Tuesday, 21 February 2017
PM asks for spending indications regarding the funds allocated to Armenia Development Fund
The Prime Minister-chaired meeting of the Armenia Development Fund (ADF) Board of Trustees discussed today the Fund’s 2016 performance.
Acting ADF Executive Director Karen Megrtichean delivered the 2016 activity and financial reports, which covered export promotion, tourism development and those measures aimed at supporting the business environment.
The Prime Minister asked about the effectiveness of ADF-implemented programs, the cost-result ratio and the achievements made in the period under review. The Premier stressed that the State budget resources allocated to the Fund need to be spent in a reasonable and targeted manner, with proper monitoring of cost-effectiveness. The funds should only be allocated to those businesses generating a multiplier effect.
“The costs have to be justified, with a clearly defined philosophy and objectives as to what you want to achieve,” Karen Karapetyan emphasized.
The meeting took note of the report. The Head of Government charged the Fund’s executives, based on Council members’ comments, to formulate and submit spending indications regarding the resources allocated to Armenia Development Fund. The Prime Minister stressed that the 2017 ADF development activities should take note of government priorities in order to achieve maximum efficiency.
