Reddit cofounder Alexis Ohanian resigns from board

Panorama, Armenia
June 6 2020
Society 18:42 06/06/2020World

Armenian-American entrepreneur, Reddit co-founder Alexis Ohanian is resigning from the company’s board and asking that he be replaced with a more diverse choice.

In a series of tweets Friday, Ohanian urged Reddit to fill his seat with a black candidate, CNN reported. Ohanian, who is married to tennis star Serena Williams, cited his family as one of the reasons for his decision. He tweeted: “I’m saying this as a father who needs to be able to answer his black daughter when she asks: ‘What did you do?’”

He also pledged $1 million to Colin Kaepernick’s nonprofit Know Your Rights Camp. “I will use future gains on my Reddit stock to serve the black community, chiefly to curb racial hate,” Ohanian tweeted.

Reddit said it would honor Ohanian’s request. “I want to take responsibility for the history of our policies over the years that got us here, and we still have work to do,” Reddit CEO and cofounder Steve Huffman wrote on Reddit.

Children of former Azeri security chief acquired luxury UK properties

Investigation into hacked bank files reveals £100m business empire
owned by family of former Azerbaijan minister Eldar Mahmudov
by Jamie Doward and Christian Eriksson
Published on Sun  02.29 EDT
 A string of luxury properties, including a £17m home near Harrods,
were acquired by the children of Azerbaijan’s former security chief,
an investigation has revealed.
Eldar Mahmudov was dismissed as national security minister by a
presidential order in 2015. No official explanation was given for his
removal.
Now, caches of customer files hacked from the Cayman National Bank
(Isle of Man) Ltd (CNBIOM) in November 2019, and subsequently
published online, reveal that Mahmudov’s family has built up an
estimated €100m business and property empire.
Almost all of its assets were acquired through companies linked to
Mahmudov’s son, Anar, 36, and his daughter, Nargiz Mahmudova, 31.
The files reveal that in June 2016 a compliance manager at CNBIOM
drafted an internal memo about a network of “connected entities”
linked to Britannia Group Ltd that were all Mahmudov companies.
“I have serious concerns about this a/c [account] and overall
relationship without even looking at the transactions,” the manager
wrote.
The following month, the bank filed a disclosure with the Financial
Intelligence Unit in the Isle of Man, citing the territory’s Proceeds
of Crime Act 2008.
Between October 2014 and July 2015, the bank, based in the Cayman
Islands, noted Anar Mahmudov had made deposits worth almost £14m into
Britannia Group Ltd’s accounts.
A joint investigation of the leaked data by reporters from the
Organized Crime and Corruption Reporting Project, Finance Uncovered
and Transparency International shows that, among the properties
acquired by the siblings using the “connected entities” identified by
CNBIOM, were two office blocks in Poole and Bournemouth, valued at
£13.5m.
The investigation also reveals that Anar Mahmudov holds the deeds to a
four-storey property in Pont Street, Knightsbridge, bought for
£17.35m.
Anar Mahmudov’s mother-in-law, Zamira Hajiyeva, was famously found to
have spent more than £16m in Harrods. Her husband, Jahangir Hajiyev,
the chairman of Azerbaijan’s state bank, was arrested for embezzlement
in 2015 and later jailed.
After Hajiyev was charged and Eldar Mahmudov dismissed, CNBIOM shut
down the Mahmudov-linked accounts. “It is now important that there is
full transparency and the source of wealth for these investments is
investigated,” said Duncan Hame, Transparency International UK’s
Director of Policy.
Lawyers for Anar and Nargiz Mahmudov told Finance Uncovered that the
family’s wealth can be traced back to an ancestor, Aslan Ashurov, who
made his fortune in the 19th century. They said the siblings’ assets
were all properly registered and accounted for and that Anar Mahmudov
was a successful businessman in his own right.
The cache of leaked documents included a letter explaining that Anar’s
wealth was derived from his aunt, Elmira Mahmudova, who established an
oil and construction firm in Baku.
The investigation found that the Mahmudovs also own properties and
companies in Majorca, Luxembourg and Lithuania.
CNBIOM said in a statement that “it is conscious at all times of its
responsibilities with regard to money laundering… and has always
cooperated fully with the authorities in relation to suspicious
transactions or criminal or regulatory investigations.”
The Mahmudovs’ lawyer was approached by the Observer but did not respond.
Additional reporting by James Dowsett and Claire Peters

