ARKA
June 11, 2009

YEREVAN, June 11. /ARKA/. Armenian banks have problems with dram
liquidity, said RA Prime Minister Tigran Sargsyan.

According to him, the Armenian banking sector is showing most sound
liquidity now - US $700-800mln are on accounts at commercial banks.

However, the Premier said, with high liquidity requirements ensured,
borrowers do not show demand for USA credits. "They all want AMD
credits, while banks are reluctant to issue AMD credits," Premier
Sargsyan said at his meeting with Armenian businessmen in Moscow.

In this context he pointed out that the real economic sector is
encountering the crisis-caused difficulties, which means a high rise
in risks over the last 18 months.

"This means that commercial banks are assessing the risks and are
behaving logically by raising interest rates. On the other hand,
to survive the crisis, the real; sector needs cheap long money,
but commercial banks are not ready for this behavior," he said.

The Armenian Premier said that surviving the crisis requires the
interference of the Government, which is supposed to assume the risks.

"We have to think of instruments that would facilitate the flow of
funds to the real economic sector," he said.

Among the instruments Premier Sargsyan included government guaranteed
loans to the real sector, the Government’s share in enterprises’
capital, promo tion of construction and credit guarantees to the
developers meeting certain standards set by the Government.

ARKA
June 11, 2009

YEREVAN, June 11. /ARKA/. Armenia’s third mobile operator Orange plans
to invest $200mln in Armenia in two years, said Deputy President of
Orange Europe Olaf Swantee.

The company plans to earmark some $80mln for Armenia already this year.

"Despite the global recession, Orange plans to fulfill its investments,
following the announced $200mln worth investments policy in two years,"
he was quoted as saying.

According to the Orange deputy president, the population-tailored
investments will enable the company apply state-of-the-art technologies
in Armenia.

Taking into account that Diaspora Armenians will also use the network,
the company’s investments will be justified, Swantee added.

He said Orange stands ready to make long-term investments in Armenia.

Subsidiary of France Telecom (under the Orange brand), Orange Armenia
received a 15-year license (with a 15-year prolongation option) for
communication services on November 19, 2008. The company is authorized
to use radio frequencies for 10 years and is allowed to use +374(0)55
and +374(0)95 codes.

On October 7, 2008, Armenia’s Tender Commission announced France
Telecom the winner of the bids for the third mobile operator in
Armenia with a �~B�51.5mln GSM license offer.

ArmenTel (subsidiary of Russia’s VimpelCom) and VivaCell-MTS
(subsidiary of Russia’s MTS) had been the two mobile operators in
Armenia before Orange entered the local telecommunications market.

ArmInfo
2009-06-11 17:38:00

ArmInfo. Representatives of the International Committee of Red Cross
Delegation in Armenia visited Azerbaijani captive Rafig Hasanov,
Thursday.

The ICRC Delegation in Armenia told ArmInfo it was a regular visit
procedure. ‘Hasanov wrote a letter to his family which will be handed
over through the ICRC’, the Delegation reported. Since R. Hasanov
does not speak Russian he needs a translator from the Azerbaijani. The
ICRC employee ensured the communication and translation. ‘It was not
a representative of the ICRC Delegation in Azerbaijan’, the source
specified.

The Azerbaijani soldier R. Hasanov voluntarily crossed the border
and passed to the Armenian party on October 8 2008.

ArmInfo
2009-06-11 17:33:00

ArmInfo.Today, the parliament of Armenia passed the second and
final reading of alterations and amendments to the Laws ‘On VAT’ and
‘Profit Tax’.

As deputy Finance Minister of Armenia Suren Karayan said, the primary
goal of introduced bill is stimulation of turnover the companies’
securities in the capital market. Moreover, it is expected that
the companies will carry out their activity transparently with the
elements of corporate management.

The bill somewhat regulates the expression ‘the right for free
circulation of securities’, which has been replaced by the expression
’shares belonging to the public’. Another peculiarity of the bill
concerns 20 and more percent of shares in the companies’ authorized
capitals. So, if 20 and more percent of shares of one or another
company are in ownership of one or another person and these shares
are registered at the Stock Exchange, where they can be acquired
and sold, this company receives tax remissions. In particular, it is
envisaged that these remissions will make up 50% on the value added
tax, though provided that the annual profit of a company will not
exceed 300 mln drams. Moreover, the number of shareholders of these
companies should make up 100 and more people. These companies also
get serious remissions on the value added tax. So, the government
intends to activate a system of corporate management, that will lead
to the capital market development. In general, the matter concerns
three conditions - number of shares, shares belonging to the public,
and a number of shareholders. Some VAT and profit tax remissions
are received by the companies in which 20 and more percent of shares
will belong to the state. All these conditions should be secured in
the Central Depositary and Stock Exchange which are controlled by
the United Swedish Exchange. Both structures will have to provide
a corresponding information to the tax agencies to avoid possible
infractions. Nevertheless, the tax agencies, during their work,
are enabled to hold inspections in one or another companies for
verification of the data available.

