Month: November 2009

ARMENIA MAY RECEIVE REMAINING IMF LOANS IN 2010 AND 2011

ARKA
Nov 12, 2009

YEREVAN, November 12, /ARKA/. IMF Resident Representative to Armenia,
Nienke Oomes, said today Armenia will get the remaining part of IMF
loans in 2010 and in the first half of 2011, given that it fulfils
all the assumed obligations.

In June, 2009 tThe Executive Board of the International Monetary
Fund completed the first review of Armenia’s economic performance
under a Stand-By Arrangement (SBA) and approved an increase in the
IMF’s financial support to an amount equivalent to SDR 533.6 million
(about US$822.7 million; or 580 percent of Armenia’s quota.

Speaking at a news conference today Nienke Oomes said among other
things, the government should improve its taxation legislation and
impose, particularly, a customary taxation regime for tobacco products
and petrol.

She said also Armenia’s next year budget deficit will make 5.8% of
the GDP (7.5% in 2009). At that, she said, the government will have
to gradually reduce the deficit level in the next years, because it
will have to repay its debts.

Regarding Armenia’s foreign debt, she said it gets critical when
the debt to GDP ratio exceeds 50 percent. Before the crisis this
ratio was 15%, now it has risen to 30%. She said the government has
accepted IMF’s conditions for implementation of actions which will
secure economic progress.

VARDANYAN: AMERIABANK INTENDS TO DEVELOP INTO BEST COMMERCIAL BANKS OF ARMENIA AND CIS

ARKA
Nov 13, 2009

YEREVAN, November 13. /ARKA/. Ruben Vardanyan, the chairman of
Ameriabank’s directorial board and the head of Troika Dialogue Group’s
directorial board, told journalists on Thursday at the bank’s home
office opening ceremony that Ameriabank intends to develop into
the best commercial banks of Commonwealth of Independent States,
not only Armenia.

"We were in luck, since we enlarged our capital and adopted our
development program right before the recession," he said. "That’s why,
despite adverse environment, the bank had a good chance to build up
its capacity. We has grown many times, though it was not so easy to
do it amid the crisis".

Remarkable is that the bank hasn’t changed its strategy, "we has come
for a long time and with sufficient financial resources".

"Some products that are usually sold on markets when things go in a
due course, were temporarily left until later," Vardanyan said.

He said Ameriabank wants not only to be profitable, but also
has ambition to set a good example in some types of activities,
particularly by displaying a high sense of commitment toward its
clients and the personnel.

Artak Anesyan, Ameriabank’s director general-directorial board
chairman, who spoke at a press conference as well, said that the
next year the bank will pay special attention to widening the rage
of services for corporate clients.

Extension of loans to small- and mid-scale entrepreneurship and those
businesses involved in the energy system will be among these services.

"Besides, we have worked out a new service on running assets,"
he said. "This service will be offered soon. This is a service on
subordinated liabilities and trust management."

The Ameriabank CJSC (former Armimpexbank) was founded in July 1992
using the facilities of the Armenian branch of the USSR Vnesheconombank
(Foreign Economy Bank). On September 8, 1992, the bank received a
banking license from the Central Bank of Armenia.

Last August, TDA Holdings limited, affiliated with Troika Dialogue,
Russia’s leading investment company, purchased the bank’s shares.

VARDANYAN: INTERESTS ON LOANS AND DEPOSITS TO GO DOWN UNDER QUITE HIGH LIQUIDITY

ARKA
Nov 12, 2009

YEREVAN, November 12. /ARKA/. Ruben Vardanyan, the chairman
of Ameriabank’s directorial board and the head of Troika Dialogue
Group’s directorial board, told journalists on Thursday at the bank
home office opening ceremony that interests on loans and deposits
will surely go down in Armenia under quite high liquidity.

"Any normal financial institution should react to such an abundance
of free cash by driving interest rates down," he said.

ITALIAN PROFESSOR READY TO HELP REVIVE ARMENIAN ART RESTORATION SCHOOL

ARKA
Nov 13, 2009

YEREVAN, November 13, /ARKA/. Francesco Gallo, a professor from the
Academy of Fine Arts in Naples, Italy, said today in Yerevan he was
ready to help revitalize the art restoration school in Armenia.