We are committed to victorious contribution and message of Sardarapat and Artsakh – PM Pashinyan

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 10:26,

YEREVAN, MAY 28, ARMENPRESS. Prime Minister of Armenia Nikol Pashinyan issued a congratulatory message on Republic Day. As ARMENPRESS was informed from the Office of the Prime Minister of Armenia, the message runs as follows,

‘’Dear people, proud citizens of the Republic of Armenia,
Proud citizens of the Republic of Artsakh,
Proud Armenians of the Diaspora.

Congratulations to all of us on Republic Day!

After taking control of Alexandropol on May 15, 1918, the Turkish vanguard forces reached the village of Sardarapat on May 21: it seemed that they would inevitably enter Etchmiadzin and Yerevan, and the rest of the Armenians were doomed.

The situation was critical. However, it was necessary to stand up to the deadly attack. Aram Manukyan was the one to embody the fighting spirit and the strength of the Armenians. Always fair and decisive, Aram used to say in those days of despair. “Let us all get down to work, and we are sure to be on the winning side!”

Despair soon changed to enthusiasm. In the heroic battles of Sardarapat, Bash-Aparan and Gharakilisa, the Armenian nation once and for all earned its worthy place on the world map. The May victories led to the establishment of the Republic of Armenia.

The heroes of Sardarapat, Bash-Aparan and Gharakilisa became the builders of Armenia’s independence. Eternal glory to Aram Manukyan, Tovmas Nazarbekyan, Movses Silikyan, Dro, Nzhdeh, Daniel and Poghos Bek-Pirumyans, Yezidi cavalry detachment commander Jhangir Agha! Glory to the Armenian army, the people’s volunteer corps fighters and clergy who fought with arms in hand!

On those heroic days of 1918, about 1500 men and women worked hard in the territory of today’s Yerablur to erect military fortifications on the initiative of Aram Manukyan. Yerablur was the defensive end of Yerevan. The victorious battle of Sardarapat prevented Yerevan from being captured, and Yerablur became a special place of pilgrimage years later to commemorate the heroes who gave their lives for the freedom of Artsakh.

Today we are committed to the victorious contribution and message of Sardarapat and Artsakh, we believe that we will have the Armenia of our dream with a just and creative society striving for progress and change, a strong economy and an even stronger and more modern army.

Dear compatriots,

Aram Manukyan used to say. “…you must know that I am powerless without you. The entire Armenian nation is a hero, and our efforts will go in vain unless people want … to work and save the Armenians from impending doom.” Therefore, let us all get down to work for the sake of the Armenia of our dream!

I am convinced that the victorious citizen of the Republic of Armenia will never again allow the loss of statehood or citizenship, the loss of our sovereign rights, the loss of faith and optimism.

The Republic of Armenia must exist on the planet Earth forever, the flag of Armenia must fly high forever, symbolizing our spirit and pride, our freedom and sovereignty.

Long live Freedom!
Long live the Republic of Armenia!
Long live the Republic of Artsakh!
Long live the heroes of Sardarapat, Bash-Aparan, Gharakilisa!
Long live the founding fathers of the First Republic!
And long live us and our children who live and will live in a Free and Happy Armenia!’’

