These findings, recently released by the Ministry of Finance’s budgetary audit inspectorate, reveals that the ministry was woefully lax in monitoring the expenditures, totaling the equivalent of US$1.080 million at today’s exchange rate.
Inspections were carried out by the Inspectorate for Financial and Budgetary Supervision of the Ministry. The Inspectorate checked the accuracy of the expenditure of state budget, special funds and other state sources paid to companies that are more than 50% state-owned and other entities.
Protests targeting the ruling Republican Party of Armenia (RPA) aren’t confined to the streets of Yerevan, the capital of Armenia.
Most of the reserves are in the form of foreign currency. Armenia sold all of its gold in late 2003.
Armenia’s foreign debt amounted to $5.560 billion at the end of February; a decrease of $15.8 million compared to January.
Armenia’s Central Bank reports that $28.3 million of the above amount was sent to recipients in Russia; an $11.7 million increase over January 2017.
Armenia exported some $152 million in copper ore to Bulgaria in 2016. In the first half of 2017, of the $133.8 million in goods Armenia exported to Bulgaria, $133.6 was copper ore.
89% of the country’s foreign debt is owed by the government. The remainder is owed by the Central Bank of Armenia.
Of interest is the fact the bulk of the 22.3% growth in the culture/entertainment sector can be traced to the country’s casino and gaming parlors.