Tag Archives: Armenia

Armenia to build north-south motorway

JUNE 23 2015 (The Conway Bulletin) – Armenia’s parliament approved a $150m loan from the Eurasian Development Bank (EDB) to build a north-south motorway across the country. The EBD is headquartered in Almaty and is bankrolled mainly by Russia and Kazakhstan. It concentrates on member states of the Kremlin-led Eurasian Economic Union.

ENDS

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(News report from Issue No. 237, published on June 25 2015)

 

Armenia debates on debt calculation change

JUNE 22 2015 (The Conway Bulletin) – YEREVAN — Armenia’s government wants to change the way it measures its national debt, a con trick, its opponents have said, which is aimed at massaging the numbers by cutting out the Central Bank’s borrowings.

The Armenian parliament passed a first reading of a bill which will ditch the current state debt and instead measure the national debt.

Atom Janjughazyan, deputy finance minister, said the change was needed to meet international standards.

“The sole purpose of the bill is to improve the financial statistics of the State in accordance with international practice,” he said in parliament.

But opposition MPs said the change was merely a cover for allowing the government to borrow so that it can ease itself out of the current financial downturn, triggered by a fall in the Russian economy, the main economic driver for the former Soviet Union.

And this viewpoint appears to be backed by international economists. Teresa Daban Sanchez, the IMF representative in Armenia, told an Armenian newspaper the country’s external debt is now uncomfortable.

“The government needs to take measures so that the debt against the GDP index begins to fall,” she said.

Armenia’s government has previously said it will borrow to prop itself up through the current economic downturn. Under government rules its debt must be below 60% of GDP.

Mr Janjughazyan, the deputy finance minister, said under the new system, Armenia’s debt measured $4.4b against a GDP of $10.9m, comfortably below the 60% mark.

ENDS

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(News report from Issue No. 237, published on June 25 2015)

 

Interest rates steady in Armenia

JUNE 23 2015 (The Conway Bulletin) – Armenia’s Central Bank kept its key interest rate unchanged at 10.5% as inflation steadied. The Central Bank increased its interest rate to 10.5% in February as it tried to defend the value of its currency.

ENDS

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(News report from Issue No. 237, published on June 25 2015)

 

Russian soldier dies in Armenia

JUNE 15 2015 (The Conway Bulletin) – A Russian soldier was found stabbed to death in the city of Gyumri, Armenia, home to one of Russia’s largest overseas military bases. Media reported that another Russian soldier has been detained on suspicion of killing the man.

ENDS

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(News report from Issue No. 236, published on June 18 2015)

 

US investors to manage Armenia’s Vorotan HPP

JUNE 17 2015 (The Conway Bulletin) – US-based Contour Global Hydro Cascade formally received a 25-year licence to produce electricity at the Vorotan hydropower plants from Armenia’s state regulator. Although a formality, the licence is significant as Vorotan produces around 15% of Armenia’s electricity.

ENDS

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(News report from Issue No. 236, published on June 18 2015)

 

Armenians flee from Syria to Yerevan and beyond

YEREVAN/ARMENIA, JUNE 18 2015 (The Conway Bulletin) — Liana Pakhdigian, 32, was pregnant when she arrived with her husband in Yerevan from Aleppo, Syria, with just one piece of luggage three years ago.

They intended to stay for a fortnight but it has, instead, become their new home.

“War was worsening in Aleppo, forcing us to settle in Yerevan. We didn’t have enough money, shelter or even clothing. So we hired an apartment and intensively searched for a job,” she said.

They left behind their home in Aleppo as well as a furniture manufacturing business.

“We lost everything we had earned in our lives. But what is important is that we’re alive, healthy and looking forward,” the again pregnant Liana said.

She smiled but the tears welling in her eyes betrayed her sadness.
As the war in Syria has worsened, so the number of ethnic Armenians fleeing has increased. Armenians have, generally, been accepting. Armenia’s Ministry of Diaspora now estimates that

it has taken in 12,000 Armenians from Syria since the start of the conflict, most from Aleppo, which was home to more than 80% of Syria’s 100,000 Armenians.