Prime Minister: We are waiting for the comments of the Venice Commission on the issue of the Constitutional Court of Armenia

Arminfo, Armenia


ArmInfo. A referendum on constitutional amendments, according to which it is planned to resolve the issue with the Constitutional Court; can be held in  May-June of next year in the best case.   The Prime Minister of the Republic of Armenia Nikol Pashinyan  announced this on May 16 at a press conference.  According to him,  today, waiting for the end of the pandemic to hold a referendum means  losing time. For this reason, the country’s authorities sent an  appeal to the Venice Commission with a request about the possibility  of solving this problem through the capabilities of the National  Assembly.  To recall, the vote was scheduled for April 5 this year.  The draft amendments to the Constitution of Armenia, developed by the  My Step faction, provided for the termination of the powers of the  chairman and members of the Constitutional Court, appointed before  the constitutional reform in 2015. Only two of the nine judges of the  Constitutional Court, Vahe Grigoryan and Armen Dilanyan, are not  subject to this change. The remaining seven, including the chairman  of the Constitutional Court Hrayr Tovmasyan, became members of the  Constitutional Court in accordance with the provisions of the main  law as amended in 1995 and 2005.

Turkish Press: Bishkek Protocol of 1994 never saw light of day

Anadolu Agency, Turkey
Bishkek Protocol of 1994 never saw light of day

Ruslan Rehimov   | 12.05.2020


BAKU, Azerbaijan

Twenty-six years on, the Bishkek Protocol signed between Azerbaijan and Armenia to end armed conflict remains confined to a piece of paper.

It was signed on May 8, 1994 and went into effect on May 12.

After the Armenian invasion of Nagorno-Karabakh and surrounding provinces in 1991-1993, a cease-fire protocol was signed in 1994.

However, neither the guns stopped blazing, nor any progress was made toward a permanent solution.

The Nagorno-Karabakh conflict started after the disintegration of Soviet Union, followed by Armenians claiming rights in the region. Armenians invaded Khankendi, Khojaly and Shusha in 1991-1992. In 1993, they also invaded Lachin, Khojavend, Kalbajar, Aghdara and Agdam, which were followed by Jabrayil, Fizuli, Qubadli and Zangilan provinces.

Some 20% of Azerbaijan’s land was invaded, while 1 million people were displaced from their motherland.

Following negotiations on May 4-5, 1994 in Bishkek, with initiatives of the Commonwealth of Independent States Interparliamentary Assembly, Kyrgyzstan and Russia, the warring parties signed the cease-fire known as Bishkek Protocol.

The protocol stipulated that the parties would sign a treaty to reach a cease-fire by May 12, 1994, retreat forces from reserved areas, reinforce infrastructure and create a mechanism to enable the return of refugees.

The protocol was signed in Baku on May 8, after the head of parliament made some changes. The word “reserved” was replaced with “invaded”.

The protocol foresaw a detailed deal in the future. However, the peace treaty mentioned in the protocol never saw the light of the day.

Although larger attacks and operations ended after the protocol, the cease-fire remained on paper for 26 years and both parties lost thousands of soldiers, although no official numbers were announced.

International organizations remained helpless

Minsk Group of Organization for Security and Co-operation in Europe (OSCE), founded to solve the crisis, has not put forward a solution yet.

Russian, French and American co-chairs of the group, occasionally visiting both countries, have limited themselves to urging both parties to not violate the cease-fire.

In the process, the UN Security Council (UNSC) passed four different resolutions requiring Armenia to retreat from the invaded areas. Yerevan never complied.

Azerbaijan has added a condition for the peace process to begin; retreat of Armenian soldiers from the invaded areas.

While Azerbaijan promises high-status autonomy for Nagorno-Karabakh, Armenia wants this region to completely detach from Azerbaijan, becoming independent.

Turkey supports Azerbaijan

Since the first day of the conflict, Turkey supports Azerbaijan, referencing international law and the related UNSC decisions.

Turkey’s President Recep Tayyip Erdogan, along with many state officials, repeatedly call on Armenia to stop invasions. Officials say unless the land of Azerbaijan continue being invaded by Armenia, it will be impossible to have diplomatic relations with Armenia.

Because a peace treaty was never signed after the cease-fire in 1994, Azerbaijan and Armenia are still in conflict.

Due to continuous armament of both parties, it seems that the hundred-year-old Nagorno-Karabakh problem is poised to affect the future of both countries.

