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The Agreement signed on 24 March 2023 regulates the legal relations regarding the transfer by the Russian Federation of its share of participation in the Eurasian Development Bank to Armenia and its acceptance by the Republic of Armenia. The order and schedule of the payment of the participation share to the Russian side by the Armenian side are defined. In case of non-fulfillment of the obligations, the procedure for returning the paid fee and transferring the ownership right to the participation share is clarified. This was stated by the RA Deputy Minister of Finance Eduard Hakobyan at April 25 sitting of the NA Standing Committee on Financial-Credit and Budgetary Affairs.

The draft law on ratifying the Agreement between the Government of the Republic of Armenia and the Government of the Russian Federation on the sale and purchase of the share of the Russian Federation in the paid-up charter capital of the Eurasian Development Bank was debated.

Eduard Hakobyan noted that according to the draft, the Russian side undertakes to transfer 64,000 shares worth 64 million dollars as the property of the RA, and the Armenian side undertakes to ensure its acceptance of the share and the payment of the corresponding shares within the next four years.

Eduard Hakobyan added that our decision regarding shares is in line with the balanced financial policy of the Government with the international financial institutions.

According to Eduard Hakobyan, the other important circumstance is that the RA has the largest weight among those with a small share - 5.8%, which is 256 million dollars. “This indicator has a tendency to grow steadily,” the Deputy Minister mentioned.

In response to the Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan’s question, what other benefits our country can have, the RA Deputy Minister of Finance stated that mainly they will create wide financial, economic and investment opportunities.

The Committee endorsed the draft law.

It is noteworthy that the report of the Budget Office of the National Assembly for the first quarter of 2023 regarding the work performed was debated and taken into consideration at the Committee sitting. According to the Expert of the Budget Office Ashot Yeghiazaryan, during the financial period, the Budget Office received 26 inquiries from the deputies, factions and standing committees.

The Chair of the NA Standing Committee on Financial-Credit and Budgetary Affairs Gevorg Papoyan, highlighting the activity of the National Budgetary Office, proposed to increase the functions of the Office and expand the scope of activities, which was adopted.