Republic of Armenia: Technical Assistance Report-Strengthening State-Owned Enterprises Accountability Framework

Over the past decades the Republic of Armenia has implemented significant reforms to reduce the state footprint in their economy and to improve the performance of the State Owned Enterprises (SOEs) where the Government intends to retain ownership. The Government has taken concrete steps focusing on improving the financial transparency and fiscal viability of SOEs. This report discusses how the Government can further strengthen the SOE financial accountability, transparency and oversight, and SOEs corporate governance in line with good international practices. These measures should be combined with further efforts in reducing the number of SOEs, focusing on those that do not align with the Government strategic priorities and the state ownership policy.