*Writing by Firdevs Bulut

Armenian analyst: US actions against Tehran don’t correspond to humanitarian approach

News.am, Armenia
May 1 2020
Armenian analyst: US actions against Tehran don’t correspond to humanitarian approach Armenian analyst: US actions against Tehran don’t correspond to humanitarian approach

19:19, 01.05.2020
                  

CIVILNET.Epidemic of Verbal Abuse and Physical Violence in Armenia’s Politics Highlights Fragile State of Democracy

CIVILNET.AM

2 May, 2020 18:16 

By Mark Dovich

Armenia’s politics has seen a wave of violent threats and confrontations in the past two weeks, highlighting the vulnerable state of the country’s nascent democracy nearly two years after the landmark Velvet Revolution swept a reformist government, led by Prime Minister Nikol Pashinyan, into power.

Wave of Confrontation and Violence Hits Armenia’s Politics

On April 28, Alen Simonyan, the National Assembly’s Deputy Speaker, a representative of the ruling My Step alliance, and a close ally of Pashinyan, traded barbs with Edmon Marukyan, the leader of the opposition Bright Armenia party.

The argument began when Simonyan made derogatory remarks about a third lawmaker, Ani Samsonyan, who represents Bright Armenia, Marukyan’s party. Simonyan’s comments toward Samsonyan, which have been widely seen as sexist, led to a tense exchange between Marukyan and Simonyan, with each man hurling personal insults at the other.

Following the feud, both Marukyan and Simonyan posted apology videos on their Facebook pages. In his video, Marukyan apologized for his role in the incident, but also made a point of denouncing Simonyan’s comments toward Samsonyan. For his part, Simonyan focused on his remarks about Samsonyan, saying that he “respects all women” and claiming that his comments were made “in anger”.

Samsonyan also published a Facebook post in response to the incident, thanking her supports for the outpouring of support she has since received and calling for changes to the male-dominated “culture” that dominates Armenia’s politics. Three other female lawmakers from Armenia’s overwhelmingly male legislature—Taguhi Ghazaryan, Lilit Makunts, and Naira Zohrabyan—all make similar calls to “change the [male-dominated] culture” of Armenia’s politics.

Echoing their comments, human rights activist Zaruhi Hovhannisyan suggested that the National Assembly should convene an ethics committee to handle sexist and other discriminatory remarks made by lawmakers. Arman Tatoyan, Armenia’s Human Rights Defender, also commented on the controversy, condemning Simonyan’s remarks and underlining the importance of ensuring respect for women.

Just a day later, Simonyan then became involved in a physical altercation with Artur Danielyan, a vocal government critic, when the two men had a chance encounter in downtown Yerevan. Danielyan is a co-founder of Adekvad, one of Armenia’s most prominent emerging far-right groups, which has become well-known for its xenophobic, antifeminist, and homophobic positions. According to media reports, Danielyan began swearing at Simonyan, after which Simonyan physically assaulted Danielyan. Both men have been hospitalized for injuries sustained in the ensuing brawl.

Simonyan quickly published another Facebook video, apologizing for attacking Danielyan, but also asserting that he could not have let Danielyan’s insults go unaddressed. Additionally, Simonyan pledged to comply fully with law enforcement agencies in their investigation of the confrontation, which is being led by Armenia’s Special Investigative Service. Meanwhile, Danielyan’s lawyer, Tigran Atanesyan, has called on Simonyan to resign and has vowed to press charges against him.

The very next day, Pashinyan launched into a diatribe against Artur Vanetsyan, the former head of Armenia’s National Security Service (NSS). Several days earlier, Pashinyan’s spokesperson, Mane Gevorgyan, accused Vanetsyan of abusing his former position as NSS head to buy a stake in the Zangezur Copper-Molybdenum Combine, Armenia’s largest mining enterprise, from Mikayel Minasyan, former President Serzh Sargsyan’s son-in-law.

Vanetsyan has denied the allegations, which he claims are part of an ongoing smear campaign against him organized by Pashinyan and his inner circle. In defending his claims, Vanetsyan points to a series of critical articles about him published in the Armenian Times (Haykakan Zhamanak) newspaper, whose editor-in-chief is Anna Hakobyan, Pashinyan’s wife. A defamation suit filed by Vanetsyan against the newspaper remains ongoing.

