ArmInfo. RA Prime Minister Nikol Pashinyan chaired the regular Cabinet meeting today, the press service of the RA Government reports.  By the decision of the  Government, changes and additions were made to the Law of the  Republic of Armenia "On the State Budget of the Republic of Armenia -  2023" and the decision No. 2111 of the Government of the Republic of  Armenia of December 29, 2022.  Minister of Finance Vahe Hovanisyan  noted that the adoption of the draft decision is due to the  overachievement of budget revenues based on the results of the first  half of 2023, which exceeded the plan for the first half by about 50  billion AMD. As a result, the reserve fund is replenished by 10  billion AMD due to the increase of the tax revenues. "Let me note  that before this, with 10 decisions, our plan had already increased  by around 7.5 billion AMD, the main part of which, approximately 6.5  billion AMD, was allocated to Nagorno Karabakh," said Vahe  Hovhannisyan.  Prime Minister Nikol Pashinyan also referred to an  important decision made in the previous Cabinet meeting, which is  related to the development of the capital market, reminding that a  special place is given to the development of the capital market in  both the 2018 Action Plan and the 2021 Action Plan of the government.   The Prime Minister assured that in the steps aimed at giving a new  impetus to the economic development of Armenia since 2018, the  development of the capital market can become the new component that  will not only become a new stimulus for economic development, but  also a new mechanism of social protection of people.  According to  Deputy Prime Minister Mher Grigoryan, the risks of our country,  according to the assessment of leading international rating  companies, are such that it is very attractive for investments, but  due to the lack of tools, this flow is not realized. According to the  Deputy Prime Minister, the promotion of stock exchange trade is also  a platform for very serious diversified foreign investments.  The  Prime Minister clarified that these mechanisms are very important,  because when a large foreign investor acquires a bond of the Armenian  government, it is, first of all, a confidence in the government and  the country. 

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ArmInfo. Germany is interested  in expanding cooperation with Eastern Partnership states, Mr Jens  Brandenburg, Parliamentary State Secretary to the Federal Minister of  Education and Research of Germany, stated at his meeting with  Armenia's Deputy Minister of Economy Rafael Gevorgyan. German  Ambassador to Armenia Viktor Richter attended the meeting as well. 

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ArmInfo. Representatives of the development financing institutions interested in the financing of the construction project of the "Ayg-1" project, namely the European Bank for Reconstruction and Development (EBRD), German DEG, French PROPARCO, as well as representatives of Abu Dhabi's Masdar, visited Armenia, ANIF reports.

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ArmInfo. Rusatom - International  Network is implementing the Smart City project in Yerevan. This was  stated by Director of the Rusatom - International Network office in  Armenia, Mikhail Turundaev, speaking at the "Digital transformation  of industrial enterprises: new business models and technologies"  strategic session.

ArmInfo. In the present-day  geopolitical conditions proper transparency needs to be maintained to  prevent Russia and Belarus from breaking the sanctions, Grzegorz  Piechowiak, Secretary of State in the Ministry of Economic  Development and Technology of Poland, stated at the 7th meeting of  the Armenian-Polish Commission for Economic Cooperation.  

ArmInfo. Negotiations on the  construction of a copper-smelting cluster in Armenia are going in  several directions. Minister of Economy Vahan Kerobyan stated in an  interview with the Public Television of Armenia.

ArmInfo. International Finance  Corporation standards need to be widely applied in the operation of  mining companies, Armen Stepanyan, Director of Sustainability,  Zangezur Copper Molybdenum Combine, said in an interview with  ArmInfo. 

ArmInfo.Ardshinbank's Private Banking has achieved the distinguished recognition of being named the Best in Armenia for 2023 by the esteemed financial publication, Global Banking & Finance Review.

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ArmInfo. If we look at the structure of the financial sector in Armenia, then banks are predominant, and our citizens do not have enough opportunities in the context of investment and savings.  Armen Nurbekyan, Deputy Governor of the Central Bank of Armenia, said during the initial public offering (IPO) of the Team Telecom Armenia telecommunications company. 

ArmInfo.Russia is Armenia's major trade partner and major cause of the economic boom in Armenia,  Russian Vice-Premier Alexey Overchuk told TASS. 

ArmInfo.

ArmInfo. On June 15, the Vice President of the National Assembly Hakob Arshakyan received Hossam El Shaer,  Founder and Chairman of Sunrise Resorts and Cruises, Sky Max Holidays, Amr Azab, General Director Skymax Holidays and Yossi Yosef, Director of ISR Air Aviation Company.

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ArmInfo. The Armenia Securities Exchange (AMX) will start cross-listing with the Warsaw Stock  Exchange, AMX Director General Hayk Yeganyan stated at the awards ceremony for the most active securities market participants.

ArmInfo. The first Armenian investment crowdfunding platform, ARFI, as well as the Armenian  National Interests Funds, ANIF, will be presented at the Orion Summit 2023, which will be attended by representatives of venture companies, large corporations, financial institutions, universities, family  offices, and investors. The Orion Summit 2023 investment summit will take place in New York City on June 19-22.