The World Bank’s Board of Executive Directors has approved a $9 million credit for the Second Public Sector Modernization Project (PSMP II) for Armenia.

The project will assist Armenian efforts to improve the quality of public services by introducing a performance-based pay system and a code of conduct for civil servants, and by enhancing public access to all available government information. »»»»»

During the first two months of 2010, officials with the Compulsory Enforcement Service of Court Decrees seized 1.554 billion AMD in cash as compared to the 375 million in took during the same period in 2009.

Officials say that the 400% rise is due to the number of writs being issued based on non-payment claims by banks and credit agencies. Collection rates have gone up as well, from 55% last year to 70% this year.

The International Fiance Corportaion (IFC), an arm of the World Bank, has announced that it will be assisting Armenia’s INECOBANK expand its microfinance capacity to increase access to microfinance for small entrepreneurs and low-income individuals, mostly in Armenia’s rural areas, promoting growth and sustainable development.

The IFC will be gradually releasing up to $700,000 of performance-based grants to the banks, making more than 71,000 new micro loans to individuals and small entrepreneurs, mostly in Armenia’s rural areas. IFC is a shareholder of INECOBANK, holding 10 percent of its shares.  »»»»»

The RoA Minister of Finance, Tigran Davtyan, has left for Moscow to participate in the second session of the Anti-Crisis Fund of the Eurasian Economic Community (EurAsEC) scheduled for January 21.

It is expected that session participants will adopt the procedure of provision of financial loans from the Anti-Crisis Fund. Reference will be made to the main conditions of financing of investment programs, the principles of management of free resources, and other issues.

$5.3 million, about one-third of the $16 million raised by the recent All-Armenia Fund Telethon, was pledged by Russian-Armenian entrepreneurs and benefactors. Days before the Telethon kicked off on November 26, RoA President Sargsyan assembled over 80 Armenian businessmen in Moscow at a dinner reception and urged them to donate as much as they could.

Latest tallies from the Fund show that Armenians residing in the United States donated a total of just over $2 million. $4.1 million was pledged by Armenians living in France, Germany, Switzerland, Holland and Austria. $1.7 million was raised in Armenia and Artsakh combined. $1.2 million in donations came from Great Britain. Canada garnered $560,000, Lebanon $216,000, Brazil $200,000 and Australia $100,000.

At a press conference today, All Armenia Fund Director Ara Vardanyan disclosed the names of some famous Armenian politicians who did, or did not contribute, to this year’s Telethon. Mr. Vardanyan noted that former RoA President Robert Kocharyan, as in years past, had pledged an amount equal to one month of his salary. He failed to note the amount, however. The former president’s son, Sedrak Kocharyan, is said to have donated 1 million AMD.

Regarding the contribution made by current RoA President Serzh Sargsyan, Mr. Vardanyan noted that the amount was included in the $8,100 pledged by the presidential staff office. Again, Mr. Vardanyan stated that he didn’t know the exact amount. He did say that Sashik Sargsyan, the president’s brother, had not made a pledge this year. »»»»»

During the first eleven months of 2009, the RoA Ministry of Finance has awarded 17 licenses to organize gaming operations for profit and 5 casino, or gaming parlor licenses. During the same period 37 gaming and 9 casino licenses had expired.

From January-November, 2009, 35 gaming, 1 casino and 1 lottery licenses were revoked and 24 gaming operators, 1 casino and 2 lottery operators were given official warnings. The Ministry of Finance also reports that over 14 million AMD in fines were issued against gaming operators and 7.7 million issued against casinos.

From January 1 to December 1, 2009, 1.08 billion AMD in taxes were collected from all such operations in Armenia. As of December 1, 2009, 97 gaming licenses, 11 casino licenses and 4 lottery licenses are in effect.

Yerevan, Armenia-On November 11, 2009 the Millennium Challenge Account – Armenia (MCA-Armenia) SNCO signed a contract with a consortium consisting of Arpa-Sevan OJSC (Armenia) and Sade (France) to rehabilitate/repair 35,4 kilometers of sections on the Arzni-Shamiram, Lower Hrazdan, Artashat and Shirak main canals and about 70 hydro-technical structures in Arzni-Shamiram and Shirak main canals. »»»»»

The International Monetary Fund has reworked details of a loan agreement with Armenia to speed aid to the country as it battles a deeper-than-expected downturn, the Wall Street Journal reports.

The changes allow for Armenia to immediately receive an additional $60 million from its $822.7 million loan facility. The country, among the hardest hit by the financial crisis in Eastern Europe, already has drawn more than $400 million from the facility since it was approved in March. »»»»»

RoA Prime Minister Tigran Sargsyan presided at a meeting of the Governing Council of Millenium Challenge Account-Armenia he other day regarding the release on new funds. PM Sargsyan also acts as chairman of the governing council.

Council members discussed and approved a package of application and attached documents for a thirteenth disbursement under the program which will be submitted to the MCC for consideration. Under the aforementioned request, the MCA-Armenia expects to be allocated USD 16,583,699 next quarter (October – December, 2009). The per-activity breakup of expenditures under this disbursement will be as follows: Irrigated Agriculture – USD 15,677,562, Monitoring and Evaluation – USD 259,358, Program Management and Oversight – USD 614,917. »»»»»

On August 14, Fitch Ratings downgraded Armenia-based VTB Bank’s (VTBA) long-term foreign and local currency Issuer Default ratings (IDRs) to ‘BB’ from ‘BB+’. »»»»»

RoA President Serzh Sargsyan today met with a delegation headed by Zhao Xiaoyu, Vice-President of the Asian Development Bank. President Sargsyan expressed his thanks for the speed at which Armenia has cemented cooperation with the bank. »»»»»

The International Monetary Fund’s executive board Monday approved increasing the loan to Armenia to $823 million to help the country meet increasing external financing needs. »»»»»

Dow Jones reports that on Tuesday the European Bank for Reconstruction and Development said it will invest EUR 180 million in Armenia over the next two years. »»»»»

A new $25 million credit agreement was signed today between the RoA Ministry of Finance and the World Bank Office in Yerevan. The loan will be allocated to improving the educational sector in Armenia. »»»»»