Author: Emma Jilavian

Asbarez: FibonAI Joins SkyDeck Program at UC Berkeley

Emma Jilavian
by Asbarez Staff

 

 February 8, 2024

 

in Latest, News, Top Stories

Abel Yagubyan


BY ALEEN ARSLANIAN

Abel Yagubyan, 22, is a software and AI engineer from Yerevan, Armenia. Currently, Yagubyan is focused on his startup, FibonAI, which is a part of the University of California, Berkeley’s highly competitive SkyDeck Pad-13 Startup Incubator Program, one of the world’s leading startup incubators.

In an interview with Asbarez, Yagubyan spoke about FibonAI, a user-friendly workspace that offers tools for the day-to-day workflows of corporate in-house legal teams, as well as his experience as a 16-year-old student at the UC Berkeley.

Aleen Arslanian: Can you tell me a bit about yourself? When did you decide to pursue a degree in Computer Science?

Abel Yagubyan: I was born in Yerevan and raised in Dubai, frequently visiting Armenia during summers to live with my grandparents. Coming from a family of mathematicians and radio engineers, I had a deep passion for astrophysics and initially pursued education in astrophysics and mathematics in 2018 when I enrolled at UC Berkeley at the age of 16.

In early 2019, I took a “Programming for Physics” course that introduced me to Python. This experience sparked my interest in programming to the extent that I began missing my physics homework submissions due to my newfound addiction. The ability to explore a wide range of fascinating possibilities with programming captured my attention the most, to be quite honest. Although I was already a computer geek before coming to Berkeley, this course transformed me into a completely dedicated programming enthusiast.

Personally, I began to find a greater interest in computer science due to its relative recency and dynamic nature compared to a well-explored field like physics. This led me to decide to pursue a career in computer science, and by late 2019, I discovered a strong passion for artificial intelligence. Since then, I completed my Bachelor’s in Computer Science and Mathematics in 2022 from UC Berkeley and then earned my Master’s in Computer Science in 2023 from Northwestern while working on various research projects during that time.

A. A.: Why did you decide to study at UC Berkely?

A. Y.: Having initially applied as an aspiring astrophysicist, UC Berkeley’s Physics and Astronomy departments were by far among the top leaders in the field. With a prestigious list of Nobel Laureates within the faculty, I was incredibly enthusiastic about the potential of collaborating with the biggest names and research projects in the field.

I held a particular fondness for the famous Astrophysics professor Alex Filippenko, the only individual to be part of both teams involved in the 2011 Physics Nobel Prize Award for proving the acceleration of the expansion of the universe. He teaches the largest introductory class in Astronomy at the university, and I really wanted to be a part of his research team. So I enrolled at UC Berkeley, took his class in my first semester, and achieved the highest final exam score among 1,000+ students.

Afterwards, I began researching in Alex Filippenko’s team, became a Teaching Assistant for his course at the age of 17, and collaborated with faculty at Caltech and MIT, as well as the 2011 Physics Nobel Prize winner Adam Riess from Harvard.

A.A.: Did you face many challenges as a 16-year-old university student?

A. Y.: Definitely! Being alone for the first time in my life in the United States at the age of 16 was a challenge to adjust to. Being younger than all of my classmates posed a huge obstacle when it came to making new friends in the space. Also, the insanely large tuition prices that international students have to pay within such prestigious universities definitely add to the stress and pressure that both myself and my parents had to deal with. My parents worked overtime to provide as much financial support as they could during my endeavors, and I worked overtime with multiple part-time jobs while pursuing my education to pay off as much as possible—along with scholarships. This included roles such as being a teaching assistant, a course assignment grader, a paid researcher, and a software engineer intern at Apple, mainly working on Machine Learning and Computer Security projects.

