financial downturn and economic
recession," the minister said, adding Armenia was able to avoid the
first wave of the crisis.

According to the minister, the global financial tailspin had little
influence on Armenia’s isolated and small financial system. Davtyan
emphasized the RA government’s harsh financial policy in the past
years, saying it shielded the country’s economy from the global crisis.

The minister said it is the beginning of the global financial
recession, adding it is impossible to say how long it will last and
what possible impact it will have on Armenia’s economy.

"The Armenian government is taking serious steps to respond to the
fresh wave of the crisis," the minister said.

As a precaution, the RA Government has decided to assign $50mln for
small- and-medium-sized businesses. Local businessmen will be able
to use the money soon, according to Davtyan.

"We are negotiating with the World Bank over the issue, and tomorrow
our negotiations will enter a decisive stage," the minister said,
adding the Armenian government plans to ask WB to double its financial
assistance to the country in the coming four years. Thus, the WB
financial support to Armenia can reach $1bln.

According to Davtyan, the RA government will ask the RA Parliament
to allow it to show flexibility in offering state guarantees. There
is nothing for Armenia to worry about, Davtyan concluded.

ARMENIAN, RUSSIAN PREMIERS TO DISCUSS POSSIBLE WAY OUT OF CRISIS

ARKA
Dec 3, 2008

YEREVAN, December 4. /ARKA/. Armenia’s Prime Minister Tigran Sargsyan
will pay an official visit to Moscow on December 5 to meet with his
Russian colleague Vladimir Putin, RA Deputy Foreign Minister Shavarsh
Kocharyan said.

The prime ministers will focus on the combined efforts to tackle the
global financial crisis.

During his visit to the Russian capital city, Sargsyan will meet
with businessmen.

"Armenia’s strategic ally Russia plays a special role in the
country’s multi-aspect and well-balanced foreign policy," Kocharyan
said, emphasizing the role of bilateral meetings in Armenia-Russia
relations.

KARABAKH TALKS HELD IN HELSINKI

De Facto
Dec 3, 2008

YEREVAN, 04.12.08. DE FACTO. A meeting of Armenian and Azerbaijani
FMs Edvard Nalbandian and Elmar Mammadyarov with the OSCE Minsk
group Co-Chairs Yuri Merzlyakov (Russia), Bernard Fassier (France)
and Matthew Bryza (the U. S.), as well as Personal Representative
of OSCE Chairman in Office, Ambassador Andrzej Kasprzyk was held in
Helsinki on December 3.

According to the information DE FACTO received at the RA MFA Press
Office, in the course of the talks the parties discussed the issues
referring to Karabakh conflict settlement. Importance of maintaining
positive atmosphere created during the Presidential meetings held in
St.-Petersburg on June 6 and in Moscow on November 2, the necessity
to continue negotiations under the aegis of the OSCE Minsk group
Co-Chairs and on the basis of Madrid principles was highlighted during
the meeting.

OSCE SECRETARY GENERAL TO VISIT ARMENIA

De Facto
Dec 3, 2008

YEREVAN, 04.12.08. DE FACTO. In the nearest time the OSCE Secretary
General, Ambassador Marc Perrin de Brichambaut is to visit Armenia. The
Ambassador stated it in Helsinki on December 3, at a meeting with RA
FM Edward Nalbandian.

According to the information DE FACTO received at the RA MFA Press
Office, during the meeting the parties discussed a number of issues,
including activity of OSCE Yerevan office.

ARMENIA BELIEVES THAT OSCE NEEDS IMPROVEMENTS TO MORE EFFICIENTLY REACT TO URGENT PROBLEMS

De Facto
Dec 3, 2008

YEREVAN, 04.12.08 DE FACTO. On December 3 the RA FM Edward Nalbandian
held a meeting with OSCE Secretary General, Ambassador Marc Perrin
de Brichambaut in Helsinki.

According to the information DE FACTO received at the RA MFA Press
Office, the interlocutors had discussed various aspects referring
to OSCE activity and exchanged views over the Organization’s
reconstruction. In this context Edward Nalbandian noted that
Armenia attached importance to OSCE role in ensuring security and
cooperation in Europe and believed that OSCE needed improvements to
more efficiently react to urgent problems.

The parties also discussed European security system. The RA FM
underscored that it needed improvement and OSCE member-countries
should make joint efforts for the system to become more efficient.

NAGORNO-KARABAKH PRESIDENT HELD MEETINGS IN MOSCOW

De Facto
Dec 3, 2008

STEPANAKERT, 04.12.08. DE FACTO. On December 3 Nagorno-Karabagh
Republic President Bako Sahakian held a meeting in Moscow city with
Ambassador Extraordinary and Plenipotentiary of the Republic of
Armenia to the Russian Federation Armen Smbatian. A wide range of
issues related to foreign policy and bilateral ties were discussed
during the meeting.

According to the information DE FACTO received at the Central
Department of Information of the Office of the NKR President, on the
same day the Head of the State had held meetings with entrepreneurs
and philanthropists Ashot Khachatrian and Gennady Stepanian and
discussed with them issues related to the launching of construction
activities of a new complex of the republican maternity hospital in
capital Stepanakert.

RA FM: MOSCOW DECLARATION’S DISTORTED INTERPRETATION HAMPERED KARABAKH TALKS

De Facto
Dec 3, 2008

YEREVAN, 04.12.08. DE FACTO. A meeting of the RA FM Edward Nalbandian
and Goran Lennmarker, OSCE Parliamentary Assembly rapporteur on
Nagorno-Karabakh, was held in Helsinki on December 3. The development
of situation around Karabakh talks was discussed during the meeting.

According to the information DE FACTO received at the RA MFA Press
Office, noting the importance of the Moscow declaration signed
on November 2, Minister Nalbandian said that Baku’s comments that
distorted the Declaration and attempts targeted at ignoring the items
fixed in the document hampered Karabakh settlement.

In his turn, Goran Lennmarker stated that the OSCE PA stood for
peaceful resolution of the Karabakh conflict.

From: Emil Lazarian | Ararat NewsPress