‘If such an invitation is extended to me I will accept it with pleasure
and will help to revive the art restoration school of Armenia,’
he said at a news conference at Novosti International Press Center.

He said the revival of the restoration school is extremely important
and the first step to be made is to decide which restoration school
to follow- the French, Greek or Italian.

According to him, the French and Greek schools seek to restore
destroyed objects, while the Italian is aimed at preservation of the
available cultural legacy.

He said Armenian specialists should decide which direction to follow.

He also added that they will have first of all to focus on restoration
of monuments at Erebuni reserve-museum in Yerevan, many of which were
destroyed during the Soviet times. He said all monuments need to be
scrutinized and taken stock of.

Francesco Galo has arrived in Armenia to prepare an exhibition
of prominent Armenian painter, Minas Avetisian’s works in Italy,
scheduled for 2010.

PENSION REFORM IS AN IMPORTANT ELEMENT FOR THE DEVELOPMENT OF ARMENIAN ECONOMY- HEAD OF "TROIKA DIALOG"

ARKA
Nov 13, 2009

YEREVAN, November 13. /ARKA/. Pension reform is an important element
for further development of Armenian economy", said Ruben Vardanyan,
Head of Board of Directors of the group "Troika Dialog" and Head of
Board of Directors of "Ameriabank".

"Here we need checked, serious and consistent steps as it affects
the most unprotected layer of society – pensioners. Wrong steps can
bring to problems not only at present, but also in 10,20, 30 years",
he said to the journalists in Yerevan during the official ceremony
of opening the Head Office of CJSC "Ameriabank".

In this regard, Vardanyan said that it is important not to make
mistakes. Reforms of pension system in Armenia are going to move
to many-staged system which will be consisted of two components –
state distributive and private accumulative. Accumulative pension
system will be introduced in 2011 in Armenia.

PUBLIC MOVEMENT AGAINST URANIUM PROJECT TO START IN SYUNIK

ArmInfo
2009-11-13 12:31:00

ArmInfo. "Our demand is only one: not to open the uranium deposit and
to stop any action in regard to uranium," said Khoren Harutyunyan, the
Chairman of "Azatamart" Committee dealing with the protection of the
family members’ rights of deceased and wounded fighters in Kapan. He
said that the committee is preparing a protest demonstration directed
against the development of the uranium deposit in Syunik Marz and is
drawing up a letter to the highest state bodies. "It’s not only our
problem. Syunik Marz is the heart of Armenia. No Syunik, no Armenia,"
he said, Ecolur organization told ArmInfo.

It should be noted that the day before "EcoLur" Monitoring Group met
Lernadzor Community in the territory where "Armenian-Russian Mining
Company" is currently carrying out investigations of uranium reserves.

Out of 9 small communities, 4 communities including Lernadzor Village
is located in the territory of investigations.

The entrance to the mine which was opened by Gromov’s uranium
expedition in the early 60’s, is closed at present. The entrance is
situated 300 m away from e Community Head Stepan Petrosyan’s house.

"I have been building my house for many years for my grandchildren to
stay and live here. Now I don’t know to complete it or not. I will
make barriers on the balcony so as the children wouldn’t fall down,
and that’s it," Stepan Petrosyan said.

The old residents remember that in time of investigations carried
out by Gromov’s expedition they observed a decrease in new-born calves.

"If so, it is dangerous for people as well:. Let this project leaders
to come and live here with their children:. then we will probably
believe that this uranium project is safe:," such statements were made
by Lernadzor residents during the meeting with "EcoLur" on 1 November.

Lernadzor residents made a decision to begin signature collecting
against the uranium project and to acquire from the state guarantees
for the protection of their rights.

In November 2007 the Government of Armenia resolved to join the
Russian-Kazakh agreement on establishment of an international center
of uranium enrichment in Angrask. Rosatom Corporation predicts nearly
30,000 tons of uranium reserves in Syunik region. Specialists say
the project may prove quite profitable given the current uranium
price. On April 22 2008 Armenia and Russia signed a contract to set
up the Armenian-Russian Mining Company JV CJSC on parity basis.