A. A.: When did you launch your startup, FibonAI, and why?

A. Y.: I launched FibonAI with my brother in June 2023, right after completing my Master’s. We had been considering this idea since January 2023, when Hovsep unfortunately missed his visa application deadline due to a delay in document delivery from in-house attorneys at the company where he worked. Having been involved in the field of Natural Language Processing (Machine Learning tech for computers to comprehend human language), I have been particularly interested in solving this issue through an AI-powered software product for the corporation’s in-house legal team and for employees in similar positions as Hovsep. Our goal is to strengthen the value of legal teams representing large corporations, who often face challenges such as large workloads, minimal budgets, and significant stress due to the lack of automation and transparency within the field of in-house law (mainly legal teams representing large companies in tech, telecommunications, etc.).

We are currently on the verge of securing our first large funding for our initial fundraising round and are part of UC Berkeley’s SkyDeck Pad-13 Startup Incubator Program, one of the world’s most leading and competitive startup incubators.

A. A.: What are FibonAI’s main features, and how does it differ from other platforms like it?

A. Y.: FibonAI is an innovative AI-powered workspace built for corporate in-house legal teams, using GPT-4 technology to provide a seamless end-to-end workflow for everyone involved in a company’s legal department. Our standout features include comprehensive automation tools for: Manual day-to-day tasks in client and matter intake requests; managing legal matter logistics and handling contract workflows; useful insights within seconds using our AI-powered assistant system; customizable data visualization tools for Attorneys and General Counsels/Chief Legal Officers involved; a collaborative workspace to maintain a single system of record.

In comparison to competitors within the space of in-house LegalTech, we distinguish ourselves through FibonAI’s broader range of services, being the first in the market to provide end-to-end workflow automation, advanced AI insights, and a suite of customizable tools tailored to the specific needs of in-house legal teams.

A. A.: What is the ultimate goal of FibonAI?

A. Y.: The ultimate goal of FibonAI is to revolutionize corporate in-house law by providing a comprehensive workspace for corporate in-house legal team members. The aim is to offer a clear workspace while minimizing time spent on non-law-related manual actions using automation software and Large Language AI Models. Whether processing client intake requests, managing legal logistics, handling contracts, or extracting valuable information efficiently using AI, we strive to be a leading force in the LegalTech industry, transforming how legal teams operate and streamlining day-to-day workflows through AI integration.

A. A.: Do you have any advice for other young entrepreneurs?

A. Y.: My most significant advice would be to always embrace discomfort in order to make significant strides in your career. A sense of discomfort often triggers urgency and stress, which greatly contributes to developing strong perseverance for near to impossible tasks. Since the age of 16, I have lived alone, taken on multiple courses simultaneously, worked multiple part-time jobs, completed a 2-year master’s program in 1 to save money, and risked my time in the United States by dedicating my full-time work towards my startup. Even though I initially dislike these challenges, being able to overcome them builds an experience of resilience, which is really crucial for taking significant risks like creating a startup while everything is filled with obstacles and skepticism.

Armenian President meets Hungarian Speaker of Parliament in Budapest

Emma Jilavian

 17:30, 7 February 2024

BUDAPEST, FEBRUARY 7, ARMENPRESS. President of Armenia Vahagn Khachaturyan has met with the Speaker of Parliament of Hungary László Kövér.

During the meeting Kövér recalled his 2011 visit to Armenia.

He attached importance to the restoration of the Armenia-Hungary diplomatic ties, noting that despite the severance the churches, experts and universities had maintained close ties. “I was very happy to hear that the two countries agreed to restore relations. And your visit is highly important. I hope that the restoration of relations will bring new opportunities of cooperation,” the Hungarian Speaker of Parliament said.

Photos by Hayk Manukyan


Sparkling Wine of Armenia: From Classics to PetNat

Emma Jilavian
Glass of Bubbly
Jan 24 2024

24th January 2024

Sparkling wine in today’s Armenia undoubtedly started to be produced as part of a trend that used to be called the ‘Armenian wine boom’ and was launched around the year 2005. Its essence lies in the sharp development of the industry: earlier, during the Soviet period, Armenia was defined as a republic producing brandy of varied qualities, as well as a small amount of mediocre dry wine, partly, to satisfy its own needs. However, at the beginning of the century the situation had changed: what could be called a wine boom, a local fashion for wine, arose. It affected both production – i.e. vineyards and wineries – and the spheres of consumption: wine bars started to appear like mushrooms after a rain, whilst wine lists of HoReCa establishments expanded.

