Tag Archives: Armenia

Lydian extends protection from its creditors

JAN. 3 2020 (The Bulletin) — Lydian International, the mining company developing the Amulsar gold mine in Armenia, said that it had extended its protection from creditors scheme by three weeks to Jan. 23. Lydian said at the end of last year that its creditors had told them that they would not be extending their credit lines. Lydian has not accessed the Amulsar mine since June 2018 because of protests that it says the Armenian government has been unwilling to clear.

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— This story was first published in issue 433 of the weekly Bulletin on Jan. 13 2020

— Copyright owned by the Central Asia & South Caucasus Bulletin

Armenian Constitutional Court chief charged with corruption

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DEC. 27 2019 (The Bulletin) — Armenia’s Prosecutor-General charged Hrayr Tovmasyan, head of the country’s Constitutional Court, with abuse of office for selling off for his own profit a state-owned building in Yerevan in 2012 when he was justice minister. Mr Tovmasyan said the charges are politically motivated and are part of attacks on prominent members of the former government.

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— This story was first published in issue 433 of the weekly Bulletin on Jan. 13 2020

— Copyright owned by the Central Asia & South Caucasus Bulletin

New head of CSTO appointed

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JAN. 3 2020 (The Bulletin) — Belarussian General Stanislav Zas was appointed Secretary-General of the Russia-led Collective Security Treaty Organisation (CSTO) ending more than a year of rows and acrimony over who was going to lead the FSU military group. In 2018, after only 1-1/2 years into his 3-year posting, Armenian general Yuri Khachaturov was arrested for ordering police to shoot protesters in Yerevan in 2008.

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— This story was first published in issue 433 of the weekly Bulletin on Jan. 13 2020

— Copyright owned by the Central Asia & South Caucasus Bulletin

World Bank predicts strong growth in the region

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JAN. 10 2020 (The Bulletin) — In its annual growth predictions, the World Bank said that Uzbekistan’s economy would grow by 5.7% in 2020, the fastest growth in Central Asia. In the south Caucasus, the World Bank said that Armenia would record the fastest growth with a 5.1% rise compared to a 2.3% rise in Azerbaijan’s economy and a 4.3% rise in Georgia’s economy.

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— This story was first published in issue 433 of the weekly Bulletin on Jan. 13 2020

— Copyright owned by the Central Asia & South Caucasus Bulletin

Armenia and Azerbaijan back Iran after US kills top general

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YEREVAN/Jan. 3 2020 (The Bulletin) — Armenia and Azerbaijan moved quickly to show support for Iran, which has become a key trading partner over the past few years, after the assassination of top Iranian general Qasem Soleimani by a US drone.

Both governments, though, need to tread a fine line as they can’t be seen to be backing Iran too strongly or they risk damaging relations with the US.

In a press release two days after the assassination, Armenia’s foreign minister, Zohrab Mnatsakanyan, said that he had spoken with his Iranian counterpart Javad Zarif to express his condolences about the assassination.

“The Foreign Minister of Armenia stressed the importance of preventing further tensions and de-escalating the situation through peaceful means,” the statement said.

And it was a similar message from the Azerbaijani foreign ministry.

Azerbaijani and Iranian relations were so strained only a few years ago that they almost came to war. It was disclosed that Israel had developed a secret deal with Baku to use an Azerbaijani airbase so that its warplanes could launch strikes against Iran.

Now, though, relations are much improved and the two countries have a handful of joint venture manufacturing units operating together, including a car production plant.

“The Azerbaijani side calls on all parties involved to refrain from violence and be committed to strengthen regional security,” the Azerbaijani foreign ministry said in a statement.

“Minister Mammadyarov expressed deepest condolences to the leadership and the people of the Islamic Republic of Iran on the death of general Qasem Soleimani.”

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— This story was first published in issue 433 of the weekly Bulletin on Jan. 13 2020

— Copyright owned by the Central Asia & South Caucasus Bulletin

Armenia approves increase in child benefits

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JAN. 10 2020 (The Bulletin) — Armenia’s government approved a six-fold rise in the cash payment given to families for having their first child in order to try to reverse the country’s falling birth rate. From July, a family will receive a 300,000 dram ($625) payment for the birth of their first and second children, six times higher than the current 50,000 drams for a first child and double the current 150,000 drams for a second child. Monthly child benefits will also be increased by 50% to 26,500 drams.

