Mon, 7 July
19.1 C
Yerevan
USD: 384.26 RUB: 4.88 EUR: 452.58 GEL: 141.37 GBP: 524.44

World bank warns of dangers posed by lack of diversity

YEREVAN, December 17, /ARKA/. World Bank (WB) Yerevan Office head Aristomene Varoudakis warned today that lack of diversity was one of the biggest threats to Armenian economy.

He said an economy lacking diversity and relying heavily on two sectors- construction and mining sector is threatened.

He said the World Bank highlighted this problem and the need for raising Armenia’s competitiveness and creation of an investor-friendly environment in all its reports.

He said if no serious changes are enforced to facilitate the procedure of tax payment and raise the competitiveness it would be very difficult to secure a normal functioning of the economy.

He said diversification of the economy is impossible without reaching a zero corruption level in tax and customs sector and without elimination of oligopoly.

The latter, he said is not a technical question. It needs vesting broader authorities in the anti-trust body and demonstration of political will on part of the authorities to make transparent links between government officials and some businessmen and rule out clash of interests, which can be seen presently in the public sector, since very often government officials run their won businesses.

He said also the government plans to develop a law on detecting business-interests of officials and strengthen the system of income statements. -0-

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Central Bank invalidated banking license of Ardshininvestbank due to its merger with Ardshinbank

The Board of the Central Bank of Armenia has revoked the banking license of Ardshininvestbank CJSC (formerly HSBC Bank Armenia CJSC) following its merger with Ardshinbank CJSC.

Unibank’s “Haghtanak” branch serves clients from 9:30 am to 7:30 pm

Unibank branch “Haghtanak” has switched to a new operating mode - extended hours. Now clients can receive a full range of banking services from Monday to Friday - from 9:30 am to 7:30 pm.The branch is located at N94, 62 Komitas, Yerevan. 

ADB forecasts inflation in Armenia at 3% in 2025 and 2.8% in 2026

The Asian Development Bank (ADB) forecasts inflation in Armenia at 3% in 2025, said Don Lambert, Director of the Bank’s Resident Mission in Armenia.

Armenian parliament approves annual report on execution of 2024 state budget

At a session on Thursday, the National Assembly of Armenia approved the annual report on the execution of the 2024 state budget.

LATEST NEWS

spot_imgspot_imgspot_img