DOCSLIB.ORG

Armenian Journal of Public Policy Volume3,No.1 March2008

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Armenian Journal of Public Policy � Volume�3,�No.�1� � � � � ������ ���������������������������������������������March�2008� Armenian Journal of Public Policy Volume 3, No. 1 March 2008 LOOKING FORWARD : THE GLOBAL COMPETITIVENESS OF THE ARMENIAN ECONOMY CONTENTS David Joulfaian Guest Editor’s Note Mher Baghramyan and Vahram Ghushchyan Implications of Armenian Dram Appreciation for the Competitiveness of Armenian IT, Tourism, and Food Processing Industries Vahe Heboyan and Lewell F. Gunter Exchange Rate Dynamics in Armenia Era Dabla-Norris and Holger Floerkemeier Bank Efficiency, Market Structure, and Foreign Ownership: What Determines Banking Spreads in Armenia? Karen Grigorian and Vahram Stepanyan Productivity and Sources of Enterprise Level Efficiency in Armenia Manuk Hergnyan, Gagik Gabrielyan, and Anna Makaryan Competitiveness of the Armenian Private Sector: Moving to the Next Stage Kenneth Fortson, Ester Hakobyan, Anahit Petrosyan, Anu Rangarajan, and Rebecca Tunstall Armenia’s Millennium Challenge Account: Assessing Impacts on Economic Growth and Poverty Reduction in Rural Armenia A journal of the Armenian International Policy Research Group Armenian Journal of Public Policy A journal of the Armenian International Policy Research Group Guest Editor David Joulfaian US Department of Treasury Editorial Board Richard Beilock University of Florida Ara Khanjian Ventura College Arman Grigorian Swiss Federal Institute of Technology Garbis Iradian International Institute of Finance Lucig Danielian American University of Armenia Armine Khachatryan International Monetary Fund Managing Editor Heghine Manasyan CRRC-Armenia/ Eurasia Partnership Foundation Assistant to Managing Editor Artak Galyan Armenian International Policy Research Group Manuscripts, book reviews, and communication with editors should be sent electronically to [email protected]. Published articles will be available online at www.aiprg.net. The views expressed in the Journal are not to be construed as those of the editors or the publisher, the Armenian International Policy Research Group. The financial support of Eurasia Partnership Foundation in Armenia inpublishing this issue is gratefully acknowledged. Copyright © 2008 AIPRG Printed by TOROS Publishing , Yerevan, Armenia. Armenian Journal of Public Policy Volume 3, No. 1 March 2008 LOOKING FORWARD : THE GLOBAL COMPETITIVENESS OF THE ARMENIAN ECONOMY CONTENTS David Joulfaian Guest Editor’s Note………………………………………………………………………... Mher Baghramyan and Vahram Ghushchyan Implications of Armenian Dram Appreciation for the Competitiveness of Armenian IT, Tourism, and Food Processing Industries………………………………….. Vahe Heboyan and Lewell F. Gunter Exchange Rate Dynamics in Armenia…………………………………………………….. Era Dabla-Norris and Holger Floerkemeier Bank Efficiency, Market Structure, and Foreign Ownership: What Determines Banking Spreads in Armenia?.................................................................. Karen Grigorian and Vahram Stepanyan Productivity and Sources of Enterprise Level Efficiency in Armenia…………………….. Manuk Hergnyan, Gagik Gabrielyan, and Anna Makaryan Competitiveness of the Armenian Private Sector: Moving to the Next Stage…………….. Kenneth Fortson, Ester Hakobyan, Anahit Petrosyan, Anu Rangarajan, and Rebecca Tunstall Armenia’s Millennium Challenge Account: Assessing Impacts on Economic Growth and Poverty Reduction in Rural Armenia…………………………………………………. Armenian Journal of Public Policy Volume 3, No. 1 March 2008 GUEST EDITOR’S NOTE The Armenian economy experienced rapid growth over the past decade, in particular growing at double digit rates since 2001. At the same time the country experienced a number of shocks that may have implications for the country’s competitiveness and sustainability of continued growth. These include the rapid appreciation of the Dram, low financial intermediation, and stalled reforms among others. This timely volume contains six papers that address various aspects of the competitiveness of the Armenian economy. These include the effects of the appreciation of the exchange rate, competition in the banking sector, productivity at the firm level, the overall competitiveness of the private sector, as well as the agricultural sector and the impact of farmer training. The first paper by Mher Baghramyan and Vahram Ghushchyan addresses the appreciation