Head of State Property Management Department reports back reform progress to President of the Republic of Armenia

During a working meeting held with the President of the Republic of Armenia, Head of State Property Management Department by the Government of the Republic of Armenia (SPMD) Arman Sahakyan reported progress in the ongoing reforms, expected results, current programs and solutions to existing problems.

Arman Sahakyan briefed the President on the efforts aimed at attracting new investments for those companies included in the 2017-2020 State Property Privatization Program, the ongoing refurbishments and other issues faced in the field of State-owned assets management.

The President of Armenia highlighted the need for preserving the profile of those specialized companies proposed for privatization, maintaining the social commitments to staff, as well as making use of innovative and more effective methods and tools in the alienation of State-run property. In this context, Mr Sahakyan reported back the steps toward increasing the effectiveness of State-owned companies and the results of the annual financial and economic monitoring.

The President of Armenia highlighted the importance of applying accurate criteria for the design and effectiveness of business plans by these companies as a result of joint work with the public agencies concerned. In this regard, the government was tasked to carry out a comprehensive analysis of the findings of the already completed financial and economic monitoring by examining the indicators of the financial-economic situation of individual commercial organizations and the adequacy of those measures taken to improve their performance.

The President next instructed to speed up the development and application of clear-cut mechanisms for control over the performance of these organizations, ensuring transparency in their activities, as well as develop an accurate methodology for evaluating the performance of relevant executive bodies.

Arman Sahakyan touched upon the privatization of socially important dormitory premises and donations. The President instructed to keep it under strict control with due attention paid to the simplification of administrative procedures and other issues raised by the residents.

Arman Sahakyan also introduced the activities carried out in the field of real estate registration and registry keeping, as well as the dynamics of annual financial inflows from the privatization, alienation and lease of State property. The President instructed to substantially increase the use of modern technologies in this field and improve the records of electronic databases. The Head of SPMD also reported on the efforts aimed at ensuring control over contractual obligations and, accordingly, the current results.

Mr Sahakyan was told to study jointly with the Ministry of Justice all issues related to the sale of State-owned property in the frame of bankruptcy proceedings by elaborating appropriate legal arrangements to increase the effectiveness of commitments. The President instructed to activate work on completion of the planned programs within the pre-established deadlines, stressing that they are of great importance both in terms of enhancing the efficiency of State property management and boosting the economy through the promotion of investments.