ArmInfo. Armenia intends to improve its performance by five positions in the World Bank's Doing Business ranking in terms of attracting loans. At its meeting on January 20, the RA National Assembly discussed in the first reading amendments to the Civil Code and the Law on registration of rights to movable property.
As RA First Deputy Minister of Justice Rafik Grigoryan noted in his speech, Armenia currently ranks the 48th in the "Doing Business" ranking in terms of attracting loans. For comparison: the positions of countries such as Georgia, Azerbaijan, Kazakhstan, Latvia, etc. are much higher. The proposed amendments to the Civil Code provide for streamlining the provision regarding the possibility of using fruit production income as collateral when attracting credit resources. The current law perceives this right perceived as mandatory. With the introduction of amendments, this provision will qualify as "if any". Another provision relates to amendments to the Law on the registration of rights to movable property. As an example, the deputy minister cited a store selling electrical equipment. When they are registered as collateral, each product is recorded separately, which sometimes takes up to 10 pages. Now it is proposed to limit ourselves to group fixation indicating the subject of the pledge, its description and value. In the future, when selling these products, the amount of the pledge is not subject to change, with the exception of cases stipulated by the agreements. At the same time, real estate, vehicles, stocks and others cannot be considered as objects of collateral. Rafik Grigoryan emphasized that Armenia in this indicator is significantly inferior to many states, among which Azerbaijan (1st place), Tajikistan (11), Latvia and Georgia (15), Macedonia and Kazakhstan (25), Ukraine (37).