It was due to several coincidence factors. Firstly, economical: wine (of high quality) is a successful export product for a country that lacked a low-cost logistic connection with the outside world. In addition, it was part of another high-margin export product – tourism. Secondly, it was patriotic: Armenian winemaking was based on autochthonous varieties, some of which were barely saved from extinction. The search, preservation, and development of autochthons become part of a modern Armenian identity. Thirdly, the repatriation factor also played a role: Armenian entrepreneurs who were already in the grape and wine business in countries like California, France, Italy, and the Middle East had returned to their own country. Those people founded the brightest wine projects in the country – the most successful and most original. It seems that working in their historical homeland, they felt a little ‘on stage’ and therefore striven not only to do well, but also to surprise those around them. And finally, last but not least: Armenia, which disputes the title of the ancestral home of winemaking, is truly an excellent place for this activity.

As for sparkling wine and winemaking genres (PetNats, etc.) that started to be produced in Armenia simply due to the logic of winemaking and the wine market. They had a demand, they had grapes, and they had people who were inclined to experiment. For instance, this is how one of the Armenian winemakers (Gevorkian Winery) talks about how he made his first PetNats: “In 2020, I made rosé from the flagship autochthonous variety Areni. I wanted to preserve the very elegant, subtle aromatics that emerged during the fermentation process which would then fill the entire winery. Then the idea came to bottle the wine during the fermentation process – when 2/3 of the sugar had fermented. It turned out very well and the following year I made white PetNats from Muscat grapes – that was an Armenian cross of Italian muscat and Hamburg muscat, created in 1982. A year later, I decided to make red PetNat from the same Areni. Here, I used carbonic maceration. The grapes fermented for ten days in a vat without access to oxygen, gained approximately 3% alcohol, then, after pressing, another 5-7 days in the vat followed by 10 days in the bottle. PetNat went on sale on the 45th day.” The answer to the question of how he acquired knowledge about PetNats, the winemaker referred to an article he had once read in a publication run by the Simple company, which led him eagerly to learn more about it. Perhaps those were the first PetNats in Armenia – in any case, the public had to be explained what it was and how it was consumed. But in general, the young audience (and in Armenia, wine is attracted to young audiences) perceived the new product very positively. PetNats were produced in small batches (the sugar content may change during the bottling process, and therefore must be bottled quickly) and supplied almost entirely to the HoReCa segment. First of all, to supply youth wine bars. They were consumed as an aperitif and generally as a light, summer refreshing drink, and that also applied to red PetNat – the tannins in them were barely noticeable.

As for classic sparkling wine, here also Armenian winemakers produce mainly original products. For example, sparkling based on the so-called orange wine (white autochthonous voskehat, natural, without sulfites), in which the dosage is not made with mass-produced liqueur, but with the pulp of fresh grapes (also an indigenous variety of Chilar)! With aging on the lees for about three years, disgorgement – everything as it should be.

However, one should not think that Armenian winemakers live in some kind of isolated world. Thus, the invited French Champagne winemaker Jerome Baret played a significant role in the development of sparkling wine production in the country. By inviting him, Armenian entrepreneurs (Keush Winery) believed that he would produce wine from his usual varieties: Chardonnay, Pinot Noir, Viognier, and so on. However, Baret, having become acquainted with the terroir near the village of Khachik in the Vayots Dzor region, located at an altitude of 1800m above sea level (perhaps the highest terroir in Europe), stated that it was optimal here to produce sparkling wine from indigenous varieties: white voskehat and khatuna and red arena. By utilising those, fairly high-quality vintage sparkling wines of the classic type were obtained with three years of aging on lees of various categories: Blanc de Blanc, Blanc de Noir, Rosé, etc. The wines were exported to various countries, including the USA, and attained top marks from the specialized press. Acratophoric sparkling wine with European varieties was also produced in Armenia – particularly by the Terras de Armenia company (KARAS brand). Whilst Armenia Wine, with the help of French specialists, produced acratophoric sparkling wine from the indigenous Kangun grapes.

