The Armenian government approved today the proposal to sign Armenia Mineral Sector Policy Grant II letter-agreement with the World Bank.
It is stated that all laws and other legal acts required for regulating legal relations in the mining sector are adopted, however, the regulation system is suffering due to inconsistency between uncertainty and different laws.
“The analysis of the current situation of Armenia’s mining sector shows that the sector, as a source of incomes received from export, foreign currency inflow, foreign direct investments and jobs with relatively high salary, has an important share in the national economy, providing high tax revenues.
However, the mining industry is not so fully ensuring the demands for the protection, improvement and restoration of environment, reasonable use of national resources, guided by sustainable development principle. In this sense the improvement of legislative and sub-legislative field regulating the mining sector is important”, stated in the explanation.