Category: 2020

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Hambardsumian Paul

Armenian minister sure despite crisis economic activity will be restored quickly

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 13:29, 3 April, 2020

YEREVAN, APRIL 3, ARMENPRESS. Decline in economic output in Armenia will be greater compared to the forecasts at the beginning of the year, Minister of Economy Tigran Khachatryan said at a press conference, however, expressing confidence that the economy will be able to restore its potential quickly.

Commenting on the forecasts by the Central Bank according to which the novel coronavirus (COVID-19) will have a negative impact on the economic growth rates, the minister shared this assessment, but noted: “The peculiarity of the CBA’s forecast is that it is an assessment of a concrete situation, in other words an assessment made as of this moment. We think that this year the decline in economic output will be greater compared to the forecasts made in the beginning of the year. At the beginning of the year these outcomes were quite optimistic and the figures of the first two months were no worse than the very good indicators recorded in 2019. But this shows one thing that we can produce, can have such an economy that is growing with high rates. This crisis will pass. Despite the difficulties of 2020 we will quickly restore both the potential and the economic activity”, the minister said.

In late December 2019, Chinese authorities notified the World Health Organization (WHO) about an outbreak of a previously unknown pneumonia in the city of Wuhan, central China. WHO declared the outbreak of the novel coronavirus a global pandemic and named the virus COVID-19. 

According to the latest data, number of people infected with coronavirus in Armenia has reached 736. 43 patients have recovered, 7 died. At the moment, the active cases are 686.

On March 16 Armenia declared a 30-day state of emergency to battle the spread of COVID-19. The state of emergency is effective until April 14, 17:00.

Edited and translated by Aneta Harutyunyan




Armenian President discusses COVID-19 pandemic with UNCTAD’s Director of Investment and Enterprise

Antranik Varosian

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 14:34, 3 April, 2020

YEREVAN, APRIL 3, ARMENPRESS. Within the frames of consultations with international partners on issues relating to fighting the spread of the novel coronavirus (COVID-19), President of Armenia Armen Sarkissian this time had a video talk with James Zhan, Director of Investment and Enterprise at the United Nations Conference on Trade and Development (UNCTAD), the Presidential Office told Armenpress.

President Sarkissian highlighted the role of UNCTAD on assessing the effect of COVID-19 pandemic on global economic processes and highly valued the structure’s analysis on the impact of the pandemic on the global economy.

The Armenian President remembered their meeting in August 2019 when he proposed the structure to conduct the analysis in the report on Armenia’s investment policy in the context of global challenges and opportunities. Mr. Sarkissian said today his proposal is more than relevant as the COVID-19 pandemic is perhaps the main challenge facing the global economy.

Sarkissian also said it would be very important and valuable for Armenia if the structure updates the report on the country, also including the impact of the pandemic on the economy, its possible consequences and proposals for overcoming them.

James Zhan agreed with the Armenian President in terms of expanding the international cooperation for overcoming the economic consequences of the novel coronavirus. He asked President Sarkissian, as also Chair of the UNCTAD Panel of Eminent Persons, to organize consultations with the members of the group to exchange experience and information on the matter.

Mr. Zhan expressed readiness to update the report about Armenia as soon as possible. An agreement was reached that consultations with the Armenian President will continue also in the next weeks.

Back in October 2018 President Armen Sarkissian met with UNCTAD Secretary General Mukhisa Kituyi in Geneva during which they agreed that the structure will prepare a report about Armenia’s investment policy. The report was prepared and submitted for the Armenian government’s discussion in September 2019.

The United Nations Conference on Trade and Development was established in 1964 as a permanent intergovernmental body. UNCTAD is the part of the United Nations Secretariat dealing with trade, investment, and development issues. 

Edited and translated by Aneta Harutyunyan




Armenia’s Civil Aviation Committee denies reports on being stripped of license

Bedik Zaminian
Panorama, Armenia
April 4 2020

The Armenian Civil Aviation Committee has dismissed media reports claiming that the Committee had been stripped of license.

“Armenia is a sovereign state and no structure can deprive a government agency operating under the law of the Republic of Armenia of its right to exercise its powers,” the Committee said in a statement.

The comments come after some media outlets in Armenia claimed that the International Civil Aviation Organization (ICAO) had deprived the Armenian Civil Aviation Committee of license.

