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Macroeconomics

publié le jeudi 28 janvier 2010

AMD 154.8 BILLION SENT BY 325 LARGE TAXPAYERS TO STATE BUDGET IN JAN-NOV 2009
/JAN 20/ARKA/
This amount is smaller by AMD 37.3 billon at the same period of the previous year.
As a result, additional AMD 5.2 billion have been transferred to the state budget as taxes. ($1 = AMD 377.22).
The committee says that tax agencies carried out 704 inspections in Jan-Nov 2009.

ARMENIA’S FOREIGN DEBT TO REACH 36 PER CENT OF GDP BY LATE 2009
/JAN 20/PanARMENIAN.Net/
According to the annual report of the finance ministry, Armenia’s foreign debt will reach 36 per cent of GDP in 2009, against 13.2 per cent in 2008.
More than a half of the foreign debt is formed from loans granted for a 35-40 year-period with 7 to 10 years grace period and average annual interest rate of 0.8 per cent.
The national debt will amount to AMD 140.6 billion or 4.5 per cent relative to GDP at the end of 2009.

THE REAL UNEMPLOYMENT RATE ESTIMATED 27.5%
/JAN 20/"Radiolur"//JAN 21/Tert.am//JAN 21/ARKA/
As of December 2009, the unemployment rate in Armenia reached 7.1%, while it was estimated 6.3% at the beginning of the year, Head of the State Employment Agency Sona Harutyunyan told a press conference today.
  The number of job seekers exceeded 99.3 thousand from which more than 84.4 thousand got status of unemployed. They are mainly women and about 21% are youth.
  The main tasks of employment sphere are quick search of vacancies, contact with employers and job search for uncompetitive groups. "We proposed to make amendments in the legislation which envisage mplementation of two new programs, including creation of opportunities of professional education of rural youth, as well as creation of working conditions for invalids", she said.
  A number of programs have also been implemented thanks to the support of international agencies.
  For the payment of unemployment benefits which is 18 thousand drams and is paid within 6 months, state budget allocated 4.6 billion drams instead of envisaged 3.5 billion drams.
  The number of people who received consultations in regional and territorial agencies was 33.4%, total number of which was more than 193 thousand people. Number of people registered for job search increased by 58.6% instead of envisaged 10% making more than 54.7 thousand.
  4,960 individuals found temporary employment, while 33,300 have received support through the agency’s programs (for which the Armenian government had allocated 1 billion 400 million AMD).
  However, according to her, the numbers do not reflect the real picture of unemployment rate in the country. "We have conducted a research to calculate the real number of the unemployed in Armenia, according to which the unemployment rate was estimated 27.5%, while the official figure is 7.1%. As it is officially said, it’s the ratio of the number of the unemployed to the number of the employed," Sona Harutyunyan said.

RA MINISTER OF FINANCE SUMMARIZES 2009 FISCAL YEAR /JAN 21/NOYAN TAPAN/
In early 2009 the fiscal policy, which was developed based on calculations for a developing economy, was rapidly changed into a new fiscal policy in line with the anti-crisis measures.
In conditions of a fall in tax revenues, the expenditures were not reduced, but even increased. Therefore a fiscal policy to encourage gross demand was implemented both with respect to revenues and expenditures.
The 2009 fiscal policy was aimed at ensuring macroeconomic stability and implementing a policy of economic growth.
  There was a decline in state budget revenues (tax and other revenues) in 2009. It made 676.4 billion drams, declining by 16.4% compared to the previous year. Tax revenues and duties amounted to 522.4 billion drams, falling by 15.9% compared to 2008. The tax revenues and duties/GDP ratio will make 16.6% in 2009, declining by 0.4% on 2008.
  Budget expenditures (without allocations under credit and grant programs from foreign sources, as well as expenses of the State Real Estate Cadastre Committee) will amount to 824.7 billion drams against the envisaged 897.4 billion drams, with the financing plan’s execution of 91.8%.
  In 2009 the state budget deficit will make 7.4% of GDP,
  while the GDP/foreign debt ratio will make 36% against 13.2% in 2008. Loans received for 35-40 years with 7-10 year grace periods make over half of the foreign state debt. The domestic state debt amounted to 140.6 billion drams, including saving bonds of 244 million drams.

