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U.S. provides additional assistance to Armenia to respond to COVID-19


The United States Government has committed an additional $1.43 million through the U.S. State Department and U.S. Agency for International Development (USAID) to address the impact of COVID-19 in Armenia. In total, the U.S. Government has committed over $4 million in emergency assistance to Armenia in FY20. The United States is providing life-saving support by coordinating with the Government of Armenia, international humanitarian partners, and...

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Haypost and Post of Russia the first companies in region to launch a new money transfer system


Having joined the new program of the Universal Postal Union, Haypost CJSC jointly with the Russian Post launches the new "PosTransfer" money transfer system since, Haypost CJSC told Armenpress. This is the first official corridor to be opened not only in the CIS region but also among all UPU members-signatories to the Postal payment services agreement. The opening was warmly welcomed by the customers. The system allows making money transfers...

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WB canceled an additional 1.7% interest rate on loans from IDA for Armenia for a year


For one year, the World  Bank canceled an additional 1.7% interest rate on loans from the  International Development Association (IDA) for Armenia. According to  the estimates of the WB and the Ministry of Finance of the Republic  of Armenia, as a result of the one-year cancellation of this rate,  the state budget of Armenia will save about $ 13 million on interest  payments on foreign debt. "Due to coronavirus...

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IMF Executive Board adopts decision on immediate release of US$280 million for Armenia


The Executive Board of the International Monetary Fund (IMF) completed the second review of the Republic of Armenia’s performance under the program supported by the Stand-By Arrangement (SBA). The decision allows an immediate release of US$280 million for Armenia. The augmentation of access will help the authorities contain short-term risks and will provide resources to meet the urgent human and economic implications of COVID-19...

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Armenia’s economic dynamism remains strong


According to the World Bank, Armenia’s economic dynamism remains strong, with growth driven by services and recovery of mining․ The WB notes that the growth of economic activity index reached 10.7% in December 2019, compared to the same period of 2018. The Bank also notes that in December 2019 Armenia preserved low inflation rate (0.7% against 2018 December), while it slowed even down in January 2020. The inflation of December was...

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Tax privileges for repatriates expanded in Armenia


Changes initiated by the SRC in the Tax Code of the Republic of Armenia (RA Tax Code) provide for tax benefits for repatriates, namely exemption from  customs duties of their imported property upon return to their  homeland. In addition, a change in the period of permanent stay  abroad was initiated, namely, if earlier, according to the RA Tax  Code, those citizens or natives of Armenia who had not lived in...

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