Armenia, EU To Discuss Free-Trade Deal

Armenia and the European Union have agreed to a process that might potentially lead to a free-trade agreement.

Armenia and the European Union have agreed to a process that might potentially lead to a free-trade agreement. This decision will be the first of its kind for the Eastern Partnership, a program giving an opportunity to former Soviet Republics states closer European Union integration in return for political and economic reforms. The program will have European Commission members and Armenian officials have schedule talks over the next three to five years, in which legislative and institutional reforms shall be discussed in order for Armenia to meet the standards required for privileged trade with the EU. The EU has been the longest and largest trading partner to Armenia, accounting for 35 percent of external trade.

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U.S. Dollar In Short Supply In Armenia

The lack of accessibility to U.S. Dollars has critic questioning the authenticity of the value of the dram.

The lack of accessibility to U.S. Dollars has critic questioning the authenticity of the value of the dram. Friday saw it impossible to buy U.S. Dollars. Despite, the dram not depreciating against the dollar since the beginning of the global financial crisis. Due to many Armenians skepticism towards the dram, US dollars are in high demand. According to sources, lines were formed outside Armenian banks and currency exchanges shops on Friday but apparently dollars were not for sale in any currency shop. One currency trader said that on any given day he would have access to $20,000 but on Friday he only had $125 in funds. Although, there are several conflicting stories about the amount of dollars that Armenians have access too at the moment where branch bank managers are stating that it is easy to obtain US dollars.

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Salloukh and Armenian Foreign Minister Agree on Activating a Lebanese-Armenian Economic Commission

Armenia and Lebanon look to strengthen ties through a creation of a Lebanese-Armenian Economic Commission.

Armenia and Lebanon look to strengthen ties through a creation of a Lebanese-Armenian Economic Commission. This news comes as Lebanese Foreign Minister of Affairs Fawzi Salloukh and Armenian Foreign Minister of Affairs Edward Nalbadian held a joint press conference. Both Ministers are not only looking to create an Economic Commission but also to develop a bilateral agreement in effect. The talks have also said to include increase bilateral relations between the two nations at the highest levels.

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Armenia: Layoffs Carry Protest Potential

Global demands for commodities such as copper, gold, molybdenum and zinc has forced the mining industry, in Armenia, to lay off thousands of workers

Global demands for commodities such as copper, gold, molybdenum and zinc has forced the mining industry, in Armenia, to lay off thousands of workers. The impact of just a few hundred employees is said to be already a detriment to a population of under 1.2 million "economically active". The State Employment Agency fears that if the demand for commodity continues in the trend Armenia should be wary of potential social unrest. This comes when Armenia's government is already providing aid to several mining companies to keep them running.

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Armenia: Does Russia's $500 Million Loan Come with Strings Attached for Yerevan?

Armenia has recently received a $500 million loan from the Russian government.

Armenia has recently received a $500 million loan from the Russian government. The details of the term are undisclosed but the Minister of Finance has stated that the loan is for a term of 15 years, with a four-year grace period. Although the Armenian government denies that the loan has any political implications, critics of the loan believe that the loan might potentially force Armenia to enter the ruble zone. The loan is said to go towards assisting Armenians shipped back every year and help boost living standards.

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Russian Loan to Fund Infrastructure Works in Armenia

Russia has come to an agreement to loan Armenia $500 million tunneled towards infrastructure work in Armenia, stated by Armenian Economy Minister Nerses Yeritysyan

Russia has come to an agreement to loan Armenia $500 million tunneled towards infrastructure work in Armenia, stated by Armenian Economy Minister Nerses Yeritysyan. This comes as Russia look to minimize the impact of the global economic crisis in Armenia. The terms of the agreement are said to be that the loan will be repayable in 15 years with a four year grace period. The Armenian Economy Minister also fervently denied reports that the agreement did not signal Armenia's intention to join the Russian ruble zone. He farther went to state that the agreement did not contain any stipulations for "non-financial obligations" in exchange for the loan.

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