Armenia will be able to become an average income country by 2025 by implementing the reform project it has adopted, Cyril Muller, World Bank Vice President for Europe and Central Asia, said on Monday, September 11.

“Today’s Armenia differs greatly from the country that joined the World Bank 25 years ago,” Muller said.

According to her, when Armenia joined the WB, it was one of the Soviet Union’s rising economies but due to a serious foreign currency shortage and the collapsed industry, real wages rapidly declined in 1992.

Throughout the 4-5 years after the fall of the Soviet Union, Armenia managed to recover from the initial shock, she said.

Muller said that the Armenian government has adopted a pretty ambitious reform project, expressing hope to later discuss it with the prime minister.

Also, Muller added the World Bank has learnt a lesson or two from Armenia which will be implemented in other countries.

Armenian-ministers-income.

Armenia’s Commission on Ethics of High-Ranking Officials has published the property reports and income statements of high-ranking officials and their relatives.

According to the official report, as of the date of his appointment Minister of Finance Gagik Khachatryan declared AMD 269,000,000 (USD$ 561,515.98) and US $ 1,970,000. His wife Laura Yefremyan declared even more, about AMD 180,000,000 (US$ 375,735.60) and USD 2,745,000.

The second richest minister is Minister of Nature Protection Aramais Grigoryan AMD 810,600,425 (US USD 1,692,063.54), RUB 300,000 and USD 776,000. His wife Alisa Grigoryan declared AMD 300,630,945 (USD 627,543.05) in 2013.

The third richest minister is Armenia’s Minister of Transport and Communication Gagik Beglaryan. According to his property reform and income statement for 2013, he had US $92,000 and AMD 535,408,000 (USD 1,117,621.37). His wife Nune Nikolyan declared about AMD 33,700,000 (USD 70,346.05).

Minister of Justice Hovhannes Manukyan declared about AMD 359,000,000 (US $749,121.26).

Minister of Agriculture Sergo Karapetyan declared US $81,200, €75,120 and AMD 174,950,385 (US
$365,041.42).

Minister of Diaspora Hranush Hakobyan has a declared income of AMD 51 million (US $26,688) and €21,827; her total registered assets amount to US $56,000.

As for the minister of health, Armen Muradyan, he has declared AMD 14 million and US $48,000 (total: above US $77,000).

The foreign minister, Edward Nalbandian had registered assets of €49,800 and US $140,000 as of his reappointment date in 2014.

Minister of Labor and Social Affairs Artem Asatryan declared AMD 30,000,000 in 2014 (over US $62,596).
Minister of Energy and Natural Resources Yervand Zakharyan was the tenth, with declared assets of AMD 29,800,000 ($6 2,183)

Armen Yeritsyan, the minister of territorial administration and emergencies, declared 25,000,000 (US $52,162) being appointed to post.

Minister of Economy Karen Cshmarityan has declared AMD 550,000 ($1,147), €37,000 and $1,200.

Minister of Education and Science Armen Ashotyan did not submit any income declaration last year; his 2013 declaration reveals a registered income of 18,000,000 (US $37,573).

Some 16,000,000 Drams ($33,398) are registered in Defense Minister Seyran Ohanyan’s declaration.

Exactly the same amount was declared by David Harutyunyan, the chief of the Government staff (AMD 6,500,000 or US $13,568 plus US $20,000)

Minister of Sport and Youth Affairs Gabriel Ghazaryan has declared AMD 5,000,000 and US $14,000.

Minister of Urban Development Narek Sargsyan comes next, with a registered income of AMD 11,500,000 ($ 7,000,000), $6,000 and €3,500 as of the date of being appointed to office.

The minister of culture, Hasmik Poghosyan, has declared AMD 4 million (US $8,349).

The lowest appear to be the assets of Vache Gabrielyan, the minister of international economic integration and reforms. His declaration reveals a registered income of 1,900,000 (US $4,000).

Report by tert.am

Armenia will become average income country by 2025: World Bank official

Armenian ministers’ income declarations released