The Committee further clarifies that between February 3 and 7, 2020, experts from the European Aviation Safety Agency (EASA) and the European Union visited the country to evaluate the activity of the Committee and two air companies.  On March 6, 2020, the two companies and the Committee received the preliminary evaluation results from EASA, on which the EASA expected to receive the Committee’s opinion to finalize the report on the evaluation results. The Committee will send its observations to the Agency on April 6.

The European Commission plans to present the Agency’s observations and the Committee’s clarifications, at the hearings of the European safety team meeting to be held in Brussels on May 12-14, 2020.

Armenia’s aviation authority reminds that it has repeatedly stated that the Committee has serious problems that are not new, they have a very long history, and time and resources are needed to modernize the structure. Serious and drastic steps are already being taken in that direction.

The Committee notes that the two air companies that were evaluated will temporarily be deprived of the right to fly to European destinations, but may continue their flights to other countries.

Furthermore, the Committee says the decision only applies to airlines registered in Armenia, which make a limited number of flights to European destinations, and this decision will not affect the flights operated by other international companies. In addition, the Committee says it is working closely with the management of the airlines to find solutions to the situation.

The Civil Aviation Committee has also published an open letter by the Regional Officer for Air Traffic Management (ATM) at ICAO Asia and. Pacific (APAC) Office, to the Armenian people.

In the letter Mr. Wicks notes that the problems at the Armenian Civil Aviation Committee are due to long-term systemic issues going back many years. He voices confidence that the leadership of Ms. Tatevik Revazyan, Chair of the Committee, will enable Armenia to make positive changes, which will strengthen and grow the vital Armenian aviation sector.


Fitch ratings: Armenian banking sector fundamentals will weaken as a result of coronavirus shock

Emil Lazarian
Armbanks, Armenia
April 4 2020

04.04.2020 21:51

YEREVAN, April 4. /ARKA/. Armenian banking sector fundamentals will weaken as a result of the coronavirus shock, captured by the negative banking sector outlook for 2020, Fitch Ratings said in a report after revising the outlook on Armenia’s Long-Term Issuer Default Ratings (IDR) to negative from stable and affirmed the IDRs at ‘BB-‘.

According to Fitch Ratings, the coronavirus shock negatively affects the Armenian economy due to its exposures to commodities (a majority of exports), the Russian economy (for remittances, trade and FDI) and to tourism, only partially offset by the benefit of a lower oil price.

Fitch said also it anticipates a marked worsening in banking asset quality, although regulatory forbearance should help banks manage NPL and capital metrics and avoid statutory limit breaches.
At end-February, the sector NPL ratio was 5.7% and Tier 1 capital ratio 15.2% (but unevenly distributed within the sector). Profitability is lower than in similarly rated peers and is expected to come under pressure due to weaker economic growth and higher risk costs.

Government subsidies and co-financing under the coronavirus response package will help support the supply of credit this year. Bank deposits grew 12.2% last year and so far we do not observe sizable outflows as a result of stressed market conditions.

On March 20 Central Bank Board member Arthur Stepanyan said Armenia’s banking sector had no liquidity problem. He said the Central Bank possessed both macro-prudential and regulatory instruments to ensure financial stability and to keep the system in a liquid state.

In his words, all the banks and credit organizations were well aware that, if necessary, the regulator would make certain mitigations so that the system ccould absorb and soften all possible negative developments that may occur in the future.

According to the Central Bank, in 2019 seventeen Armenia-based commercial banks earned 78 billion drams in profit, an increase of 25.4% or 15.8 billion drams from the previous year. Their total capital increased by 73 billion drams or 9.5% compared to 844.8 billion drams. Their assets amounted to 5,805 trillion drams, an increase of 17% or 842 billion drams compared to 2018. The sector’s total liabilities f amounted to 4.960 trillion drams, having increased by 18.3% or 768 billion drams compared to the previous year. ($1 – 502.97 drams). -0-

Charter flight to repatriate Armenian citizens stranded in Moscow

Karagyozian Lena
Panorama, Armenia
April 4 2020

Armenian Embassy in Russia informs that “Red wings” air carrier has received one-time permission from the Russian government to conduct a Moscow-Yerevan charter flight (WZ4323) on April 6 at15.40 that will bring Armenians citizens stranded in Russia back home.

As the source informed, the tickets can be obtained at N94 ticket office of Moscow Domodedovo airport as well as from the airlines office at Yerevan Zvartnots airport.