of the Dram and its implications for the competitiveness of the IT, tourism, and food processing sectors. The authors explore the relationship among exchange rates, technical efficiency, and export and profitability of firms operating in Armenia. They find that exchange rate appreciation has serious implications for firm profitability. The appreciation of the Dram also raises the question of whether the exchange rate is misaligned. The second paper by Vahé Heboyan and Lewell Gunter explores the underlying factors that explain the exchange rate dynamics in Armenia. Their results show that the Armenian currency is misaligned from its long-run equilibrium path. However, they also report that the degree of misalignment is sensitive to the set of variables used in the estimation and call for further work. Turning to the banking sector, the third paper, co-authored by Era Dabla-Norris and Holger Floerkemeier, studies the determinants of banking interest rate spreads and margins in Armenia. They find that a large proportion of the variation in spreads and margins can be explained by bank size, liquidity, and market power, as well as the market structure within which banks operate. The results suggest that there is a large potential to increase cost efficiency and competition in the banking system. The fourth paper by Karen Grigorian and Vahram Stepanyan examines firm level evidence on the sources of productivity growth in the Armenian economy. They estimate total factor productivity (TFP) using a sample of firms in the manufacturing and service sectors, and investigate its variation across industries, time and region. They find that technical efficiency is highest in the jewelry, furniture and juice sector as well as mining, and lowest in chemicals, textiles and construction; the service sector operates at the mean of technical efficiency across the economy. However, the authors conclude that Armenia is not experiencing any growth in technical efficiency. Moving to the big picture, the next paper by Manuk Hergnyan, Gagik Gabrielyan, and Anna Makaryan examines the competitiveness of the Armenian private sector. The paper reviews Armenia’s economic achievements and studies the underlying factors and causal links to the country’s competitiveness. It also advances a set of recommendations to position Armenia in the region and globally. The last paper, co-authored by the team of Kenneth Fortson, Ester Hakobyan, Anahit Petrosyan, Anu Rangarajan, and Rebecca Tunstall, reviews the major features of the Millennium Challenge Account program and lays out the methodology on how to study the impact of farmer training. The results of the evaluation will assess the farmer training program’s success in increasing the adoption of effective agricultural practices, increasing cultivation of higher-value crops, improving farm productivity, increasing agricultural profits and household income, and reducing poverty rates. Guest Editor David Joulfaian IMPLICATIONS OF ARMENIAN DRAM APPRECIATION FOR THE COMPETITIVENESS OF ARMENIAN IT, TOURISM , AND FOOD PROCESSING INDUSTRIES Mher Baghramyan, AIPRG Vahram Ghushchyan, Ph.D., AIPRG ∗ Abstract: The Armenian currency appreciated more than 40 percent during 2003- 2006. This sharp change in nominal exchange rate is considered a negative shock for local producers and especially for the exporters. The survey data of fifty eight Armenian companies is used to study how the appreciation has affected the competitiveness of Armenian tourism, IT, and food processing industries. We use the Stochastic Frontier modeling technique to estimate the level of and changes in the technical efficiency of the companies during 2003-2006. The technical efficiency parameters are then included into the regression model in order to reveal the possible impact of the currency appreciation on profits and export levels of the companies. We find systematic and statistically significant impacts of exchange rate changes on the level of technical efficiency of the companies. We also find that work experience is another important determinant of degree of technical efficiency. We study the relationships among exchange rates, technical efficiency, and export and profitability of the companies. We find that a one point appreciation of the nominal exchange rate causes a decrease in the export of an average Armenian IT company by 66 thousand drams (about 200 USD) per year, average food processing company by 12 thousand