Illustration credit – Lisa Burlutskaya

Kirill Burlutskiy

Author, Judge and Sommelier. Writer of the book named 'Wine Non-fiction Sommelier's Book'. Owner International Sommelier School WineJet.

Armenian lawmakers to participate in Strasbourg program on the protection of human rights in biomedicine

Emma Jilavian

 19:46, 18 January 2024

YEREVAN, JANUARY 18, ARMENPRESS. Deputies of the National Assembly of Armenia will head to Strasbourg on January 21-25 to participate in the "Protection of Human Rights in Biomedicine" project.

According to the corresponding order of the Speaker of the National Assembly, the Chair of the Armenian National Assembly Standing Committee on Health Care Narek Zeynalyan, MPs Lusine Badalyan, Emma Palyan, Armenuhi Kyureghyan, Rustam Bakoyan, Marina Ghazaryan, Tigran Parsilyan, Zemfira Mirzoeva, Arsen Torosyan and Tatevik Gasparyan will head to France to participate in the project on "Protection of Human Rights in Biomedicine".

Civilian Infrastructure and Population Under Attack in Nagorno-Karabakh Amidst Humanitarian Crisis

Emma Jilavian
Jan 7 2024

By: Rizwan Shah

The Nagorno-Karabakh region, also known as Artsakh, has been the epicenter of a destabilizing conflict that has left its civilian population stranded amidst a worsening humanitarian crisis. As reported by the Human Rights Defender of Nagorno-Karabakh, Gegham Stepanyan, Azerbaijan continues to relentlessly attack the civilian infrastructure and the populace, pushing the region into a state of despair and desperation.

The relentless attacks by Azerbaijan have been unyielding. The tools of conflict, as detailed by Stepanyan, include military aviation, artillery, and unmanned aerial vehicles (UAVs). These assaults have led to the appalling situation where the entire population of the region has been forced to take shelter in basements, enduring harsh conditions devoid of basic amenities such as electricity, communication, food, or heating.

The onslaught has triggered a mass exodus of Armenians from Nagorno-Karabakh. As the conflict escalates and the threats to civilian lives increase, the Armenian community is being driven from their homes, forced to seek refuge wherever they can find safety. The history of the conflict has left deep scars on the Armenian community, with the current crisis only serving to reopen these historical wounds.

The humanitarian crisis in Nagorno-Karabakh extends beyond the borders of the region, impacting the Armenian community globally. In the United States, this crisis has sparked protests against the visit of the Turkish ambassador and prompted a response from the USC Annenberg School for Communication and Journalism. The gravity of the situation has underscored the trauma experienced by the Armenian community and highlighted the urgent need for support in the face of this grave humanitarian crisis.

In conclusion, the persistent attacks on the civilian infrastructure and population in Nagorno-Karabakh have precipitated a dire humanitarian crisis. As the world watches, the residents of Artsakh continue to endure the harsh winter without basic utilities or supplies, their lives hanging in the balance amidst the turmoil of conflict.

https://bnnbreaking.com/bnn-newsroom/civilian-infrastructure-and-population-under-attack-in-nagorno-karabakh-amidst-humanitarian-crisis/

An Armenian Orthodox Christmas Reflection

Emma Jilavian
Jan 5 2024
January 5, 2024
 Personal Essay·Schools
bySuperintendent Cliff Chuang 莊 宏 毅

This reflection written by John Glenn Middle School Principal Jonathon Hartunian originally appeared in the Superintendent’s Update by Superintendent Cliff Chuang on Friday, Jan. 5. Please find this week’s full issue of Superintendent’s Update and back issues at bedfordps.org.

By Jonathan Hartunian, JGMS Principal

My great grandparents on my mother’s side and grandparents on my father’s side survived the Armenian Genocide in the early 20th century. They were forced to flee their homeland in what is now modern-day Turkey, and immigrated to the United States, eventually settled in the Boston area.

