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gaps in the legal framework and uneven application of the rule of law impede investment and call for the accelerated institutional reforms. Liberalization, stabilization Enterprises, infrastructure, and privatization finance and social reforms 1991 Land reform begins (Jan.); Small scale privatization begins (May); Independence from Soviet Union (Sept.) 1992 VAT introduced (Jan); Foreign trade registration abolished (Jan); Privatization law adopted (Aug); Central bank law adopted (Dec) 1993 New currency (Dram) introduced (Nov) 1993 Stock exchange established (May) 1994 First privatization program adopted (Jan); Tradability of land permitted (Feb); Cease-fire in Nagorno-Karabakh (May); Voucher privatization begins (Oct) 1995 Large scale privatization begins (Apr); 1995 Bankruptcy law adopted (May); Foreign Export surrender requirement eliminated (Apr); bank ownership allowed (June); Banking crisis Most prices liberalized (July); Treasury bills peaked (Sept). market initiated (Sept) 1996 First foreign bank opened (Mar); Banking law amended (June); IAS audit of banking system (July) 1997 Full current account convertibility 1997 Bankruptcy law enacted (Jan); Energy introduced (May); Major tax reform (May); First regulatory commission established (Jun); Energy international tenders launched (Nov); new law adopted (Jun); Financial rehabilitation plan privatization law adopted (Dec). for the energy sector adopted (July); National telecommunications operator privatized (Dec). 1998 New customs law adopted (Dec). 1998 Telecommunications law adopted (Feb); Transport law adopted (Feb); IAS accounting for banks introduced (March); Law on accountancy (May) adopted; Securities and Exchange Commission established (Nov). 1999 New law on property rights adopted (Apr); 1999 New poverty benefits system introduced EU partnership agreement (June) (Jan); New civil code introduced (Jan); Increase in energy tariffs (Jan); New reserve requirements for commercial banks (Apr). 2000 European Parliament approves Council of 2000 New securities market law adopted (Jun); Europe accession (June); Law on privatization of First private management of water utility (July). power distribution passed (July). 8 These reforms have not been achieved easily. In 1997-2000 the process was affected by political resistance, insufficient government capacity in several areas, external shocks, and considerable delays in extending the World Bank s Enhanced Structural Adjustment Facility arrangements and disbursement of tranches of the third Structural Adjustment Credit to Armenia (SAC III). However, their continuation has offset, in many ways, the political uncertainties
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