Drams (about 40 USD) per year, and a loss of profit of an average incoming tour operator and hotel by 112 thousand AMD (or about 340 USD per year). JEL Classification: C1, C3, D2 Keywords: Technical Efficiency, Exchange Rate, Appreciation, Competitiveness ∗ The authors wish to thank Competitive Armenian Private Project (CAPS), USAID, and Norwegian Institute of International Affairs (NUPI) for financial support, AIPRG staff for their dedicated efforts on conducting the survey, and all survey respondents for providing data and making useful comments. The analysis and views presented in this study do not necessarily reflect those of AIPRG or USAID and are those of the authors alone. I. INDUSTRY OVERVIEW 1.1 IT and Tourism Both Armenian information and communication (ICT) and tourism industries experienced rapid growth during the last decade and are considered to be among the most
Load more

Recommended publications
  • 44 Epra Meeting
    TH 44 EPRA MEETING 19 – 22 October 2016, Yerevan (Armenia) Programme Wednesday, 19th October 2016 19.00 Welcome dinner – details to follow later Thursday, 20th October 2016 08.15 Transfer from Hotel Opera Suite to Ani Plaza Hotel (venue) 08.30 Registration (Ani Plaza Hotel) 09.00 – 17.30 EPRA meeting, Ani Plaza Hotel 19.00 Dinner – details to follow later Friday, 21st October 2016 8.30 Transfer from Hotel Opera Suite to Ani Plaza Hotel (venue) 09.00 – 13.00 Continuation of EPRA meeting at Ani Plaza Hotel 15.00 Guided tour of Echmiadzin (free of charge) Saturday 22nd October 2016 11.00 Half day tour to Garni Temple and Geghard Monastery (for a fee) Contact at the National Commission on TV and Radio of Armenia - NCTR Ms. Zaruhi Maksudyan Head of International Affairs, Information and Development Projects Department [email protected] phone: +37410 529451 Page 1 of 8 General Information about Yerevan Yerevan is the capital and largest city of Armenia. Yerevan is the administrative, cultural, and industrial center of the country. It has been the capital since 1918, the thirteenth in the history of Armenia. 2797 years have passed since the foundation of our city. The name of the city of Yerevan goes back to the period of Urartu and originates from the name "Erebuni". Yerevan is located on the edge of the Ararat valley on both banks of the river Hrazdan, at an altitude of 900 - 1200 above sea level. The climate is acutely continental with hot and dry summer and relatively severe winter. Armenia was the first country in the world to adopt Christianity as a state religion in 301 A.D.
    [Show full text]
  • Global Village Program Handbook 2012 Global Village Handbook
    Global Village Program Handbook 2012 Global Village Handbook Published by: Habitat for Humanity Armenia Supported by: 2012 Habitat for Humanity Armenia, All rights reserved Global Village Program Handbook 2012 Table of Welcome from Habitat for Humanity Armenia Contents WELCOME TO ARMENIA Social Traditions, gestures, clothing, and culture 7 Dear Global Village team members, Traditional food 8 Language 8 Many thanks for your interest and Construction terms 9 willingness to join Habitat for Packing list 10 Humanity Armenia in building HFH ARMENIA NATIONAL PROGRAM simple, decent, affordable and The housing need in Armenia 11 Needs around the country and HFH's response 11 healthy homes in Armenia. You Repair & Renovation of homes in Spitak 12 will be a great help in this ancient Housing Microfinance Project in Tavush, Gegharkunik and Lori 13 country and for sure will have lots Housing Renovation Project in Nor Kharberd community 14 of interesting experiences while Partner Families Profiles/ Selection Criteria 15 working with homeowners and GV PROGRAM visiting different parts of Armenia. Global Village Program Construction Plans for the year 17 Living conditions of the volunteers 17 Our staff and volunteers are here to Construction site 18 assist you with any questions you Transportation 18 R&R options 18 may have. Do not hesitate to contact Health and safety on site 20 anyone whenever you have Health and safety off site 24 Type of volunteer work 25 questions. This handbook is for Actual Family Interactions/Community/Special Events 25 your attention to answer questions GV POLICIES 26 Gift Giving Policy 26 that you may have before landing HFH Armenia GV Emergency Management Plan 2012 27 in the country and during your USEFUL INFORMATION Habitat for Humanity service trip Arrival in Armenia (airport, visa) 28 to Armenia.
