On February 26 all the drafts debated at the Standing Committee on Financial-Credit, Budgetary and Economic Affairs were endorsed. Two drafts will be proposed for the inclusion on the agenda of the ninth session as well as two drafts and legislative packages will be proposed to put on the four-day sittings agenda.

The executive body intends to clarify the cases of the exempt from the VAT the bank gold circulation by the amendment to the law on Value Added Tax.

Making addenda to the law on Property Tax the MPs of the RPA faction envisage exempting from property tax the disabled who received cars on favorable terms by social security bodies.

The legislative package, which envisions amendment to the law on Trade and Services, will be submitted to ratification by the parliament for the second time. Mr. Ara Petrosyan, Deputy Minister of Trade and Economic Development, presented that the package was revised and edited after the first reading based on Mrs. Hermine Naghdalyan’s and Mrs. Hripsime Averisyan’s proposals.

According to Mr. Tigran Sargsyan, Chairman of the Central Bank of Armenia, the proposals related to the law on Banking Secret and legislative package of the amendments in the other laws, were not received after the adoption in the first reading.

At the sitting of the Standing Committee on Foreign Relations, presided over by Mr. Armen Roustamyan, Mr. David Lokyan, Minister of Agriculture, presented the Agreement on the Loan of the Program of Restoration of Industrial Infrastructures between RA and the OPEC Fund for the International Development, signed on January 17, 2007. The Minister noted that the total cost of the program is 12,9 million US dollars, with 2 million US dollars of the RA Government. The program aims to create favorable conditions for the stable growth of the incomes of the communities of the regions included in the program. The problem is to support to the activity of the private sector as well as to the development of the entrepreneurship opportunities in the included territories through the reconstruction and construction of the necessary infrastructures. The territory of the program includes the marzes of Shirak, Lori, Tavush, Gegharkunik, Vayots Dzor and Aragatsotn.

The agreement will be submitted to ratification of the parliament with the endorsement of the committee.