NATIONAL ASSEMBLY MAKES AMENDMENTS IN LAW ON REMUNERATION,
PROVISION OF SERVICES AND ENSURING SECURITY OF PRESIDENT OF RA
18-03-2008 18:00:00 | Armenia | Economy
YEREVAN, MARCH 18, NOYAN TAPAN. At the morning sitting of
March 18, the RA National Assembly passed 4 bills and
legislative packages discussed the day before, by which
amendments have been made to some current laws. The NA passed in
the first reading the amendments and additions to the RA Law on
Remuneration, Provision of Services and Ensuring Security of the
President of the RA. The NA passed in the second reading and
completely the amendments and additions to the RA Code of
Administrative Infractions, the RA Law on Guaranteeing the
Compensation for Bank Deposits of Natural Persons, and the RA
Law on Bankruptcy of Banks, Credit Organizations and Insurance
Companies.
According to the amendments and additions made to the RA
Law on Guaranteeing the Compensation for Bank Deposits of
Natural Persons, it is in particular stipulated that if the
balance of an account is less than 1,000 Armenian drams, no
guarantee is given. It is also envisaged that banks will be
obliged to create an electronic information system on guaranteed
deposits and depositors, as well as that the sums deposited with
branches of foreign banks in Armenia will be guaranteed.
The National Assembly also ratified two international
agreements discussed the day before:
- The Council of Europe Convention on Laundering, Search,
Seizure and Confiscation of Proceeds from Crime and on the
Financing of Terrorism, signed in Warsaw on May 16, 2005,
- the agreement on financing the program signed between the
Republic of Armenia and the International Fund for Agriculatural
Development (IFAD) on January 8, 2008.
Under the latter agreement, Armenia will receive partial
financing of 12 mln USD for the program of the total cost of 32
mln USD at 0.75% annual ineterest rate and a repayment period of
2018-2047. The IFAD will also allocate a grant of 0.5 mln USD
for provision of international technical assistance to the Fund
for Economic Development of Rural Areas and for payment of
salaries of the fund's employees.