    [Show full text]
  • Court Case No: EKD/0252/01/11
    Court Case No: EKD/0252/01/11 When the case was received 14-12-2011 Criminal case number 0252/01/11 How the case was received First time Where from the case was received Prosecutor General Prosecutor’s Office Preliminary investigation case 58214011 number Brief contents of indictment An indictment is brought against the accused, Dragosh Botezatu, on the following matter: in August 2008 he met a countryman with the nickname “Kishtrulya” who, according to unverified data, was a Romanian citizen Konstel Sherban. At that time, D. Botezatu learned that he intended to commit theft of funds by means of using counterfeit copies of bank cards in automated teller machines of the banks operating in the territory of Armenia, and agreed to take part in the theft by involving in the standing criminal group organized by “Kishtrulya” and Marius Lupu – the husband of his wife’s sister, a Romanian citizen born in Bacau county and residing in London at the time – on the principles of ethnicity and nationality. According to the role distribution, “Kishtrulya” and Marius Lupu were responsible for organization and coordination of activities of the group members, provision of counterfeit copies of bank cards required for committing theft, whereas the accused and Katalin Ionuc Apetri Furduy assumed responsibility for the immediate commitment of theft from automated teller machines, as well as for conversion of the Armenian dram-denominated proceeds of theft into foreign currency, and remittance of the funds to the organizer by means of bank transfers for the
    [Show full text]
  • [Project] [Title of Presentation]
    Horizon 2020 Policy Support Facility Horizon2020 PSF Specific support to Armenia Kick-off meeting Brussels 16.04.2019 Background report Fast facts Country / Capital The Republic of Armenia / Yerevan Population 2 .93 milion Area 29.743 sq. km (11.500 sq. miles) Major languages Armenian (native), Russian, English Major religion Christianity Life expectancy 71.3 years (men), 77.6 years (women) Monetary unit Armenian dram (AMD) Exchange rate 570.56 AMD/EUR(2018) GDP per capita, PPP 8,539 EUR (2017) Products: Copper ore, cigarette produce, brandy, precious and Main exports non-precious metals, diamonds, textile produce, electricity, foodstuff, Services: IT, tourism System of law Continental Horizon 2020 Policy Support Facility 2 Fast facts Ratings Moody’s rating B1, positive (March 9, 2018) Fitch (long-term IDRs) rating B+, positive (June 15, 2018) Ranking Ease of Doing Business 41 (2019, out of 190 countries) Index of Economic Freedom 47 (2019, out of 180 countries) Human Capital Index 49 (2017, out of 130 countries) Global Competitiveness Index 70 (2018-2019, out of 140 countries) Global Innovation index 68 (2018, out of 126 countries) Horizon 2020 Policy Support Facility 3 In April, 2018 through “Velvet revolution” the opposition leader became prime minister of Armenia. Priorities of new Government program • Protection of external and internal security of RA, guarantee of Artsakh’s security and its maintenance • Competitiveness of the economy • Protection of human rights • Democracy and the rule of law • Consolidation of human, economic, financial, intellectual potential of all Armenians for the RA development goal • Government accountability and transparency and the rejection of corruption • Separation of political and business sectors • Encouraging education and healthy living • Poverty reduction through employment and education Horizon 2020 Policy Support Facility 4 SOCIAL AND ECONOMIC SITUATION IN ARMEINA Horizon 2020 Policy Support Facility 5 After independence the population has constantly decreased: 2 waves of massive migration in 90s and mid 2000s.
