The Minister Met the IMF Representatives

On February 3, the RA Minister of Energy and Natural Resources Yervand Zakharyan hosted the newly appointed head of the International Monetary Fund Mission Hossein Samiei and IMF permanent representative in Armenia Mrs Tereza Sanches. During the meeting the Minister introduced the current situation of energy system of Armenia and development perspectives.Ye. Zakharyan informed the guests that last year the Government established the Long Term Development Program of the energy system untill 2036, according to which the investment projects are being planned in the spheres of renewable energy, upgrading substations, increasing powers etc. All the work connected to the expansion of the period of exploitation of the second unit of nuclear power plant is being continued. As a result, the operation of station will be extended to 2027. Meanwhile, different works will be carried out connected to the construction of a new nuclear unit. They also plan to build two new thermal stations. As the guests asked, Ye. Zakharyan referred to the financial situation of the company "Electric Networks of Armenia ". The Minister said, that after the change of ownership in the company, there are positive developments both in loss reduction and in terms of increasing the efficiency of management. The Minister also informed the guests about the work which is carried out for the improving of the financial position of other energy companies and regional integration.