The government has decided to provide a budget guarantee at today's February 27 sitting, which is conditioned by the need to ensure the normal course of the activities of Lydian Armenia CJSC.
The substantiation states that 12.5% of the company's shares in the agreement between the RA Ministry of Economy and Lydian Risorsiz Armenia Limited, the company's shares were donated to Armenia as property.
According to the results of the previously implemented studies submitted by the RA Ministry of Economy, the implementation of the program is expected to have its direct and indirect impact on the Armenian economy in the amount of 1.0-1.5% annually.
For the construction of the Amulsar gold mine project, more than 1,000 employees will be involved, and about 700 jobs will be created in the development nodes, laboratories and administration.
The government, as a way to ensure a retaliatory claim that the budget guarantee, considered it expedient to adopt the subsequent pledge of commercial banks to ensure a guarantee.
The budget guarantee is a state debt component, therefore, the budget guarantee will increase the debt burden of the Armenian government, which will exceed the 50% GDP (2025), in 2025, the Government's debt or GDP will be 54.3%).
The amount of guarantee is 0.58% of the nominal GDP projected for 2025 by the state budget of 2025.
The government, combining budget guarantee, and the edge of the RA Ministry of Economy on the mining and socio-economic development of the RA Ministry of Economy, as well as giving gold prices in the international market, initiated the budget guarantee.
This decision is made to provide a budget guarantee of up to $ 150 million.
At the same time, it is envisaged that it is provided as a guarantee issued if the decision within six months of the decision is the Ministry of Finance Report on the market assessment report included in the company's financial statements reported.
The adoption of the project may lead to the increase in state budget revenues, and in case of materialization of budget guarantee, up to $ 150 million in the amount of increasing state budget expenditures.