Noyan Tapan
June 11, 2009

PARIS, JUNE 11, NOYAN TAPAN - ARMENIANS TODAY. On June 3,
Armenian-French distinguished painter Jansem’s (Hovhannes Semerjian)
landscape painting exhibition opened at one of Paris famous galleries,
Matignon, which is close to the building of government. According
to the Azg daily, which refers to the Ashxarh (World) newspaper,
the ceremony took place on June 3 evening.

The exhibition will work till September 30.

Noyan Tapan
June 11, 2009

STEPANAKERT, JUNE 11, NOYAN TAPAN - ARMENIANS TODAY. The Yntsa (Gift)
Fifth Annual Armenian Song Contest-Festival started on June 9 at the
Culture and Youth Palace of Stepanakert and will last till June 13. The
festival is held with the assistance of Nagorno Karabakh government,
RA Public Television and the National Song Theater.

A sortition of sequence and a concert of the participants of the
contest-festival was held the same day. The distribution of prizes
will take place on June 13 and then the festival will end with a
gala-concert.

RA and NKR First Ladies were present at the opening ceremony of the
Yntsa Fifth Annual Armenian Song Contest-Festival.

Noyan Tapan
June 11, 2009

MOSCOW, JUNE 11, NOYAN TAPAN - ARMENIANS TODAY. Six representatives
of the Armenian community of Belarus will take part in the Karot
International Armenian Festival, which will take place in October
2009 in Moscow.

"Elimination stages were held in different cities of Belarus in April
and May, where the best candidates were selected for each nomination of
Karot festival. Karot-Miasin festival contest program, which became the
peculiar elimination stage of Moscow festival, included all directions
of Armenian music art, vocal performances, dancing, original genre,
different types of painting," festival chairman Metso Igityan noted.

According to the Novosti-Armenia agency, in Igitian’s words, the main
aim and purpose of the festival is to develop and popularize the
Armenian culture in Belarus, keep and perfect cultural traditions,
as well as to discover and realize creative abilities and talents.

During the concert, which took place in Minsk, six representatives of
Belarus, Yeghiazar Farashian (ethnographical song), Yekaterina Khudents
(variety song), Sergey Klochkov (academic song), Eduard Machkalian
(artistic whistling), Erebuni dance ensemble, Morfe Acoustic Band
instrumental ensemble were selected to take part in the Karot festival
in Moscow.

Noyan Tapan
June 11, 2009

YEREVAN, JUNE 11, NOYAN TAPAN. On June 10, the RA National Assembly
in the second reading adopted the package of bills authored by NA
Speaker Hovik Abrahamian on a new law On State Service in the RA
National Assembly Staff and On Making an Addendum to the Valid Law
On Civil Service. The same day the package was also discussed in the
third reading. The voting will be done on June 11.

The bill authored by the RA government On Making Amendments and
Addenda to the RA Criminal Code was adopted in the first reading at
the sitting.

According to the main reporter, RA Minister of Justice Gevorg
Danielian, the amendments to two articles of the Code envisage,
in particular, to toughen the punishment set for trafficking. Thus,
a punishment equal for punishment set for involving people in sexual
exploitation is established for trafficking, 5-10 years’ imprisonment,
instead of the current 3-6 years.

Besides, the government proposes setting property seizure as an
additional punishment for these two acts. It is also set that a
person gets free of criminal liability for these crimes if "he is
involved in them as an aggrieved party and if he assisted disclosure
of these crimes."

Another bill of the government envisaging amendments an addenda
to the RA Criminal Code was also adopted in the second reading and
completely. Thus, in consideration of the tendency of growth of the
number of economic crimes, fines set for these crimes are increased
and sanctions are toughened, imprisonment is envisaged for some kinds
of crimes.

Noyan Tapan
June 11, 2009

KAPAN, JUNE 11, NOYAN TAPAN - ARMENIANS TODAY. A cardiological
center will be founded in the town of Goris, Syunik region, with the
assistance of the Armenian community of the city of Marseille, France.

As Razmik Ghazarian, the Head of Syunik Administration Staff,
informed Armenians Today, a tender has been already held for center’s
construction, and construction and installation work will be launched
soon. The financial expenses will amount to 413m drams.

Residents of Nagorno Karabakh Republic bordering upon Goris can also
visit the cardiological clinic.

Specialists retrained at Yerevan cardiological centers and residing
in the Syunik region will work at the center. Meanwhile doctors will
be invited from Yerevan to work at the clinic by a contract.

The number of people suffering from vascular pathologies (apoplexy,
infarct) has increased over the past year in the region. According
to statistical data, 16 patients were hospitalized at Kapan medical
center in 2009 January, 13 of which are men and 3 women. The number
of patients was 9 in the same period of the previous year.

Noyan Tapan
June 11, 2009

COLOGNE, JUNE 11, NOYAN TAPAN - ARMENIANS TODAY. A solemn concert
dedicated to the 15th anniversary of Hayastan All Armenian Fund’s
German branch was held on May 31 at Haus Burgpark hall near Cologne
city. The French outstanding Navasard dance ensemble took part in
the event.

According to panarmenian.net, the whole gain of the concert will be
given to Armenia for rebuilding of Noyemberian’s regional hospital.

The charity event took place with the assistance of the Fund’s German
and Swiss local structures, the Union of Employers and the Union of
Doctors and Members of the Medical Profession in Germany.