Earlier this month, Pashinyan made even more inflammatory remarks about Armenia’s pre-revolutionary authorities, suggesting in a Facebook video that they could have been “lynched”.

Political Violence in a Transitioning State

U.S.-based political scientist Anna Ohanyan has argued that one of the reasons the Velvet Revolution succeeded two years ago—“its strategy of remaining within the bounds of [the] constitutional order…established by the former authoritarian regime”—may ultimately prove an obstacle to future reform efforts. It is, after all, easier to remake a system from the outside than it is to reform a system from within.

This failure to fully dismantle the pre-revolutionary system has left Armenia’s democracy at an extremely vulnerable point of transition. Indeed, since coming to power, Pashinyan’s widely-publicized drives to rid Armenia of systemic corruption and reduce the political influence of the pre-revolutionary authorities have resulted in piecemeal reforms and ongoing criminal cases at best, falling far short of his supporters’ expectations.

The recent spate of social and political violence in Armenia underlines the challenges the country faces in navigating this difficult position. With the pre-revolutionary authorities doing everything in their power to frustrate and undermine Pashinyan’s reform program—from disseminating fake news to supporting anti-government civil groups—there is little left for many of Armenia’s politicians to do aside from insulting and attacking one another. At the moment, it would seem that confrontation and violence, are, unfortunately, among the few tools left at many Armenian politicians’ disposal. 

Armenia commemorates mass killings anniversary under quarantine

Channel News Asia
 
 
 
A view shows the illuminated Tsitsernakaberd memorial during an event commemorating victims of the 1915 mass killing of Armenians by Ottoman Turks in Yerevan, Armenia, on Apr 23, 2020. (Photo: Vahram Baghdasaryan/Photolure/File Photo via REUTERS)
25 Apr 2020 07:45AM
 
YEREVAN: Armenians have used text messages and mobile phone flashlights to mark the 105th anniversary of mass killings in the Ottoman Empire, dropping their usual march because of coronavirus restrictions.
 
Yerevan, which describes the 1915 killings of Armenians in what is now Turkey as genocide, has traditionally held annual torchlight processions to a hilltop memorial.
 

That description and commemorations around the world have enraged Turkey, which denies the killings were systematically orchestrated and constitute a genocide, and disputes the figures.

Armenia’s government said it was calling on citizens not to go out on Friday, but instead to send text messages to be projected onto the pillars of the memorial.

On Thursday night, in the build-up to the anniversary, it asked people to turn off lights in their houses and light a candle or shine their mobile phone flashlights towards the memorial.

Streets and public squares also went dark as church bells rang out.

“This year millions of people from around the world will have the opportunity to attend the Apr 24 march that will take place in a virtual space,” Armenian Prime Minister Nikol Pashinyan said in a national address on Friday.

Source: Reuters/ec 

 
 
 
 
 

27% of Armenia’s coronavirus patients have pneumonia

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 11:47,

YEREVAN, APRIL 23, ARMENPRESS. 230 coronavirus patients out of the 840 active cases in Armenia have pneumonia, and 10 of them are in critical condition, Healthcare Minister Arsen Torosyan told government officials at the Cabinet meeting.

“Around 230 people have pneumonia, 5 are intubated. Only one of them is rather young, 27 years old, but the latter has a chronic benign serious illness. Doctors are doing everything they can to stabilize the patient’s condition, it seems there are hopes that the patient’s life can be saved,” Torosyan said.

He said the pace of growth of new cases remains the same. In terms of hospital capacity, Torosyan said currently the number of beds is sufficient and it is too early to speak about shifting to other options.

He also warned against easing vigilance in terms of opening up some types of businesses.

“We can’t afford easing vigilance”, he said.

