Fraudulent Activities Uncovered in Armenian Finance Sector
Widespread Financial Irregularities Detected Across Armenia
Yerevan, May 6, 2013 - A recent report by the Armenian Finance Ministry has uncovered widespread financial irregularities across various regions of Armenia. The ministry’s audit results reveal numerous financial shortcomings and improper spending in regional administrations, urban communities, and healthcare facilities.
Audit Results
The audits, conducted in Armavir, Shirak, and Aragatsotn regions, uncovered a range of issues including:
- Misallocated funding for secondary schools
- Unaccounted expenditures from abroad
- Incorrect designation of additional funds
Serious Violations Exposed at Yerevan Mayor’s Office
Local media reports have also exposed serious violations of law at the Yerevan mayor’s office following an inspection by the Armenian Control Chamber.
Inspection Findings
The inspection, which covered 22 sites, revealed that:
- Nearly $20,000 was spent on substandard works
- Another $20 million was allocated for tree planting in the capital but remained unfulfilled
Armenia’s National Debt
As of March 31, Armenia’s national debt has been estimated at over $4.2 billion, with foreign debt accounting for over $3.1 billion and domestic arrears worth nearly $610 million.
Public Reaction
Armenians have taken to blaming their government for the country’s economic woes, citing neglect and irresponsible policy-making. Secretary of the Armenian National Congress faction Aram Manukyan accused the authorities of failing to participate in regional programs, including those related to gas, oil, roads, and railways, which he claimed has left Armenia isolated.
“The result of our authorities’ unwise policies is that we are not involved in these programs. This cannot be fixed overnight. These careless authorities have sold not only our present but also our future.”
Conclusion
The recent revelations highlight the urgent need for effective governance and responsible policy-making in Armenia’s finance sector. As the country continues to grapple with economic challenges, it is essential that measures are taken to address these issues and ensure transparency and accountability in public spending.