ArmInfo. Armenian Parliament is discussing the Agreement with IBRD signed on May 12 2016, under which the World Bank will provide a US$30 million IBRD loan of variable spread (approximately 1.8%) with a 14.5-year grace period and the total repayment term of 25 years.

ArmInfo. According to the Assessment report conducted by the World Bank mining industry in Armenia depends on operation of one big company, said Kirsten Hund, Senior Mining Specialist at the World Bank, in this context pointing to Zangezur Copper- Molybdenum Complex. She made the remarks during the event attached to the launch of the Armenia Strategic Mineral Sector Sustainability Assessment, organized by the World Bank.

ArmInfo. Debt to the World Bank accounts for 37.9% or $1.7 billion of Armenia's total foreign debt with a 13.3% growth versus Q1 2015 and 1.1% growth for Q1 2016 alone (last year this indicator fell 3.4%). 

ArmInfo.Armenian government will wait for news from the Russian partners on possible cooperation in the issue of reactivation of Nairit chemical plant, Minister of Energy and Natural Resources of Armenia Levon Yolyan told journalists after government session on May 5.

ArmInfo. The employees and the managing staff of the Nairit chemical plant have receive notifications about their dismissal on July 1 2016, Karine Shahverdyan, a member of the NAIRIT NGO Coordination Group of the former employees of the chemical giant, told ArmInfo.  She said the employees have not received salaries since February. Considering the Plant's new arrears of wages (for 3 months), it is not surprising that the remaining 480-500 staff members received dismissal notifications.

ArmInfo.

ArmInfo.The World Bank has not assessed the impact of the escalation in Nagorno-Karabakh on the Armenian economy, Laura E. Bailey, World Bank Country Manager for Armenia, said at a news conference in Yerevan today. She said that the previous years' practice shows that in such cases the matter may concern common confidence that influences the direct foreign investments.

ArmInfo. The World Bank Board of Executive Directors approved today a US$30 million loan for the Power Sector Financial Recovery Program-for-Results (PforR) for Armenia. This Project will support the Government's efforts to maintain adequate and reliable electricity supply by improving the financial condition and governance of the state-owned power generation companies and the private power distribution company, according to the WB website.

ArmInfo. The economies of Europe and Central Asia (ECA) continue to face difficult headwinds in an increasingly complex and uncertain global economic environment, with short-term prospects differing substantially across countries, according to a new World Bank report.

ArmInfo. For now, there are no specific results of the talks between the Armenian Government and RT-Khimkomposit Holding (Russia), Armenian Minister of Energy and Natural Resources Levon Yolyan told reporters on March 31. However, the negotiations are still going on, he said. To note, the talks are to decide the future of the Nairit Plant in Yerevan.

ArmInfo. On March 21 the Minister of Energy and Natural Resources of Armenia called for consolidation of joint efforts for restarting Nairit, a giant chemical plant in Armenia, during a meeting held with the former employees of the plant.

ArmInfo. Armenian Minister of Energy and Natural Resources Levon Yolyan does not rule out possible reactivation of Nairit Plant, the erstwhile chemical giant of Armenia. "Negotiations on possible reactivation are underway. It will be possible to speak of the prospects and opportunities by April 1 with due regard for Russia's proposals," the minister told reporters on March 17.     

ArmInfo. Russian "RT-Khimkomposit" holding, which is a part of "Rostekh" State Corporation, is preparing proposals to the Armenian government for restarting Nairit, a giant chemical plant in Armenia, Minister of Energy and Natural Resources of Armenia Levon Yolyan stated today at the parliament. According to him, the ministry is expecting to receive certain proposals from the Russian side by April 1.

ArmInfo. On March 14, RA Minister of Economy Artsvik Minasyan received the delegation headed by the head of the World Bank (WB) Yerevan Office, Laura Bailey, the press-service of Armenian Ministry of Economy reports. 

ArmInfo. Experts of the World Bank gave a regular forecast for Armenian economy, the monthly economic developments report prepared by the specialists of WB Yerevan Office mentions that in 2016, GDP growth is projected to remain sluggish at 2.5 percent due to continued recession in Russia and structural weaknesses.

ArmInfo.  The data of the International Labour Organization's National Report poorly correlate to the achievements reported by the Armenian Government, Gagik Makaryan, President of the Republican Union of Employers of Armenia (RUEA), said at today's conference when presenting the National Report "Enabling Environment for Sustainable Enterprises" prepared jointly by the International Labour Organization (ILO) and RUEA.  

ArmInfo.Renovated Constitution will ensure a legal platform necessary for development of the country's economy and more rapid progress, President of Armenia Serzh Sargsyan said in his address to the Armenian people.

ArmInfo. Reactivation of Nairit plant is one of important steps for Armenian economic modernization, Head of the Union of Local Commodity Producers of Armenia Vazgen Safaryan mentioned at today's press-conference noting that this year Armenia intends to take steps for attracting investments from Russian "Sibur", China and Iran aimed at reactivation of Nairit chemical plant.

ArmInfo.  On February 11, the Armenian Government approved an action plan for 2016 to improve the business environment in Armenia. Armenian Minister of Economy Karen Chshmarityan said that the action plan is annually approved by the Government and aims to improve the business environment and Armenia's Doing Business indicators. The action plan concerns 12 ministries and implies a total of 29 events. As a result, Armenia can raise its rating from the 34th to the 24th position. 

ArmInfo. The year 2016 will be complicated in economic terms, ex-chairman of the Central Bank of Armenia (CBA) Bagrat Asatryan said at today's press conference in Yerevan, when commenting on the economic events in the light of global developments. "It is senseless to forecast anything.  Nevertheless, everyone understands that the year 2016 will be complicated from the economic point of view," the expert said.