GOVERNMENT APPROVES 150 MILLION DRAMS ASSISTANCE TO SMALL AND MEDIUM BUSINESSES
/JAN 21/ARKA/
The government of Armenia has approved today a 150 million Dram assistance to small and medium businesses. The funds will be directed to securing administrative expenses of the National Center for Support to Small and Medium Businesses.
The government has reached agreements also with several international organizations which pledged 100 million Dram in assistance.
The National Center for Support to Small and Medium Businesses plans to help about 3,000 local producers prepare their business plans and raise their awareness about their export possibilities.
  Part of the funds will be spent on showing support to new companies in remote areas.
  Another part will be extended as credits to some 20-25 economic entities - and another 1200 will get concrete help to enter new markets.
  In the first 11 months of 2009 2,465 commercial organizations and 10,868 private entrepreneurs were registered. Overall there are over 128,000 small and medium sized businesses, including 60,000 legal entities and 68,000 private entrepreneurs. ($1=377.36 Drams).

Armenia’s anti-trust body to launch thorough examination of government procurement practices
/JAN 22/ARKA/
Chairman of Armenia’s anti-trust body said today his agency will launch a thorough examination of government procurement practices.
Speaking at a news conference, David Harutyunian, head of the State Commission for Protection of Economic Competition, said his agency and the ministry of finance signed last year an agreement on supervision of government procurement process. He said the focus will be on tracking down any conspiracy among bidding companies.
`There are many temptations for public companies and organizations to slip their hands into the government’s pocket. We have, particularly, exposed many instances of inflated prices by bidding companies,’ he said.

Medicine cost did not rise in last two months - State Agency
/JAN 22/ARKA/
State commission on protection of economic competition : in the Armenian market of medicaments variation of prices was not registered in the last two months, said Davit Harutyunyan, Head of).
On December 21, 2009 SCPEC (State Commission on Protection of Economic Competition) adopted decision on application of penalty for a number of pharmaceutical companies for anti-competitive agreement and groundless increase of prices. Administrative case was brought on the basis of many publications of mass media and complaints of the citizens about abrupt increase of prices in September-November 2009.
Five of seven penalized companies applied to the court with administrative complaint for review of the case and two companies applied to the court. In two days after the decision of the Commission reduction of prices of some medicaments were registered.
"Monitoring of medicaments showed that increase of prices was not registered in the market", said Harutyunyan. In the market of cardio-vascular, anti-diabetes and anti-virus medicaments violations of law were registered in seven companies - "Natali Pharm", "Esculap", "Alfa-Pharm", "Vaga Pharm", "Argo Pharm", "Amicus" and "Arpharmacia".
The companies were penalized in the amount of 2% from their income of the last year not more than in 300 million drams and are obliged to reduce prices in 10 days. ($1 - 377.48 drams).

MINISTRY OF FINANCE : ARMENIA TO RETURN TO NATURAL GROWTH POLICY IN 2010
/JAN 25/ARKA/ rmenia in 2010 will return from the anti-crisis policy to a policy of natural growth.
Three major programs has been identified :
  the return from anti-crisis measures to the policy of stable economic development,
  to continue building the country’s budget on a program basis,
  the reform of the procurement system. The situation in 2009 difficult for the economy because of the adverse impact of global crisis, and difficult for the finance department, which bore direct responsibility for the macroeconomic situation in the country.
Despite these difficulties, the Finance Ministry was able to meet all its objectives : to ensure macroeconomic stability, to maintain stability of the financial, economic and banking system of Armenia, to ensure the normal progress of the budget process.

MINISTRY OF FINANCE : ARMENIA TO OBTAIN MEANS OF ANTI-CRISIS FUND FOR FUNDING OF FIVE PROGRAMS
/JAN 25/ARKA/
Armenia introduced five policy proposals for obtaining funds from the Anti-Crisis Fund Eurasian Economic Community ; they concern various sectors and particularly energy, mining sector, metallurgy, information technology and chemistry, which will be discussed to provide funding.
  The Treaty establishing the EurAsEC anti-crisis fund was signed in Moscow on June 9 2009 by six countries - Russia, Kazakhstan, Kyrgyzstan, Tajikistan, Belarus and Uzbekistan with the participation of Armenia.
  The EurAsEC Anti-Crisis Fund dispose about $ 10 billion, provided to develop in two directions. Its focus is the issue of stable or sovereign loans to member countries of the fund and the issue of so-called investment loans for large projects.
  EurAsEC is an international economic organization, with functions related to the formation of common external customs borders of its member countries, the elaboration of unified foreign economic policies, tariffs, prices and other components of the functioning of the Common Market. It has been established in 2000. Currently, the organization includes Belarus, Kazakhstan, Kyrgyzstan, Russia, Tajikistan and Uzbekistan, and the observer countries are Armenia and Moldova.

