2024-06-15 07:01:16
It’s a distinctive phenomenon in world historical past when the “pension reform” is initiated and carried out by the central financial institution. In keeping with the Structure, the primary aim of the Central Financial institution of the Republic of Armenia is to make sure worth and monetary stability. Due to this fact, the CB staff pursued a distinct aim through the use of this technique.
Discussions about pension system reforms within the Republic of Armenia began within the early 2000s.
On April 28, 2005, the RA authorities’s resolution No. 666-N permitted the conceptual approaches to the reforms of the pension safety system of the Republic of Armenia.
The doc permitted by the federal government states that “the transformations shouldn’t result in the tax burden of the subsequent era and instability of the general public debt. This means that any improve in tax charges is impermissible, together with in reference to the next servicing of debt issued underneath the transformation.
On Might 26, 2006, the RA authorities’s resolution No. 796-N “On approving the idea of reforms of the pension safety system of the Republic of Armenia” confirms the corresponding idea. The federal government acknowledges the invalidity of the choice No. 666-N and reserves the preparation of the legislative bundle to not the Minister of Labor and Social Affairs of the Republic of Armenia (as was the case with the earlier resolution), however to the Minister of Finance and Financial system of the Republic of Armenia and the Chairman of the Central Financial institution of the Republic of Armenia Tigran Sargsyan.
The principle aim of the implementation of this mission of the Central Financial institution was not the pension issues, however the creation of long-term cash within the monetary market. Later, all of that was proved by details, specifically, the managers of obligatory financial savings funds invested the cash collected from the general public within the type of deposits in banks or acquired bonds issued by the monetary and banking system. Consequently, these organizations had long-term and low-interest borrowings.
At the moment, the essence of the pension reform carried out by the Central Financial institution was undoubtedly not accepted by the manager and the general public. This was additionally one of many uncommon circumstances when, in 2006, Aghvan Vardanyan, the minister of social affairs of the federal government, voted towards the problem associated to the sphere he coordinated.
It’s fascinating that the brand new reforms have been additionally opposed by the general public sector, lots of whose representatives started to criticize the introduced proposals from the very first public discussions. Throughout that interval, the staff that initiated and carried out the reforms expressed a want to undertake it earlier than the Might 2007 parliamentary elections, if attainable, arguing that it isn’t recognized what perspective the brand new Nationwide Meeting might need in the direction of the unpopular mission.
Being delicate not solely from knowledgeable viewpoint, but additionally from a political viewpoint, the start of the reforms was delayed in 2007 and 2008, after which once more because of the elections in 2012 and 2013. Undoubtedly, the delay of the obligatory cumulative pension system was considerably influenced by the place of the second president of RA, Robert Kocharyan, who, not like Serzh Sargsyan, was not satisfied of the effectiveness and social element of this technique.
The implementation of pension reforms and the adoption of the legislative bundle gained momentum since 2008, when Tigran Sargsyan was appointed the Prime Minister of the Republic of Armenia. In 2009, the Armenian Revolutionary Federation left the coalition because of the Armenian-Turkish protocols, which fully freed the arms of the supporters of the necessary collected pension system.
Հեղինակ՝ Economist Suren Parsyan, head of the financial analysis workplace of the ARF Bureau
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