As immigrants, they were thankful for their freedom and the opportunities they now had. While they never forgot their Armenian roots and did much to preserve them, they fully embraced their new American life, culture, language, and norms.

My parents also worked hard to teach my older brother, younger sister, and I about our Armenian background. We attended the First Armenian Church in Belmont where my grandfather and Armenian Genocide Survivor Vartan Hartunian served as their minister for more than 40 years. At church, we learned about our history, culture, religion, and that Jan. 6 was “Armenian Christmas,” the day of Jesus Christ’s birth.

As American Armenians, my family always celebrated Christmas on Dec. 25. Santa Claus, or as Armenians say, Gaghant Baba, filled our stockings and gift giving/receiving always happened on Dec. 25. Armenian Christmas was a time to recognize our Armenian heritage and celebrate that our people and culture are still thriving despite the persecution and genocide committed against Armenians throughout our history.

We celebrated Armenian Christmas by getting together with family and eating our favorite Armenian food such as lamejun (Armenian Pizza), choreg (sweet bread with sesame seeds), dolma (vegetables stuffed with meat and rice), yalanchi (rolled grape leaves with rice stuffing), lavash (Armenian flatbread cooked in a fire pit), losh kebab (spicy barbecued Armenian beef and lamb), bedegs (cheeses wrapped in phyllo dough), and buttery rice pilaf. We also indulged in our favorite Armenian desserts. Mine is kadayif which is a rich, sweet cream surrounded by shredded phyllo dough and sweetened with syrup.

As a child, I didn’t speak of Armenian Christmas outside of home and church. It felt strange to have what some perceived as an additional and “different Christmas” because many of my peers had never heard of such a thing. It is refreshing that now we celebrate our diverse experiences in a way that allows each of us to be proud of who we are, where we came from, and to help educate others about our culture and traditions.

For the Hartunian family, Armenian Christmas is a day of cultural reflection and celebration. With my family, I enjoy continuing past family traditions as well as reaching out to my Armenian family, friends, and colleagues and wishing them a Merry Christmas every January 6th!

Here is some information around why Armenians celebrate Christmas on January 6th.

Pontificial Divine Liturgy for Holy Nativity, Theophany of our Lord Jesus Christ served in St. Grigor Lusavorich Church

Emma Jilavian

 16:21, 6 January 2024

YEREVAN, JANUARY 6, ARMENPRESS. On January 6, His Holiness Garegin II, Supreme Patriarch and Catholicos of All Armenians offered the festive Divine Liturgy of Holy Nativity in St. Grigor Lusavorich( Gregory the Illuminator) Church in Yerevan, the press service of Mother See said.

During the Holy Liturgy, the Catholicos of All Armenians greeted Armenians  all over the world with the heavenly tidings: "Christ is born and appeared" and delivered his message on the occasion of the holiday.

The Impact of Starlink on Internet Access in Armenia

Emma Jilavian
Anyuakmedia
Jan 2 2024

Armenia, a small landlocked country in the South Caucasus region, has long struggled with limited internet access. However, a new development has the potential to revolutionize internet connectivity in the country. Starlink, a satellite internet constellation being constructed by SpaceX, promises to bring high-speed internet to even the most remote areas of Armenia.

For years, Armenia has faced challenges in providing reliable and fast internet access to its citizens. The country’s mountainous terrain and limited infrastructure have made it difficult to extend internet connectivity to rural and remote areas. As a result, many Armenians have been left without access to the digital world, hindering their ability to participate in the global economy and access educational resources.

Starlink aims to change this by deploying thousands of small satellites into low Earth orbit. These satellites will form a mesh network, providing global coverage and enabling high-speed internet access in even the most remote corners of the world. The technology behind Starlink holds great promise for countries like Armenia, where traditional internet infrastructure is lacking.