    [Show full text]
  • "Let's Shape Our Future Ourselves"
    Training and Networking project "Let's Shape Our Future Ourselves" INFOPACK Print and take with you!!! ARMENIA, 25-30 April, 2013 1 | P a g e Project summary, objectives & main activities Summary "Let's Shape Our Future Ourselves" TC aims at providing rural youth workers and youth leader with competences to build the capacities of young people as leaders and encourages civic activism in their communities. Training course will take part in Hermon village, Vayots Dzor region, Armenia from the 25th until 30th of April, 2014. We invite our partner countries from Europe and neighbor partner countries (4 participants from each country from 18 to 30 years old). Specific objectives are: Reflect upon the role of young people as community leaders; explore the ways of reveling and developing leadership potential of rural youth; Encourage active participation of young people, by means of providing them tools for participation, project creation and management, creativity and community changes; Provide participants with space to exchange best practices; Equip participants with knowledge and tools for getting involved in international youth work and encourage cooperation while implementing such projects within and beyond Youth Programme; Promote solidarity and tolerance of project participants by creating a platform to acquire alternative and positive information about youth from different countries 2 | P a g e Team of Organizers Training course is organized by Syunik NGO, Armenia together with project partner organizations: Regional Network of Peace and Reintegration – Georgia, National Youth Council of Switzerland, Center for European Initiatives – Ukraine, Citizens of Europe – Germany, ASOCIACIÓN CAZALLA INTERCULTURAL –Spain. The training will be delivered by two experienced trainers: Life is a great If you want to go opportunity for fast, go alone.
    [Show full text]
  • Armenia WFP VAM | Food Security Analysis Mvam Bulletin #1: April, 2021
    Armenia WFP VAM | Food security analysis mVAM Bulletin #1: April, 2021 Food Security and Market Monitoring Key points The remote food security monitoring system (mVAM) was launched in February Copyright @ WFP/ 2021. The phone-based survey was conducted among 1,072 spontaneous arrivals and Armenia 273 hosting families of the spontaneous arrivals during February-March 2021 located across Armenia. The mVAM survey was launched to monitor the food security situation of spontaneous arrivals and their hosting families, and assess the impact of the COVID- 19 pandemic and the influx from the Nagorno-Karabakh conflict. In February-March 2021, 22 percent of hosting families and 15 percent of spontaneous arrivals were moderately and severely food insecure. Two-thirds of both households of spontaneous arrivals and hosting families applied cri- sis and emergency coping strategies (68 and 65 percent respectively). This finding was Number of sponta- alarming as the application of negative coping strategies could bring severe consequenc- es in terms of future social-economic conditions of spontaneous arrivals and hosting families. Copyright @ WFP/Armenia The cost of the standard food basket has increased since February 2020 in Armenia. Price in- creases in Armenian markets reflect regional or global price hikes. Armenia is highly dependent on food imports, so global price changes on basic goods, fuel and transport, resonate on market prices in Armenia Situation Update COVID-19 had significant implications on the food and nutrition security situation and poverty in Armenia. This was fur- ther exacerbated, when the conflict in the Nagorno-Karabakh (NK) region broke out in September and October of 2020, leading to mass casualties (including civilian), damage and destruction of both public and private property, as well as mass movement of people on both sides.
    [Show full text]
  • Armenian Range: 0530–058F
    Armenian Range: 0530–058F This file contains an excerpt from the character code tables and list of character names for The Unicode Standard, Version 14.0 This file may be changed at any time without notice to reflect errata or other updates to the Unicode Standard. See https://www.unicode.org/errata/ for an up-to-date list of errata. See https://www.unicode.org/charts/ for access to a complete list of the latest character code charts. See https://www.unicode.org/charts/PDF/Unicode-14.0/ for charts showing only the characters added in Unicode 14.0. See https://www.unicode.org/Public/14.0.0/charts/ for a complete archived file of character code charts for Unicode 14.0. Disclaimer These charts are provided as the online reference to the character contents of the Unicode Standard, Version 14.0 but do not provide all the information needed to fully support individual scripts using the Unicode Standard. For a complete understanding of the use of the characters contained in this file, please consult the appropriate sections of The Unicode Standard, Version 14.0, online at https://www.unicode.org/versions/Unicode14.0.0/, as well as Unicode Standard Annexes #9, #11, #14, #15, #24, #29, #31, #34, #38, #41, #42, #44, #45, and #50, the other Unicode Technical Reports and Standards, and the Unicode Character Database, which are available online. See https://www.unicode.org/ucd/ and https://www.unicode.org/reports/ A thorough understanding of the information contained in these additional sources is required for a successful implementation.
