Economy

Armenia's PM: We are directly on the verge of recession

10/04/2020 13:00

Armenia's PM: We are directly on the verge of recession

Unfortunately, we are on the verge of recession. Apparently, it will be impossible to avoid it. Nobody knows the scenario of this crisis and how long the pandemic will last.

IMF to disburse $280 million to Armenia after the Board meeting in mid-May

10/04/2020 12:20

IMF to disburse $280 million to Armenia after the Board meeting in mid-May

We are happy to announce that the IMF team reached a staff-level agreement with the Armenian authorities on the conclusion of the second review under their economic reform program supported by a three-year SBA. The agreement is subject to approval by the IMF’s Executive Board, which is scheduled to consider the review in mid-May. T

BBC: Oil producers agree to cut production by a fifth

10/04/2020 10:09

BBC: Oil producers agree to cut production by a fifth

It said the cuts would be eased to eight million barrels a day between July and December. Then they would be eased again to six million barrels between January 2021 and April 2022.

Armenia's deputy PM still waits for response from Gazprom

09/04/2020 14:07

Armenia's deputy PM still waits for response from Gazprom

“There is no response yet. I think it is agreed with the working and non-working days. We are expecting the response a bit later,” Grigoryan said at press conference.

Prices of meat, butter, rice to go down: Armenia’s deputy PM

09/04/2020 12:55

Prices of meat, butter, rice to go down: Armenia’s deputy PM

“It relates to a number of food and industrial products the price of which will go done by about 3%. In particular the prices of meat, butter, rice, vegetable oil, margarine, raw cigarette, fertilizers, number of medicine, and others will go down,” the deputy PM said.

Armenia’s government has clear strategy to overcome the crisis: PM

09/04/2020 12:09

Armenia’s government has clear strategy to overcome the crisis: PM

“All the grounds exist for continuing this process, but I want to stress that these decisions have been made without government’s administrative influence. I consider it very important to stress. The banking system is in very mild condition,” the Prime Minister said.

U.S. assistance to Armenia in 2019 was up by 40%: report

07/04/2020 12:16

U.S. assistance to Armenia in 2019 was up by 40%: report

“During the year the active dialogue with the USA on different levels has been preserved. On May 7 the first session of Armenian-U.S. strategic dialogue took place in Yerevan,” the report said.

Armenian PM hopes to reach arrangement with Russian President over gas price

06/04/2020 21:20

Armenian PM hopes to reach arrangement with Russian President over gas price

Today I had a phone conversation with Russia’s President Vladimir Putin. We have discussed the issue of reduction of gas price. I have told him that taking into account the crisis situation, I expect to discuss the issue with him and reach arrangement.

Armenia’s PM, Russian President discuss gas supply issues

06/04/2020 14:53

Armenia’s PM, Russian President discuss gas supply issues

The parties discussed issues related to natural gas supplies to Armenia. Information was exchanged on the steps taken to combat the COVID-19 pandemic. The two leaders noted that the situation is under control in both countries.

Fitch Revises Outlook on Armenia to Negative; Affirms at 'BB-'

06/04/2020 12:12

Fitch Revises Outlook on Armenia to Negative; Affirms at 'BB-'

The rating organization said 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. This is in the context of Armenia's relatively high net external debt and structural current account deficit, which is only partly financed by non-debt creating capital inflows.

Change of gas prices to result in drastic rise of prices, poverty: expert

02/04/2020 17:45

Change of gas prices to result in drastic rise of prices, poverty: expert

“Currently the Public Services Regulatory Commission does not have real, effective and pragmatic tools to influence the price policy of Gazprom Armenia. According to the agreements signed in December 2013, the annual income of the company must make 9%,” he said, stressing that it is rather complicated figure if to consider the investment policy of the company and the modest dynamics of gas consumption in the country.

Armenia’s government offers Russia to start new talks over gas price reduction: Deputy PM Mher Grigoryan applies to Miller

31/03/2020 14:58

Armenia’s government offers Russia to start new talks over gas price reduction: Deputy PM Mher Grigoryan applies to Miller

“Taking into consideration the forecasts and the current situation with oil and gas prices, we consider it expedient to start new negotiations over the change of the gas price supplied to Armenia.

Armenia’s deputy PM: Gas prices will globally change

30/03/2020 14:18

Armenia’s deputy PM: Gas prices will globally change

He emphasized the necessity of analyses, adding that the formula option of price will be more acceptable and available for Armenia.

New restrictions by Russian government not to affect Armenian cargo transportation: PM

28/03/2020 21:27

New restrictions by Russian government not to affect Armenian cargo transportation: PM

“This fact has been confirmed during my phone conversation with the Russian Prime Minister,” he said.

Armenia faces cargo transportation issues in Lars and Bagratashen

25/03/2020 18:39

Armenia faces cargo transportation issues in Lars and Bagratashen

He said today the Armenian and Georgian PMs will hold a phone conversation to give solution to the issue.

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