PREMIER: INSTITUTIONS TO MANAGE BUSINESS OF PUBLIC SERVANTS NEEDED IN ARMENIA

ARKA
May 26, 2008

YEREVAN, May 26. /ARKA/. Special institutions need to be set up
in Armenia to manage businesses of public servants during the time
when they will be holding public posts and will not be allowed to
make business in parallel, Armenian Premier Tigran Sargsian said at
the financial and banking conference held in Armenian resort town
of Dilijan.

The concept on creating the new institution is currently under
development, he said.

The Premier stressed the necessity to think about possibilities to
intensify investment funds and asset management funds as this field
has serious potential for development.

Studies conducted by the Central Bank of Armenia based on the last
year’s performance showed that the population has about $2bln at hand,
and this money do not serve the purpose of development due to lack of
a range of functions and instruments on the country’s financial market.

Establishing new trust institutes will facilitate accumulating these
funds, he said adding that the pension reforms implying use of various
schemes (including introduction of a long-term accumulation system)
will also promote intensification of investments funds and asset
management funds.

"This will allow us increasing the amounts to be transferred to asset
management funds," the Premier said.