One of the key advantages of Starlink is its ability to bypass the need for extensive ground infrastructure. Traditional internet providers rely on a network of cables and physical infrastructure to deliver internet connectivity. This approach is costly and time-consuming, making it difficult to reach remote areas. Starlink’s satellite-based approach eliminates the need for extensive ground infrastructure, making it a more viable option for countries like Armenia.

Moreover, Starlink’s satellite network can provide internet access at speeds comparable to or even faster than traditional broadband connections. This is a significant improvement for Armenia, where slow internet speeds have been a major hindrance to economic growth and development. With Starlink, Armenians will be able to access high-speed internet, enabling them to participate in online businesses, access educational resources, and connect with the global community.

Another advantage of Starlink is its potential to enhance internet reliability. Traditional internet connections in Armenia are often prone to disruptions and outages, particularly in rural areas. This can be detrimental to businesses and individuals who rely on a stable internet connection. Starlink’s satellite network, on the other hand, is designed to provide a more reliable and consistent internet connection, even in remote areas. This will greatly benefit Armenians who have long struggled with unreliable internet access.

However, it is important to note that the implementation of Starlink in Armenia is not without challenges. One of the main concerns is the cost of accessing Starlink’s services. While SpaceX aims to make the service affordable, it may still be out of reach for many Armenians, particularly those in rural areas with lower incomes. Addressing this issue will be crucial to ensure that Starlink’s benefits are accessible to all Armenians, regardless of their financial situation.

In conclusion, Starlink has the potential to revolutionize internet access in Armenia. By bypassing the need for extensive ground infrastructure and providing high-speed and reliable internet connectivity, Starlink can bridge the digital divide in the country. However, ensuring affordability and accessibility for all Armenians will be key to fully harnessing the benefits of this groundbreaking technology. With Starlink, Armenia has the opportunity to overcome its internet access challenges and join the global digital community.

Armenpress: Deposit portfolio in Armenian banking system has reached record high – PM says at Central Bank

Emma Jilavian

 08:45,

YEREVAN, DECEMBER 29, ARMENPRESS. Prime Minister Nikol Pashinyan has visited the Central Bank to participate in a New Year and Christmas reception.

The event was attended by President Vahagn Khachaturyan, Deputy Prime Ministers Mher Grigoryan and Tigran Khachatryan, Chief of Staff of the Prime Minister’s Office Arayik Harutyunyan, Governor of the Central Bank Martin Galstyan, Cabinet members, MPs, Central Bank staffers and bankers.

Below is the transcript of PM Pashinyan’s speech published by his office:

"Dear representatives of our banking system,

I greet everyone and I am happy to see you. I must record that the Central Bank, and the banking system in general, is obviously one of the most important institutions of our state. Since 2018, the government's policy has been as follows: we must provide proper conditions to ensure the institutional independence of the Central Bank. And we have consistently pursued this policy, which did not mean a break at all, because, in fact, representatives of the Central Bank participate in all our strategy discussions, all conceptual discussions, but at the same time, we made a decision, an obvious decision, which had been the subject of discussion in Armenia for a long time, that the institutional separation of functions should be fully ensured.

I am sure that this is also the reason why we, having gone through very severe shocks, have been able to ensure macroeconomic stability, because the Armenian government, of course, has and expresses its positions and approaches on all issues, but the government has never crossed institutional lines and relies on the institutional capacity and responsibility of the Central Bank. I think this decision has justified itself.

And, indeed, in our financial market, there were complications related to the general macroeconomic environment, but it is also due to this approach that we were able to make a precise division of labor, everyone did his job, as a result of which macroeconomic stability was ensured in the most critical period, after which we have been successfully providing high economic activity and growth for several years. And, as a matter of fact, according to the calculations of the Central Bank, more than 28 percent economic growth has been ensured in Armenia since 2018.

