AT NATIONAL ASSEMBLY STANDING COMMITTEE SITTINGS

National Assembly of RA, Armenia
Feb 27 2007

On February 26 all the drafts debated at the Standing Committee on
Financial-Credit, Budgetary and Economic Affairs were endorsed. Two
drafts will be proposed for the inclusion on the agenda of the ninth
session as well as two drafts and legislative packages will be proposed
to put on the four-day sittings agenda.

The executive body intends to clarify the cases of the exempt from
the VAT the bank gold circulation by the amendment to the law on
Value Added Tax.

Making addenda to the law on Property Tax the MPs of the RPA faction
envisage exempting from property tax the disabled who received cars
on favorable terms by social security bodies.

The legislative package, which envisions amendment to the law on Trade
and Services, will be submitted to ratification by the parliament
for the second time. Mr. Ara Petrosyan, Deputy Minister of Trade and
Economic Development, presented that the package was revised and
edited after the first reading based on Mrs. Hermine Naghdalyan’s
and Mrs. Hripsime Averisyan’s proposals.

According to Mr. Tigran Sargsyan, Chairman of the Central Bank of
Armenia, the proposals related to the law on Banking Secret and
legislative package of the amendments in the other laws, were not
received after the adoption in the first reading.

At the sitting of the Standing Committee on Foreign Relations,
presided over by Mr. Armen Roustamyan, Mr. David Lokyan, Minister
of Agriculture, presented the Agreement on the Loan of the Program
of Restoration of Industrial Infrastructures between RA and the OPEC
Fund for the International Development, signed on January 17, 2007.

The Minister noted that the total cost of the program is 12,9 million
US dollars, with 2 million US dollars of the RA Government. The program
aims to create favorable conditions for the stable growth of the
incomes of the communities of the regions included in the program. The
problem is to support to the activity of the private sector as well
as to the development of the entrepreneurship opportunities in the
included territories through the reconstruction and construction of
the necessary infrastructures. The territory of the program includes
the marzes of Shirak, Lori, Tavush, Gegharkunik, Vayots Dzor and
Aragatsotn.

The agreement will be submitted to ratification of the parliament
with the endorsement of the committee.