For enquiries about the tickets the citizens are advised to contact through phone number +7-925-009-92-08, +7-926-618-29-18 in Moscow and +374-91-969612 in Yerevan.

It is noted that all citizens on board of the charter flight will be placed in a14-day mandatory quarantine upon their arrival in Yerevan.

The Embassy also calls on citizens to check the validity of their ID and travel documents and contact the Embassy Consular Service in case of inconsistencies. The contact details of the Embassy are as follows:
phone: 7 (495) 624 – 32 – 43
Emails:

RBC: Russia provides necessary amount of coronavirus diagnostic test systems to Armenia

Khondkarian Raffi
News.am, Armenia
April 4 2020

13:02, 04.04.2020
                  

By the end of spring, Russia will send 3,065 test systems to the other CIS countries for laboratory diagnosis, each of which allows up to 100 tests to detect coronavirus. A source close to the Russian operative headquarters told this to RBC, and a source close to the Russian Foreign Ministry confirmed this information.

Speaking to RBC, a representative of the Embassy of Armenian in Russia also confirmed the information that Russia has sent assistance to fight the coronavirus. “Armenia had sent a petition through the Ministry of Health, and Russia has provided free of charge the necessary amount of test systems for laboratory diagnosis of the coronavirus,” the embassy representative said, adding that bilateral cooperation in this regard continues.

Administrative Court accepts for proceedings Lydian Armenia ex-employees’ lawsuit against Police

Kalantarian Kevo
News.am, Armenia
April 4 2020

17:10, 04.04.2020
                  

Former employees of Lydian Armenia company have issued a statement informing that the Administrative Court of the Republic of Armenia (RA) has accepted for proceedings their lawsuit against the RA Police.

“As we have already informed, in early March we, 35 former employees of Lydian Armenia who are deprived of their legal jobs due to the illegality over the Amulsar [gold mine] project for almost 2 years, have filed a lawsuit with the RA Administrative Court, demanding to recognize the RA Police inaction as illegal, after which we will demand—through courts—financial compensation from the RA Government for the revenues we lost and expected during the operation of the mine during these two years,” they added, in particular. “We will be consistent in restoring and protecting our violated rights—even all the way to the European Court of Human Rights. During this time, more than 80 former employees also have joined the lawsuit.”

They also stated that Lydian Armenia employed about 300 about with an average monthly salary of 600,000 drams, but over the past two years, nearly $70 million in taxes have not been paid to the state budget from the Amulsar project, and the Armenian citizens have been deprived of salaries in excess of $6 million, overall.

Remembering the roots: Kourtney Kardashian reflects on trip to Armenia

Baghdasarian Karlen
Public Radio of Armenia
April 4 2020

As traveling is on hold, Kourtney Kardashian has taken time to reflect on her trip to Armenia with kids and sister Kim last October.

“We were lucky enough to visit Armenia, and to do some really significant things in such a short time. A big part of this trip was visiting the Etchmiadzin Cathedral, and getting our kids baptized there,” Kardashian said in a piece for POOSH.

“It’s not only the first-ever church in Armenia, but is thought to be the first-ever cathedral in the world because Armenia was the first nation to adopt Christianity. It was such a powerful feeling being there,” Kourtney writes, adding that “having the kids baptized there made us feel reverent and humble, and like the right way to help our kids honor their roots.”

She then hailed Armenia’s aspiration to grow in a technology hub, and praised the trend that sees many women start their businesses

“I watched my kids as we drove around the city, and I could tell that they were really taking things in and soaking it up, quietly listening to stories about our family. They also loved the story about how Noah’s Ark had supposedly landed on the huge mountain in Armenia, Ararat. I think that was exciting for them and made them feel proud to be connected to the country in some way,” Kourtney continued.

She said “showing them the Armenian Genocide Memorial was sobering, and I think it’s something they will remember for a long time.”

“It seemed important to recognize this historical event with them—it’s something that we don’t talk or read about in the history books as much as we should, but it’s part of our ancestry” she added.

Kourtney says she was excited to dine with Armenian President, his wife and son at a beautiful, official government home.

“Even though we did a lot in a short time, I definitely will be coming back with my family to experience more of this country. We still have a lot more history to explore,” Kourtney concluded.

Pasadena Unified to Offer Armenian Dual Language Immersion Program in 2020-2021

Emil Lazarian
Pasadena Now, CA
April 3 2020
From PUSD
Published on Friday, April 3, 2020 | 2:35 pm