Month: June 2022

 13:11,

YEREVAN, MAY 31, ARMENPRESS. Prime Minister of Armenia Nikol Pashinyan considers the current economic situation optimistic. Despite the tense global economic situation and pessimistic projections, the PM’s task is to focus on the performance of the budget, especially that of the capital expenditures in order to ensure 7% economic growth.

“I consider the current economic situation optimistic. And the figures also show this, which, in fact, could be surprising for some people for subjective and objective reasons. But our economy is also showing resilience. According to the data of the first quarter, we have 8.6% real economic growth, and according to the data of the first four months we have 9.4% economic activity index which is a very optimistic figure”, the PM said during the debate of the 2021 state budget performance report at the joint session of parliamentary standing committees.

This optimism greatly contributes to the increase in passenger flows to Armenia. The PM said the passenger flows to Armenia are significantly increasing.

“From economic terms, I think, we really have an optimistic situation. It’s very important to understand what is the reason that despite the military-political, geopolitical and some domestic political problems, we have not had an economic “collapse”, although it was predicted, and it even could have seemed logical”, Pashinyan said. “We are a government, which, in fact, does not extort money from the economy, quite the contrary, we return as much funds as possible. I want to highlight the cut in shadow in the economic resilience, which is a result of overcoming the systematic corruption. And today we encourage that more and more money enters into the economy”, he added.

However, he said that he doesn’t want for the economic forecasts to be exaggerated. Nevertheless, the global economic situation is very tense, and in this respect there are only pessimistic forecasts, and Armenia is not disconnected with the world. “But my instruction, my mood is that we should focus on the performance of our budget, especially the performance of capital expenditures in order to be able to ensure 7% economic growth”, Pashinyan said.

He assured that the solution of social problems will be under spotlight.

 13:23,

YEREVAN, MAY 31, ARMENPRESS. To improve access to high-speed internet and support a strong digital economy in Armenia, Team Telecom Armenia raised a total of $45 million from international financial institutions, IFC and EBRD, and Ameriabank. Team Telecom Armenia will direct this funding for the construction of the region's best 25 Gb/s Next Generation Network in cities and villages of Armenia.

Commenting on the launch of the partnership, Chairman of the Board of Team Telecom Armenia Aleksandr Yesayan noted, “We highlight the trust in ourselves, especially given reduced investor appetite amid global developments. This support will enable “Team” to accelerate the capital investment program and expand and upgrade both fixed and mobile networks and as a result. improve service quality to both individual subscribers and business clients, which will spur innovation and economic growth.”

The financing package will help the company to improve both the coverage and service quality of its telecom networks, including expansion of the 4G mobile network and rolling-out the NGN fiber access network across the country. As a result of the project, at least 1.1 million mobile subscribers will be provided with faster and higher-quality internet connections, and more than 450,000 households will be provided with access to faster fiber access technology.

Cheryl Edleson Hanway, IFC’s Regional Senior Manager for Infrastructure and Natural Resources, said: IFC’s investment will support better mobile phone services and faster internet in Armenia, spurring digital economy, trade and entrepreneurship, accelerating post-COVID recovery. By supporting Armenia’s digital infrastructure, we also hope to create an enabling environment for additional investments and job creation opportunities in the country.”

As a result of implementation of the project, Team Telecom Armenia will strengthen its position also in the field of providing data transit services to local and regional telecom operators, creating a more flexible and faster Internet infrastructure.

“Within the framework of our strategic plan, we have started and are continuing with great vigour the construction of the region's best 25 Gb/s Next Generation Network, at the end of which a separate fiber-optic cable with almost unlimited bandwidth will enter the apartments of citizens living in every part of Armenia. This will open up a wide range of opportunities to connect with global economic developments and create new products for them”, stated CEO of Team Telecom Armenia Hayk Yesayan.

The launch of the 25G-PON network is also expected to reduce energy consumption, allowing its subscribers to access high-speed Internet through a more energy-efficient telecom infrastructure.

Speaking about the motivations for joining this program, Dirk Werner, EBRD Director, Information and Communication Technologies, said: “As well as enhancing digitalisation and energy efficiency, the project is consistent with the EBRD’s two strategic priorities for Armenia, strengthening private sector competitiveness and promoting sustainable infrastructure through commercialization and green economy transition.”

Gagik Sahakyan, Corporate and Investment Banking Director at Ameriabank CJSC, commented: “In the era of digital transformation, the availability of broadband internet services is crucial for providing better connectivity to people and businesses, especially to those in the remote communities. As the leading bank in Armenia, we have joined our international partners, IFC and EBRD, to finance this strategic project for the country. It aims to develop infrastructural and technological innovation in Armenia, which will boost social development and strengthen the economic potential of underdeveloped communities. This is an investment long into the future.”

Team Telecom Armenia provides internet, IPTV, mobile and fixed telephony services throughout the Republic of Armenia. As the successor of the first telecommunication system in Armenia, “Team” combines the rich experience of the first communication operator with modern technologies.

IFC (International Finance Corporation) —a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. They work in more than 100 countries to create new markets and opportunities.