From: Emil Lazarian | Ararat NewsPress

FALLING OF THE BERLIN WALL WAS A RESOLUTE STEP IN THE HISTORY OF GERMANY, GERMAN AMBASSADOR TO ARMENIA THINKS

ArmInfo
2009-11-13 15:06:00

ArmInfo. Falling of the Berlin wall was a resolute step in the
history of Germany, and they are grateful to the politicians of the
USSR and the USA being ready to fast development of the process,
German Ambassador to Armenia Hans Johan Schmidt told journalists in
Yerevan today.

He said that the people which used to take part in the mass rallies
held over several days before falling of the Berlin war, were really
bold, as they used to deal with the repression regime.

GERMAN AMBASSADOR TO ARMENIA: IF TURKEY WANTS TO PLAY A BIG PART IN THE REGION, IT HAS TO DEMONSTRATE WILL AND TO RATIFY THE PROTOCOLS AS SOON AS POSSIBLE

ArmInfo
2009-11-13 13:38:00

ArmInfo. If Turkey wants to play the bigger part in the region, than
before, it has to demonstrate will and to ratify the Protocols as
soon as possible, Germany’s Ambassador to Armenia Hans Johan Schmidt
said at today’s press-conference in Yerevan.

He also added that normalization of relations with Armenia is stemming
from the interests of Turkey as well. He said that quick ratification
of the Armenian-turkish Protocols may positively affect the whole
South Caucasus region.

GERMANY’S AMBASSADOR TO ARMENIA: THE PROBLEM OF SIMPLIFICATION OF THE VISA REGIME FOR THE COUNTRIES OF ‘EASTERN PARTNERSHIP’ PROGRAMME OF EUROPEAN UNION WILL BE RESOLVED BY EU COUNTRIES WHICH HAVE POLITICAL LEVERS

ArmInfo
2009-11-13 13:25:00

Arminfo. The problem of the prospect of the visa regime simplification
for the countries of ‘Eastern partnership’ programme of European
Union will be resolved by EU countries which have political levers,
Germany’s Ambassador to Armenia Hans Johan Schmidt said at today’s
press-conference in Yerevan.

He also added that the visa problem is a controversial problem and
it will not be resolved by a separate country of the EU, it should
be resolved by all countries of Shengen zone. Before adoption of
the political decision the problems connected with migration control
should be resolved. The ambassador said that at present cooperation
with EU in the sphere of free trade extension is the prior task.

LAW ON BOND ISSUE IN FCC: ‘SINK OR SWIM’

ArmInfo
2009-11-13 13:34:00

ArmInfo. ‘There is even no bill but an idea under consideration’,
deputy Chairman of Armenia’s Central Bank Vache Gabrielyan told ArmInfo
when commenting on the alterations of the legislation allowing to
issue debt securities having been nominated in FCC.

Lively discussions were held very recently among the experts
of Armenia’s bond market about probable adoption of a law, by
Armenia’s regulator, allowing to issue corporate currency bonds. Many
participants in this market hope that adoption of this law will resume
inflow of the foreign capital to Armenia and create a stimulus of
investment in these currency bonds by foreign investors. However, some
of them considered adoption of this law somewhat late and assured that
it was necessary to issue foreign currency bonds after March sharp
devaluation when the specific weight of dram deposits essentially
reduced under growth of currency investments deposits. Today they
think that the Armenian issuers will face serious currency risks with
adoption of this law. In view of this, it is necessary to limit the
list of the companies wishing to issue currency bonds. In particular,
issuers ‘list must include exporting companies and representatives
of the financial sector.

There is also a category of experts which are sure that Central Bank
of Armenia will not initiate a law which does not allow issue of
corporate bonds nominated in FCC, as the Armenian CB’s policy aims
at encouragement of the dram turnover. One should just suppose that
our participants in Armenia’s bond market mistaken the wish for the
reality and forget he embellishment ‘sink or swim’.