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— This story was first published in issue 433 of the weekly Bulletin on Jan. 13 2020

— Copyright owned by the Central Asia & South Caucasus Bulletin

Armenia will become an important rail link, says Iran

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DEC. 31 2019 (The Bulletin) — Iranian officials said that the completion of a railway connecting Iran to Armenia will turn it into an important transit route along the new Silk Road stretching from China to Europe. Iranian media quoted the country’s deputy minister of road and urban development, Kheirollah Khademim, as saying that when the railway is being built from Tabriz and that “Armenia will also construct a highway that will turn it into an international corridor”. Armenia and Iran have been improving bilateral ties to offset both of their relative regional isolation.

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— This story was first published in issue 433 of the weekly Bulletin on Jan. 13 2020

— Copyright owned by the Central Asia & South Caucasus Bulletin

Armenian police investigate baby-selling ring

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DEC. 26 2019 (The Bulletin) — Police in Armenia have arrested Razmik Abramyan, the country’s chief obstetrician-gynaecologist and other senior officials as part of an investigation into the alleged sale of babies, the AFP news agency reported. Mr Abramyan is accused of pressuring women into giving up their babies which were then sold on for adoption. He has denied the claims.

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— This story was first published in issue 432 of the weekly Bulletin on Dec. 27 2019

Lydian calls in protection from creditors over Armenian mine dispute

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YEREVAN/DEC. 23 2019 (The Bulletin) — Lydian International, the owner of the Amulsar gold mine in Armenia, said that it had called in protection from creditors while it held talks with them and restructured its loans.

For Armenia’s reputation as a place to do business, news that one of its most high-profile investors has had to call for protection from creditors will be damaging.

The company, which has registrations in Canada, Britain and the US, has been unable to access the Amulsar mine in the southeast of the country since June 2018 because local activists have blocked the single track road running up to the mine. They say that Lydian is causing environmental damage, accusations that Lydian denies.

Although the government of Nikol Pashynian has said it would disband the protests it has appeared less willing to do so in practice. Analysts have said that this is partly because the constituents that put Mr Pashinyan in power through a revolution in April and May 2018 are the same that are protesting against Lydian.

And in a statement, Lydian blamed the Armenian government for inaction which has turned creditors off the project.

“Despite its many public statements that there is no legal basis on which to prevent the Company’s development of the Amulsar Project, the Government of Armenia has failed to remove the illegal blockades,” Lydian said. “As a result, the Company’s lenders were not prepared to further extend a previously announced forbearance agreement, which expired on December 20, 2019.”

Lydian said that it had been granted 10 days of protection from creditors.
The Armenian government has not commented.
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— This story was first published in issue 432 of the weekly Bulletin on Dec. 27 2019

Hungary’s Wizz Air to start flying from Armenia

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YEREVAN/DEC. 16 2019 (The Bulletin) –Hungarian low-cost airline Wizz Air said it was setting up new routes to Yerevan’s Zvartnots airport from Vilnius and Vienna, going head-to-head with Ryanair which will also start flying to the Armenian capital next year.

Wizz Air was the first European budget airline to expand into the South Caucasus when it set up operations out of Georgia’s second city of Kutaisi in 2016. Since then its routes to Kutaisi have spanned out across Europe. Georgian politicians hold up Wizz Air as a foreign investment success story that has created jobs and helped the tourism sector.

Announcing its new routes on Twitter, Wizz Air said: “This magical country has brought us more than just one of America’s most famous reality families. From the world’s oldest winery to a record-breaking cable car to chess masters, it’s time to uncover the true hospitality this country has to offer.”

Reuters quoted Wizz Air as saying that it expected the two twice-weekly routes to start up in April 2020.

For Armenian aviation officials, the start of Wizz Air flights from Zvartnots represents another success after they persuaded Ryanair to start flying from Armenia. Footfall at Armenian airports rose 9% this year.
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— This story was first published in issue 432 of the weekly Bulletin on Dec. 27 2019