Risks of exiting EAEU are obvious: Finance Minister Monday, January 13 2025
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 ArmInfo. There are numerous risks associated with Armenia's exit from the Eurasian Economic Union (EAEU), as stated by RA Finance Minister Vahe Hovhannisyan during a briefing in parliament on January 13. "Many different risks are being calculated, including those connected with this. All risks are assessed and considered," he said. |
ArmInfo. Economic relations between Armenia and Iran are at a high level, and in order to maintain and deepen them, it is necessary to intensify practical actions to increase trade turnover and expand areas of cooperation. This was stated by the Minister of Economy of Armenia Gevorg Papoyan during a meeting with the delegation of the Majlis (Iranian parliament), headed by the head of the IRI-RA friendship group Ara Shahverdyan. The meeting was also attended by the Ambassador of Iran to Armenia Mehdi Sobhani and the head of the RA-IRI parliamentary friendship group of the National Assembly of Armenia Narek Babayan.
ArmInfo. In the context of global economic and geopolitical challenges, Armenia's membership in the EAEU is extremely important for the stability of the country's economy. This is stated in a statement by the President of the Russian Tashir Group of Companies Samvel Karapetyan.
ArmInfo. Ameriabank has signed a $200 million long-term loan agreement with the International Finance Corporation (IFC) to support climate finance initiatives, micro, small, and medium enterprises (MSMEs), and women-owned MSMEs in Armenia. The agreement, the largest ever signed between IFC and a financial institution in Armenia, represents a significant milestone in advancing Armenia’s green transition, enhancing climate resilience, and aligning with both national and global climate goals. Half of the funding will be allocated to climate finance projects, a quarter to MSMEs, and another quarter to women-led MSMEs.
ArmInfo. ARMSWISSBANK CJSC proudly announces its membership in the United Nations Environment Programme Finance Initiative (UNEP FI) and its commitment as a signatory to the UN Principles for Responsible Banking (PRB). This milestone reaffirms the Bank’s dedication to driving sustainable development and aligning its strategies with the goals of the Paris Agreement and the United Nations Sustainable Development Goals (SDGs).
ArmInfo. In the insurance market of Armenia, the loss ratio for compulsory motor third-party insurance increased to the 81.5% by December 2024, from last year's 70%. This is evidenced by data from the Bureau of Motor Insurers of Armenia. The growth of the ratio in January-November 2024 was observed against the background of a deterioration in the annual dynamics of the number of active contracts - from 12.8% growth to 0.8% decline, an imperceptible acceleration of the already moderate growth of insurance premiums - from 3.4% to 9.4%, in parallel with which a pronounced acceleration of double-digit growth in compensation was recorded from 15.7% to 21.9%. According to the Bureau, the number of vehicles with OSAGO policies in January-November 2024 increased slightly - by only 1.7% y/y, while a year ago the growth was 9.9%. In quantitative terms, by the beginning of December 2024, there were 670,527 vehicles with MTPL contracts in the country, but the number of active contracts was 1.192 million (minus terminated ones - 1.081 million).
ArmInfo.There are no plans to implement Universal Health Insurance (UHI) in Armenia in 2025. Minister of Finance of Armenia Vahe Hovhannisyan stated this in parliament on November 1, noting that there is no corresponding expenditure item in the draft budget for the following year.
ArmInfo. Armenia will receive grant funds from the European Investment Bank (EIB) for the implementation of the second energy efficiency program in Yerevan. On January 9, the government approved the draft on ratification of the relevant agreement with the EIB on an investment grant.
ArmInfo. On December 27, the Government of Armenia approved the draft decree of the President of Armenia , which provides for the provision of a technical assistance grant in the amount of 12.9 million euros.
ArmInfo.The Russian side did not respond to our proposals sent last fall to amend several provisions of the intergovernmental agreement on telecommunications. We intend to send our proposals to them again in January, as stated by the Minister of High-Tech Industry of Armenia, Mkhitar Hayrapetyan.
ArmInfo. Armenia has used state funds not only to purchase the satellite, but also to construct a ground station and provide training for specialists. This was stated by Mkhitar Hayrapetyan, the Minister of High-Tech Industry of Armenia, during a press conference. "In addition to this, there were no extra expenses," he noted.
ArmInfo. Cadastral maps don't serve as the primary source for determining the borders of the Republic of Armenia, as stated by Suren Tovmasyan, the head of the Cadastre Committee, at the final press conference on January 7, when addressing concerns about potential issues with cadastral maps for residents of Voskepar and Baghanis villages in the Tavush region during the delimitation process. According to Tovmasyan, he does not have information about any potential changes in the Voskepar- Baghanis section.
ArmInfo.There was a roughly 13% increase in real estate transactions in Armenia in 2024, as stated by Suren Tovmasyan, the head of the Cadastre Committee, at the final press conference on January 7.
ArmInfo. Wine production volumes, including sparkling wine (champagne), have decreased in Armenia, while all other alcoholic beverages produced in the country have seen growth. According to data from the RA Statistical Committee, over 9.1 million liters of wine (a 27.1% annual decline) and 1.2 million liters of champagne (an 11.4% annual decline) were produced in Armenia from January to November 2024. On the other hand, cognac production in Armenia increased by 4.9% year-on-year to 18.4 million liters, and vodka, liqueur and other alcoholic beverages increased by 0.2% to 1.2 million liters. Beer production in Armenia also saw a 2.3% increase over the year, totaling 27.1 million liters. However, the volume of whiskey produced increased significantly by 6 times to 4.7 million liters.
ArmInfo. By December 2024, the industrial sector of Armenia had accelerated its annual growth rate from 2.1% to 7.6%, surpassing the volume of 2.6 trillion AMD ($6.8 billion). However, in November alone, the industry showed a decline of 0.5% to 274.1 billion AMD ($704.8 million). This is evidenced by data from the Statistical Committee of the Republic of Armenia. Such annual growth can be attributed to the increased growth in the manufacturing industry, while the mining sector experienced a deeper decline.
ArmInfo. Inflation of 1.5% was recorded in the consumer market of Armenia in January-December 2024 compared to the deflationary 0.6% in 2023. This increase was driven by a 2.2% rise in food prices and a 2.5% increase in service tariffs, while non-food prices decreased by 1.8%. In contrast, the previous year saw a more significant increase in prices across all three categories, with 3.5%, 3% and 0.1%, respectively. This is evidenced by data of the RA Statistical Committee, according to which the average monthly price growth on the consumer market was 0.1% in January- December 2024, in contrast to a 0.1% decline in 2023. In annual terms (compared to January-December 2023), inflation decreased to 0.3% (from 2% a year earlier). This decrease was facilitated by a 1.2% decrease in the price of food products and a 0.8% decrease in non-food products, with a slight slowdown in the growth of tariffs for services to 3%.
ArmInfo. In Armenia, economic activity growth slowed down to 7.4% per annum in January-November 2024 compared to 9.4% in the same period of 2023. This is evidenced by the final data from the RA Statistical Committee, which also shows a decline in the dynamics of exports and imports.
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