    [Show full text]
  • Proposal to Encode an Armenian Dram Currency Symbol
    Universal Multiple-Octet Coded Character Set International Organization for Standardization Organisation Internationale de Normalisation Международная организация по стандартизации Doc Type: Working Group Document Title: Proposal to encode an Armenian Dram currency symbol Source: Karl Pentzlin Status: Individual Contribution Action: For consideration by JTC1/SC2/WG2 and UTC Date: 2010-02-10 (Rev. 1: The decisions of UTC #122 regarding the naming and the code point are incorporated.) Currency sign U+058F ARMENIAN DRAM SIGN Properties: 058F;ARMENIAN DRAM SIGN;Sc;0;ET;;;;;N;;;;; The symbol is proposed to be located in the "Armenian" block, rather than in the "Currency Symbols" block. This follows the practice shown for other "script-specific" currency symbols, like e.g.: U+060B AFGHANI SIGN U+17DB KHMER CURRENCY SYMBOL RIEL Information The following information was gathered 2009-12-03 from: http://www.armeniapedia.org/index.php?title=Armenian_Dram_Sign The information is used by permission. History The original idea by K.Komendaryan for the Dram Sign shape among the other symbols. Euro was not announced yet. Proposal to encode an Armenian Dram currency symbol – 2010-02-10 Page 1 of 7 After proclamation of independence Armenia put into circulation own national currency – Armenian Dram, the usage of which revealed the necessity for a monetary sign. As the result of common business practice and the unique pattern of Armenian letters the shape of the Sign and its variations appeared in the business scratches. Since that time and until the official endorsement of the Sign a number of artists and businessmen developed and offered various shapes for it.
    [Show full text]
  • Assessment of Key Factors of the Foreign Exchange Rate Formation in Armenia
    ДЕНЕЖНО-КРЕДИТНАЯ ПОЛИТИКА DOI: 10.26794/2587-5671-2018-22-5-27-39 CC BY 4.0 JEL O24, O11 © assessment of Key factors of the foreign Exchange Rate formation in armenia E. M. Sandoyana, M. A. Voskanyanb, A. G. Galstyanc, Russian-Armenian (Slavonic) university, Yerevan, Armenia a https://orcid.org/0000-0002-2848-4946; b https://orcid.org/0000-0002-5417-6648 c https://orcid.org/0000-0002-7800-7232 abStRaCt usually, it is difficult for developing countries to choose a currency regulation policy because of institutional inadequacy, including a significant level of concentration in commodity markets, and a high degree of dependence of the national market and financial system on exogenous factors and a huge external debt. This article is dedicated to the analysis and evaluation of key factors affecting the formation of the Armenian national currency (dram) exchange rate, as well as to the choice of the currency regulation policy in Armenia. The authors carried out a statistical and econometric analysis of the factors of the foreign exchange rate formation, taking into account the specifics of the transition economy as a whole, as well as the features of the Armenian economy, in particular. The authors have identified the exogenous and endogenous factors of the foreign exchange rate formation of the dram, depending on the inflow and outflow of foreign currency. Further, the authors specified the influence of dominant factors on the choice of the currency regulation policy in the country. The authors carried out an econometric analysis of the factors identified at the first stage of the study using the VAR model.
    [Show full text]
  • Armenia October 2019
    Poverty & Equity Brief Europe & Central Asia Armenia October 2019 After a sharp increase in poverty in 2008 and 2009 following the global financial crisis, poverty in Armenia has dropped continuously since 2010, reaching the pre-crisis levels. Poverty at US$3.2 (2011 PPP) a day fell to 12.3 percent in 2017 from the peak of 20.5 percent in 2010. The reduction of poverty was due to the growth of the manufacturing and service sector in urban areas and modest growth in agricultural output in rural areas. Social expenditure, mainly contributory old-age pensions and the family benefit program, have supported the elderly and helped poor and vulnerable households increase their incomes. In contrast, the decline of remittances from Russia contributed to a small bump in the poverty series in 2015. Pockets of poverty remain, and further poverty reduction and improvements of living conditions among those at the bottom should consider three critical factors. First, regional disparities persist, with higher poverty rates in secondary cities and rural areas than in Yerevan. Second, vulnerability to poverty persists, and many households that escaped poverty are still at risk of falling behind if shocks such as unemployment, natural hazards, or severe illness hit. And third, by the standards of Armenia's official multidimensional poverty measure, many Armenians are poor in non-monetary dimensions, experiencing multiple and overlapping deprivations related to deficits in human capital, inadequate housing conditions, and access to public services. The period between 2012 and 2017 showed slower consumption growth among the bottom 40 percent of the distribution compared to the total population (1.8 percent versus 3.2 percent), which has led to an increase of inequality in the country.