 

Editing and translating by Stepan Kocharyan




RFE/RL Armenian Report – 04/23/2020

                                        Thursday, 
Yerevan Disagrees With Russian Criticism
        • Naira Bulghadarian
Armenia -- Deputy Prime Minister Mher Grigorian at a news conference in Yerevan, 
March 30, 2020.
Deputy Prime Minister Mher Grigorian on Thursday insisted that Russian natural 
gas has never been as cheap for Armenia as was claimed by Russia’s Foreign 
Minister Sergei Lavrov and that Yerevan is right to seek a reduction in its 
current price.
“I agree that during some periods the gas price at the border has been below 
international levels but I cannot share Mr. Lavrov’s view that it was ever two 
or three times lower than the market-based price,” he said in written comments 
to RFE/RL’s Armenian service.
Lavrov dismissed on Tuesday complaints that European Union member states are now 
paying less for Russian gas than Armenia and Belarus because of the collapse in 
international oil prices. He argued that that unlike EU consumers, the two 
ex-Soviet states allied to Russia buy Russian gas at fixed prices that had been 
set well below international market-based levels.
“When the existing price for Armenia and Belarus was two or three times lower 
than the international price this was taken for granted and nobody said that 
it’s politics,” he said, adding that both countries should honor their 
“contractual obligations.”
Grigorian insisted that the Armenian government is not seeking to take advantage 
of the crumbling oil prices that are hitting the Russian economy hard. He 
claimed that Yerevan recently asked the Gazprom giant to cut the price of gas 
delivered to Armenia primarily because the Russians wanted to raise it.
Gazprom raised its wholesale price for Armenia from $150 to $165 per thousand 
cubic meters in January 2019. Nevertheless the cost of gas supplied to Armenian 
households and businesses has remained unchanged since then.
Armenia’s Gazprom-owned gas distribution network has incurred additional losses 
as a result. Last month it asked the Public Services Regulatory Commission 
(PSRC) to allow a roughly 11 percent rise in its retail prices.
Lavrov also said that internal gas prices set by Armenian utility regulators 
make it harder for Gazprom to agree to a deeper discount.
In the context of the gas issue, the Russian minister also criticized ongoing 
criminal investigations into major Russian companies operating in Armenia. He 
singled out the Armenian railway network managed by the Russia Railways (RZD) 
giant.
Grigorian dismissed that criticism, saying that the Armenian authorities cannot 
allow any company to operate “beyond the law.” “On this issue we have a mutual 
understanding with our Russian partners at the highest political level,” he 
added without elaborating.
An Armenian law-enforcement agency raided the Yerevan offices of the network 
called South Caucasus Railway (SRC) and confiscated company documents in August 
2018. The Investigative Committee alleged afterwards that SRC inflated the 
volume of its capital investments by 400 million drams ($830,000).
Both SRC and its Russian operator denied any wrongdoing. Russia’s Deputy 
Transport Minister Vladimir Tokarev said last September that the criminal 
investigation has effectively disrupted RZD’s operations in Armenia.
A spokeswoman for the Investigative Committee said on Thursday it has still not 
charged anyone as part of the continuing probe. Nor have the investigators 
identified any concrete suspects in the case, she said.
Investigators indicted several SRC employees in a separate probe which was 
completed recently. The latter are accused of embezzling a total of 8 million 
drams ($16,600).
In late 2018, law-enforcement authorities also launched a fraud inquiry into 
Gazprom’s Armenian subsidiary. They have not indicted any senior executives of 
the gas operator either.
Armenian Genocide Commemorations Scaled Back Due To Coronavirus
        • Marine Khachatrian
Armenia -- People walk to the Tsitsernakabert memorial in Yerevan during an 
annual commemoration of the 1915 Armenian genocide in Ottoman Turkey, April 24, 
2019.
Citing a coronavirus-related state of emergency, the Armenian government has 
banned people from visiting a hilltop memorial in Yerevan on Friday to mark the 
105th anniversary of the Armenian genocide in Ottoman Turkey.
Huge crowds have for decades marched on April 24 to the Tsitsernakabert memorial 
to some 1.5 million Armenian subjects of the Ottoman Empire massacred or starved 
to death during the First World War.
The government decided to cancel the annual daylong procession because of the 
