Deputy minister of economic development and investments Albert Babayan introduced the expected actions.
““Improvement of the Business Environment” 2019 Action Plan, which was approved by the government in April, aims at improving the business climate and outlining the actions for 2019 which should be carried out for the assessment in the World Bank’s report. The WB report assesses actions being implemented at 10 directions, and from this perspective the actions cover all these directions. 51 actions will be taken. There are three indicators in Armenia which have a great potential for improvement, in other words, they are in low positions. These are the construction permission, recognition of bankruptcy and payment of taxes. In the report the construction permission is ranked 98th, bankruptcy – 95th and taxpaying – 88th. By cooperating with the World Bank experts we also must completely revise the construction permission process. An electronic system for construction permissions will also be introduced which will accelerate the process and raise the level of transparency”, he said.
As for bankruptcy, the main problem with this in Armenia is the following: enterprises, which face financial difficulties, are often dissolved, and in this regard the creditors are unable to return back the money they have provided to that enterprise. But the methodology says that the enterprise should continue its life, should improve financially, and the recovery rate will be high. The deputy minister said the actions in this regard will be focused on improving the financial condition and protecting the interests of maximally secured creditors.
Armenia’s low positions in terms of payment of taxes are conditioned with the elimination of VAT debt remnants. “These sums started to be returned since the second half of 2017. And we expect to have a great progress from the assessment perspective”, Albert Babayan said.
The World Bank not only focuses on the fa...
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