A Cabinet meeting was held today, chaired by Prime Minister Nikol Pashinyan.

Economy Minister Tigran Khatchatryan commented on the assessments made in the World Bank’s Doing Business 2020 report. The Minister said that Armenia’s setback was due to the fact that the World Bank had modified its assessment methodology for the first time this year in order to calculate the index called “Protection of small shareholders,” which namely means that the stock market has become a basis for assessment.

“In principle, this is not bad news because we have been discussing this topic since last year, and this is a key issue on our government’s agenda. I want to say that there have been many unprecedented events in Armenia since last year; some companies have open subscriptions, two companies have issued bonds, which is actually the first step to appear on the stock market. Currently we are in a preparatory stage, which should encourage us to really step up our efforts on stock exchanges. I know that the shareholders, as well as the companies concerned, intend to be active because the new economic environment has led to a very favorable situation, and this alert should prompt us to work harder in this direction,” Nikol Pashinyan said in this connection.

The Government approved the procedure to follow in providing services for children, the elderly and persons with disabilities through a state certificate.

The State assistance program for implementing a pilot insurance scheme in agriculture was next approved. The following results are expected: more than 30 000 hectares of hail, fire and spring frost risk will be covered in 6 regions of Armenia; prerequisites will be created for full introduction of the farmers’ insurance system in Armenia and new products will be added over time to stabilize the incomes of beneficiaries. Economy Minister Tigran Khatchaturian advised that insurance policies had been sold in the following six provinces since this October 1: Ararat, Armavir, Aragatsotn, Kotaik, Vayots Dzor and Tavouch.

The Government approved a draft agreement on amending the purchase option agreement of October 12, 2013, between the Granatus Venture I investors and Granatus Ventures CJSC, as well as a proposal to amend the treaty “On Eurasian Economic Union” as signed on May 29, 2014.

The meeting next endorsed the Government’s legislative initiative on a package of bills streamlining activities in outer space and a number of related laws. The package provides for fiscal benefits for space operators to facilitate their involvement in Armenia.