I want to emphasize that in general the banking system operates in an environment without political pressure. And this is also something that I think is good, it should be just like that, but on the other hand, I think it should also be recorded, because these nuances that are not noticed, are not recorded, they provide a background for the stability of macroeconomic, financial markets. And when we combine all this with the environment of high economic growth, we see that our banking system also has impressive indicators, in particular, as of November 2023, the total deposit portfolio of the banking system of Armenia registered a record-high indicator of 5 trillion 619 billion 277 million AMD. It is very important that the growth is sustainable and continuous. This indicator exceeds the October indicator of this year by almost 84 billion AMD, 1.51 percent, and exceeds the indicator of the same period of 2022 by 13.46 percent, and compared to 2018, the deposit portfolio has almost doubled, the growth is over 95 percent.

The total credit portfolio of our banking system has also registered a record-high indicator: as of November, 5 trillion 365 billion 604 million AMD, which is again 2.2 percent higher than the October index, 21.3 percent higher than the November index of last year, and compared to November 2018, more than 57 percent. I think it is important to record that the total deposit portfolio exceeds the total credit portfolio by 253 billion AMD, which is a very important guarantee of the stability of the banking system.

I would like to raise one or two more facts. As of November 30 of this year, the number of customers of the banking system was 4 million 442 thousand 950 people, which increased by 19.3 percent compared to 2022, and 65.7 percent compared to 2018. As of September 30, the total number of customer accounts of the banking system was 8 million 995 thousand 422, which in is 22 percent more than 2022, and 78 percent more than 2018.

These indicators are impressive and along with the decisions on capital increase that the Central Bank President mentioned, the opportunities for stability of our banking system has increased to a certain extent, which is a very important circumstance for increasing the potential of economic growth. The fact that the deposit portfolio is much larger than the loan portfolio also gives hope that the banking system still has some potential to contribute to at least 7 percent economic growth next year. Here, our business sector, the real sector, should focus on the quality of the programs to also generate interest in the banking system.

I want to congratulate all of us on the occasion of these indicators and also thank the people who have made an effort to get us into the zone of green indicators. And, of course, this is not the peak of our capabilities, our first task is to ensure stability and the second task is to realize the potential that exists in the economy and banking system. The government tends to promote that policy.

I also want to emphasize that we have been implementing certain social programs in recent years with the hope that the our partners from the banking system will support and actively participate. I would like to thank all the banks that responded to the social programs of the government during this period and expressed practical and moral support. This is an important partnership.

I also think that on the other hand, we see new manifestations in our economy, which we also need to promote, which are related and not related to the banking system. We see that there are certain trends of activation in the stock market. I remember that in 2018-2019 we were discussing how important branch it is in the macroeconomics, and I am glad that there is some movement here as well. Of course, banks and the banking system are still the main actors here, both in the role of issuer and buyer, but I think it is what it should be like. We have no other expectations for reviving the market, to give it a start, it is important for us that this mechanism starts working. When the work of that mechanism also becomes sufficiently reliable, I think we will see new players there.

Dear attendees,
Dear representatives of the banking system,

I thank all of you for the work done in 2023, and of course, I am sure that we are all motivated to ensure high economic growth in the Republic of Armenia in 2024 like in the pervious years. For this, of course, the effective work of all branches of government is necessary, but also the Central Bank and the banking system obviously have a very significant role on the way of solving this political task.

I thank you for this readiness and motivation, so that next year, when we gather here, the indicators of not only the banking system, but also the macroeconomic indicators of Armenia, in general, will be in the green zone and we will all feel satisfied with our work. I wish you and all your families a Merry Christmas and a Happy New Year."

Prime Minister participates in the informal summit of the heads of the CIS member states

Emma Jilavian

 20:18,

YEREVAN, 26 DECEMBER, ARMENPRESS. Prime Minister Nikol Pashinyan took part in the unofficial summit of the heads of CIS member states in St. Petersburg, the Prime Minister's Office said.

First, the participants posed for a family photo, then the Russian President Vladimir Putin greeted the participants.

According to the source, issues related to cooperation in the CIS zone were discussed at the meeting.

Before that, the leaders of the CIS countries had visited the "Pavlovsk" State Artistic and Architectural Palace and Park Museum-Reserve, the Catherine Palace, the complex of Peterhof palaces and gardens, and during the tour got acquainted with the exhibits of historical significance.