State Control Service Investigates Armenian State Interest Fund
2024-08-11 11:05:40
The State Control Service of Armenia has conducted studies into the State Interest Fund (ANIF), concluding that the company has not effectively utilized the financial resources received from the state.
The report identified issues with:
Acquisition of services in representative offices and central apparatus
Investment processes, including payroll, bonuses, and business trip expenses of management staff
* Lack of proper documentation for these processes
Established in 2019 by the Government, ANIF aims to attract foreign investments, promote export growth, and invest in Armenian projects. However, recent years have seen limited foreign investment and ineffective utilization of state funds, which amount to approximately 5 billion drams since 2019.
The control service expressed concerns about the high salaries and expensive specialists employed by ANIF, despite outsourcing some services to external companies.