Monday, January 20 2020 15:23
Alexandr Avanesov

Armenia intends to improve its performance in World Bank`s Doing  Business ranking by five positions

Armenia intends to improve its performance in World Bank`s Doing  Business ranking by five positions

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).

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