On 18 February, the RA Prime Minister Hovik Abrahamyan signed a government protocol decision on the Program of Financial Recovery of the State Companies of Electric Power System. The Decision instructs to ensure the financial viability and improve the management the State Companies of Electric Power System approve the Program of Financial Recovery of the Electric Power System and according to the appendix instruct the RA Minister of Energy and Natural Resources to ensure adoption of the corresponding decisions by the management bodies of the relevant companies, which will ban the companies to make spending, borrow and provide loans that are not connected with their main business activities.
It also instructs the RA Public Services Regulatory Commission to ensure receiving the debts accumulated for the used electricity by the CJS Companies. Undertake measures for reconstruction of the high percentage loans of the state companies by long term and low percentage loans. Prevent from exceeding the attracted loan funds the threshold of 30 million USD and ensure their repayment in the period of 25-30 years. Submit detailed financial recovery programs within the period of two months, upon receiving the consent of donor organizations.
The RA Minister of Energy and Natural Resources was also instructed to develop the liquidation plan of the “Haygazard” CJSC and ensure the adoption of appropriate decision by the shareholder.