    [Show full text]
  • 45230-001: Women's Entrepreneurship Support Sector
    Audited Project Financial Statements Project Number: 45230-001 Loan Number: 2923-ARM Period covered: 1 January 2017 to 31 December 2017 Armenia: Women’s Entrepreneurship Support Sector Development Program Prepared by CARD AgroCredit Universal Credit Organization For the Asian Development Bank Date received by ADB: 4 July 2018 The audited project financial statements are documents owned by the borrower. The views expressed herein do not necessarily represent those of ADB’s Board of Directors, Management, or staff. These documents are made publicly available in accordance with ADB’s Public Communications Policy 2011 and as agreed between ADB and the Ministry of Finance of the Republic of Armenia. Annual report and Independent Auditor's Report Utilization of loan funds received within the frames of “Women’s ESSD” Prooject “CARD AgroCredit” universal credit organization closed joint stock company As of and for the year ended 31 December 2017 “CARD AgroCredit” universal credit organization closed joint stock company Annual report on utilization of funds received within the frames of “Women’s ESSD” Project As of and for the year ended December 31, 2017 Contents Page Independent auditor’s report 1 Annual report on utilization of project funds 3 Notes to the annual report on utilization of project funds 4 Independent auditor’s report ¶ñ³Ýà ÂáñÝÃáÝ ö´À ÐÐ, ù. ºñ»õ³Ý 0012 ì³Õ³ñßÛ³Ý 8/1 Ð. + 374 10 260 964 ü.+ 374 10 260 961 Grant Thornton CJSC 8/1 Vagharshyan str. 0012 Yerevan, Armenia T + 374 10 260 964 F + 374 10 260 961 www.grantthornton.am
    [Show full text]
  • Trip Preparation for the Caucasus: Armenia, Georgia, Azerbaijan
    930 Irwin Street, Suite 222, San Rafael, CA 94901 Phone: 415-381-5861 ◆ 888-367-6147 [email protected] ◆ www.originalworld.com CST Permit #2057026-40 Trip Preparation for The Caucasus: Armenia, Georgia, Azerbaijan VISA NOTES: Armenia visa not required for US citizens. US Dept of State: https://travel.state.gov/content/passports/en/country/armenia.html Armenia Consulate http://www.armeniaemb.org/ 202-319-1976 Georgia does not require visas for US, Canadian, UK, Australia, New Zealand, Norway, Denmark, the Netherlands, Switzerland, Japan, Israel nationals, most South American countries and EU members. Georgia Travel Info http://travel.state.gov/travel/cis_pa_tw/cis/cis_1122.html Embassy of Georgia Visa Information http://www.mfa.gov.ge/index.php?lang_id=ENG&sec_id=96 Azerbaijan DOES require a visa. AZERBAIJAN ELECTRONIC VISA In February 2017, Azerbaijan began offering the E-visa. It is issued within three business days. Single entry is valid for 30 days. Be careful to write the dates of entry and exit correctly. If you have any questions, click “contact us” on the below website. You can email them. • Complete the visa application online: https://evisa.gov.az/en/ • Upload a scanned color copy of front page of your passport (passport must be valid for a min of 6 months after the return date from Azerbaijan and have at least 2 blank pages) • Payment for visa $20 + service fee $3. Total cost $23 • Your visa will be sent to your email address. You need to print it to show on arrival. OPTION: OUR PARTNER WILL FACILITATE THE VISA APPLICATION FOR YOU • Submit to us the following: • Passport Copy, high resolution (color); jpg or pdf much appreciated.
    [Show full text]