ARMENIAN GDP FALLS 14.4% IN 2009
/JAN 25/NOYAN TAPAN/
  GDP : 3,165,538 million drams (-14.4%)
  Industrial production : 663,921.1m drams (-7.8% on 2008)
  Gross agricultural output : 555,698.1m drams (-0.1%)
  Construction : 575,709.8m drams (-36.4%)
  Retail trade : 1,075,073.9m drams (+1%)
  Services : 768,910.3m drams (+1.3%)
  Exports : 697.8m USD (-34%)
  Imports : 3,304.1m USD (-25.3%)
  Consumer prices : +3.4%,
  Industrial production prices : +7.1%
  Officially registered unemployed people : 84.5 thousand (+13.1%
  Average monthly nominal salary : 101,958 drams (+9.8%) - State sector : 84,845 drams (15.5% growth) - Non-state sector : 126,407 drams (5.3% growth)
  Average exchange rate : 1$ = 363.28 drams.

IFC ON INVESTMENTS
/JAN 26/Messenger.ge/
A study published by IFC, the International Finance Corporation, which is a daughter company of the World Bank, shows that the most attractive of the former Soviet republics for making investments in are Latvia, Lithuania, Moldova and Armenia.
Georgia, Azerbaijan, Estonia and Uzbekistan are the next most attractive, then Ukraine, Kazakhstan and Tajikistan, with Kyrgyzstan, Russia and Belarus at the bottom of the list.
The list has been drawn up by assessing the activities of Governments and different institutions in the various countries.

IFC HELPS INCREASE MICROFINANCE ACCESS FOR SMALL BUSINESSES IN ARMENIA
/JAN 27/BusinessGhana/
IFC, a member of the World Bank Group, said on Monday that it is helping microfinance access for small businesses in Armenia’s rural areas, promoting growth and sustainable development.
In cooperation with IFC, Inecobank is expected to strengthen its capacity to reach Armenia’s people, most of whom have limited access to microfinance, according to a statement released by the IFC. IFC has introduced an innovative form of support, performance- based grants structured in tranches, whereby clients are rewarded for achieving development targets.
Through a gradual, step-by-step process, IFC will release up to 700,000 dollars of performance-based grants for the bank, making more than 71,000 new micro loans to individuals and small entrepreneurs, mostly in rural areas of Armenia.
"With the onset of the financial crisis, microfinance proved to be one of the most sustainable products for the bank and one of its strategic sector priorities," said Avetis Baloyan,
Inecobank’s CEO.
IFC’s expanded cooperation with Inecobank is part IFC’s regional crises response program. It also is in line with IFC’s strategy for Armenia, which entails supporting the most vulnerable segments of the population by helping microfinance institutions, according to the IFC.

GROUNDLESS INCREASE OF PRICES IN ARMENIA - CONSUMERS’ ASSOCIATION
/JAN 27/ARKA/
"There is a process of groundless increase of prices for some goods and services in Armenia", said Poghosyan Head of NGO "Consumers’ Association".
External factors of price increase (situation and tendencies in world markets) are objective.
Armenia should struggle with internal subjective factors on behalf of monopolies, oligopolies and shadow economy.
It is necessary to control over the turnover of goods and services and increase the number of their names. They should reach up to 500-800 instead of existing 470.
In 2009 utility payments increased by 116.8% compared with 2008, transport and communication - by 115% and entertainment services - by 7.9%.
"Despite certain deficiencies, it is worth mentioning that there is quality increase of a number of goods of local production. For example, bakery, confectionery, milk products and beer", said Poghosyan. Quality increase in water and gas supply was also significant.
"There is progress in many spheres except but public transport", he said.
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