Despite some grumbling, the refugees have generally integrated well. They speak the same language, are the same Orthodox religion and have many of the same customs.

And they are happy to be out of Syria. Gevorg Yepremian, 41, moved to Armenia from Syria 2-1/2 years ago with his wife and two children.

“My salary here is very low and life conditions are far from those in Syria where I have my own home,” he said. “But my children feel good here and they play with many toys. Also, there is no shooting in the streets.”

Then, rather wistfully, more in hope than expectation, he said: “If things improve in Syria I think we’ll go back.”

ENDS

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(News report from Issue No. 236, published on June 18 2015)

Armenia receives World Bank power warning

JUNE 17 2015 (The Conway Bulletin) – Armenia faces a chronic shortage of electricity within three to four years unless it brings online extra generating capacity, the World Bank said in a report.

Power generation in Armenia is particularly controversial as it involves the Metsamor nuclear power station outside Yerevan.

Metsamor, built in the 1970s, generates around 40% of Armenia’s power but is considered a danger by the European Union because of its aging technology and location in an earthquake-prone zone. It has recommended that the power station is closed down although Armenia earlier this year elected to bring a Russian company in to extend the lifespan of the power station.

Lora Bailly, head of the World Bank office in Yerevan, said that even with Metsamor generating power, Armenia still faced a problem.

“Our analysis suggests that in the near future Armenia will need additional capacity to avoid power shortages. It is very important in three to four years to put into operation a new thermal power unit,” she said at a press conference in Yerevan.

And next year the Armenian government plans to close the Metsamor power station for six months for repairs.

Ms Bailly said that Armenia could supplement its current power generation with thermal power.

This month electricity shortages have been in focus in Armenia. The state regulators have just approved a 17% increase in electricity prices, the third rise in two years, irritating many Armenians. Opposition groups have promised protests.

ENDS

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(News report from Issue No. 236, published on June 18 2015)

Electricity price rise in Armenia

JUNE 17 2015 (The Conway Bulletin) – Armenia’s public services regulator approved a 17% increase in electricity prices, the third in two years. The price increase has angered people in Armenia and opposition parties have called for protests.

ENDS

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(News report from Issue No. 236, published on June 18 2015)

Chinese vice-president to visit Armenia

JUNE 10 2015 (The Conway Bulletin) – Chen Changzhi, vice-president of China’s influential National People’s Congress, met Armenian president Serzh Sargsyan in Yerevan highlighting China’s growing interest in Armenia and the wider South Caucasus region.

ENDS

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(News report from Issue No. 235, published on June 11 2015)

Electricity price protests occur in Armenia

JUNE 10 2015 (The Conway Bulletin) – The Armenian government’s proposed increase of electricity tariffs has angered people in Armenia and triggered small-scale protests.

This is the third price rise in two years by the Russia-owned electricity company and activists said they planned a series of protests against it.

A Bulletin correspondent said around 50 people demonstrated in front of Armenia’s energy ministry in Yerevan.

Susan, 33, was one of the protesters.

“Because of their bad management and inappropriate work, they want us to struggle and pay high prices,” she said.

Hundreds had demonstrated in May through Yerevan against the proposed electricity price rises and a group calling themselves Against Robbery threatened more aggressive action.

“We are going to implement radical actions using all our rights stated by the laws,” the statement said.

The Armenia’s Public Services Regulatory Commission it had received an application from the monopoly electricity company Electric Networks of Armenia to increase the cost of electricity by 40%.

The Commission said it was likely to agree the price rise by June 17, although it did not say whether it would approve the full 40% increase. It said electricity imports have become more expensive because of the falling value of the Armenian dram. Hydroelectric power generation has also dropped because of dry weather.

The parliament plans to debate the price rises on June 12 and the government has said it will subsidise the increase for the poorest families.

ENDS

Copyright ©The Conway Bulletin — all rights reserved

(News report from Issue No. 235, published on June 11 2015)