EBRD (European Bank for Reconstruction and Development) is a multilateral bank that promotes private sector development and entrepreneurship in 38 countries on three continents. The bank is owned by 67 countries, including the EU and the EIB. Investments of the EBRD are aimed at making the economies of the regions competitive, inclusive, well-governed, green, sustainable and integrated.

Ameriabank is the largest financial institution and a major contributor to the Armenian economy, with assets exceeding AMD 1 trillion. Being a dynamically developing universal bank, Ameriabank provides a large package of innovative banking services through its omni-channel distribution platform and with clear focus on digital products

 13:33,

YEREVAN, MAY 31, ARMENPRESS. Speaker of Parliament Alen Simonyan says he considers requesting the Council of the National Assembly to strip the opposition Members of Parliament of their mandates because of their conduct.

“I am inclined to apply to the Council of the National Assembly over this matter. Generally there is no such decision, I am saying this on my own behalf. I think that one can’t chose to show up or not show up to the sessions whenever they want, moreover when the mentioned Members of Parliament have long crossed the limits of what’s admissible,” Simonyan told reporters.

For more than a month, opposition MPs are holding demonstrations in the streets of Yerevan demanding the resignation of PM Nikol Pashinyan.

 13:38,

YEREVAN, MAY 31, ARMENPRESS. President of Armenia Vahagn Khachaturyan visited the Hovhannes Tumanyan Cultural Center in Tbilisi on the sidelines of the official visit in Georgia, where he met with a group of Armenian public and cultural figures, the Presidential Office said.

The meeting touched upon the current domestic political situation in Armenia and the regional security.

President Khachaturyan answered also to the questions of the meeting participants.

 14:07,

YEREVAN, MAY 31, ARMENPRESS. Russian President Vladimir Putin and his Azerbaijani counterpart Ilham Aliyev held a telephone conversation today, the Kremlin’s press office said in a statement.

According to the statement, the telephone conversation was initiated by Azerbaijan.

Putin and Aliyev discussed the implementation process of the 2020 November 9, 2021 January 11 and November 26 agreements reached between the leaders of Armenia, Russia and Azerbaijan, highlighting the solution of concrete issues relating to the establishment of peaceful life and strengthening of stability, the unblocking of economic ties and transportation communications in the region.

Aliyev informed Putin also about the recent meeting held with Prime Minister of Armenia Nikol Pashinyan and President of the European Council Charles Michel in Brussels.

 14:56,

YEREVAN, MAY 31, ARMENPRESS. According to the Central Bank of Armenia, after the deep decline of 2020 the country’s economy restored at faster rates than expected, CBA Deputy Governor Nerses Yeritsyan said at the joint session of parliamentary standing committees.

“After the deep decline of 2020, the economy of Armenia recovered at faster rates than expected in 2021, by recording a 5.7% level of economic growth. The growth was mainly connected with the restoration of external demand, as well as there were some factors in increase in domestic demand. The internal growth is connected with the growth in consumption of private sector, which was contributed by the high level of savings collected last year and the growth in monetary transfers coming from abroad”, he said.

He said that in the end of the year both the import and export growth was expressed by double-digit figures.

Yeritsyan said that 14.6% growth was registered in tax revenues because of the improvement of administration and the amendments to the tax code. The tax revenues in GDP increased just by 0.3%, however, the forecast was much more.

“The 2021 state budget expenditures increased by 5.8% compared to the previous year, connected partially with the growth of current expenditures, whereas in capital expenditures 4.1% decline was registered”, he said.

The Central Bank emphasizes the importance of improving the potential of the economic growth which will make possible to reduce the debt-GDP ratio to lower than 60%.

“Thanks to the steady consolidation of the fiscal policy and the effective combination of the monetary-loan policy of 2021 it was possible to ensure the macroeconomic stability in Armenia”, he said, adding that however the results of the fiscal policy deviated to some extent from planned midterm and long-term programs. “In this respect the Central Bank highlights adopting counter-cyclical fiscal policy during the year, but emphasized the necessity of clarifying the state expenditure strategy for sustainable long-term development of the economy”, the CBA Deputy Governor said.

 16:01,

YEREVAN, MAY 31, ARMENPRESS. The Football Federation of Armenia responded to the Football Association of Ireland’s (FAI) security concerns for their team in the upcoming June 4 UEFA Nations League match against Armenia in Yerevan.

The FAI said earlier that it will send a security delegation to Yerevan ahead of the Irish team’s arrival over the ongoing protests.

Ireland manager Stephen Kenny confirmed that head of security Joe McGlue would travel out with a security team ahead of the team’s departure.

"We’ve not been briefed on that at the moment," said Kenny, when asked was there any concern regarding the demonstrations in the city, RTE reports. 

"But there is a delegation going over, in the early hours. Going ahead in advance. Three or four going over, headed by Joe McGlue.

"I’m sure they will brief us in due course."

ARMENPRESS reached out to the Football Federation of Armenia (FFA) for comment.

When asked to comment on the FAI concerns, FFA spokesperson Hayk Karapetyan told ARMENPRESS that the Irish team has nothing to worry about. “The security of the football players and staff of Ireland’s team will be ensured, just like it is being ensured in case of all other teams,” Karapetyan said.