coronavirus pandemic which has killed 24 people and infected about 1,500 others 
in Armenia. It said that only the country’s top political and spiritual leaders 
will lay flowers at Tsitsernakabert this time around.
Officials will then place 105,000 flowers around the eternal fire of the 
memorial overlooking the city center. According to Deputy Minister of Education 
and Culture Ara Khzmalian, this will be followed by live performances by 
Armenian artists to be broadcast live on the night from Saturday to Sunday.
Armenia - People visit the Tsitsernakabert memorial in Yerevan to mark the 102nd 
anniversary of the Armenian genocide in Ottoman Turkey, 24Apr2017.
It was also decided that street lights will be switched off and churches across 
the country will toll their bells at 9 p.m. on Thursday. In addition, the 
government urged Armenians to turn the lights off in their homes and to light 
mobile phone flashlights by their windows at the same time.
All roads leading to Tsitsernakabert and entrances to the memorial were already 
blocked by police on Thursday afternoon. They will remain closed until Saturday 
night.
People randomly interviewed on the streets of Yerevan welcomed the authorities’ 
decision to scale back this year’s genocide remembrance ceremonies.
“If there is a danger [of spreading coronavirus] then we must avoid that danger 
because we have had enough casualties and must not suffer more,” said one woman.
Government Expects 2% Drop In Armenia’s GDP
        • Sargis Harutyunyan
Armenia -- A cable car at the empty ski resort of Tsaghkadzor, March 15, 2020.
Armenia’s government on Thursday forecast that the domestic economy will shrink 
by 2 percent this year due to the coronavirus pandemic and announced plans to 
borrow more than $500 million to cushion the impact of the recession.
Speaking at a cabinet meeting in Yerevan, Finance Minister Atom Janjughazian 
argued that the global health crisis has caused a major drop in international 
prices of copper, one of the court’s main exports, shut down the Armenian 
tourism sector and will cut multimillion-dollar remittances from Armenians 
working abroad.
Janjughazian said that this necessitates a revision of the government’s spending 
and revenue targets for year which were based on an economic growth rate of at 
least 4.9 percent projected for this year. He said the 2020 state budget should 
be amended to take account of 150 billion drams ($310 million) in 
coronavirus-related relief measures planned by the government and a shortfall in 
tax revenues which will likely total 170 billion drams.
Prime Minister Nikol Pashinian’s cabinet approved corresponding changes in its 
budget proposed by the Ministry of Finance. The changes also have to be approved 
by the Armenian parliament.
Janjughazian estimated that the government needs about 260 billion drams ($540 
million) in “additional financial resources,” presumably foreign loans, in order 
to meet its revised budgetary targets. Armenia’s public debt should therefore 
reach a level equivalent to 60 percent of GDP by the end of this year, he said.
Armenia -- Finance Minister Atom Janjughazian speaks at a cabinet meeting, 
Yerevan, .
According to Janjughazian, the aggregate debt stood at almost $7.3 billion as of 
last month.
The minister did not specify the sources of extra borrowing planned by the 
government.
The authorities in Yerevan can use a $248 million “stand-by arrangement” 
approved by the International Monetary Fund in May 2019. The IMF said at the 
time that the three-year lending program will be launched in case of “unforeseen 
economic shocks.”
In its World Economic Outlook released last week, the IMF forecast a 1.5 percent 
drop in Armenia’s GDP in 2020. It cautioned that this is a “baseline scenario” 
which assumes that the pandemic will fade in the second half of 2020.
The Armenian economy grew by 7.6 percent last year and continued to expand 
robustly in the first two months of this year. However, the situation changed 
dramatically in March as the government put the country under lockdown to fight 
against coronavirus.
The month-long lockdown has involved the temporary closure of most nonessential 
businesses. The government allowed construction companies as well as 
manufacturers of construction materials and cigarettes to resume their work on 
April 13.
Deputy Prime Minister Tigran Avinian said on Thursday that the government will 
also allow other sectors of the economy to resume work if the spread of the 
virus remains “manageable.” But he gave no time frames for their reopening.
Reprinted on ANN/Armenian News with permission from RFE/RL
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