IMF-亚美尼亚共和国：加强国有企业问责框架的技术援助报告（英）

TECHNICALASSISTANCEREPORT

REPUBLICOFARMENIA

StrengtheningState-OwnedEnterprises

AccountabilityFramework

JUNE2023

PreparedBy

NinoTchelishvili,NatalieManuilova,andAndriyBoytsun

AuthoringDepartments

FiscalAffairsDepartment

©2024InternationalMonetaryFund

ThecontentsofthisdocumentconstitutetechnicaladviceprovidedbythestaffoftheInternational

MonetaryFundtotheauthoritiesofArmenia(the"CDrecipient")inresponsetotheirrequestfortechnicalassistance.UnlesstheCDrecipientspecificallyobjectstosuchdisclosure,thisdocument(inwholeorin

part)orsummariesthereofmaybedisclosedbytheIMFtotheIMFExecutiveDirectorforArmenia,to

otherIMFExecutiveDirectorsandmembersoftheirstaff,aswellastootheragenciesorinstrumentalitiesoftheCDrecipient,andupontheirrequest,toWorldBankstaff,andothertechnicalassistanceprovidersanddonorswithlegitimateinterest(see

StaffOperationalGuidanceontheDisseminationofCapacity

DevelopmentInformation)

.PublicationorDisclosureofthisreport(inwholeorinpart)topartiesoutside

theIMFotherthanagenciesorinstrumentalitiesoftheCDrecipient,WorldBankstaff,othertechnical

assistanceprovidersanddonorswithlegitimateshallrequiretheexplicitconsentoftheCDrecipientandtheIMF’sFiscalAffairsDepartment.

Thistechnicalassistance(TA)wasprovidedwithfinancialsupportfromtheEuropeanUnion.

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Contents

AbbreviationsandAcronyms

5

Preface

6

ExecutiveSummary

7

I.SOELandscapeinArmenia

10

A.OverviewofPublicSectorUnits

10

B.SOELandscape

11

C.PrioritizationofSOEs

13

D.Recommendations

15

II.ManagingRisksfromSOEs

16

A.Background

16

B.MoF’sMandateinManagingSOEsFiscalRisks

19

C.AnalyticalApproach

19

D.ResourcesandCapacity

22

E.Recommendations

23

III.SOEGovernance,Accountability,andOversight

24

A.RationaleforStateOwnershipandOwnershipModel

24

B.CorporateGovernanceofSOEs

28

C.TransparencyandDisclosure

31

D.PerformancePlanningandEvaluation

32

E.Recommendations

35

IV.ArmenianNationalInterestsFund(ANIF)

36

A.ANIF’sMandateandViability

36

B.CorporateGovernanceofANIF

48

C.TransparencyandDisclosure

51

D.Recommendations

53

Boxes

1.2022−23RoadmapforImprovementofFiscalRisksManagement:FiscalRisksArisingfromthe

ActivitiesoftheState-ownedCompanies

16

2.QualitativeIndicatorsforSOERiskAnalysis

21

3.SovereignWealthFunds

42

4.NationalWealthFundsandCentralizedSOEHoldingCompanies

44

5.ExamplesofDissolution

46

Figures

1.SOEsTotalAssetsandConcentrationintheMiddleEastandCentralAsiaRegion

12

2.SOESectorDistributionbyTotalAssetsandTotalLiabilities(2021

13

3.SOESectorDynamicsbyTotalLiabilitiesandNetResults

13

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4.IMFFiscalRiskToolkit

20

5.EvaluatingtheRationalforSOE

26

6.FeaturesofStrongSOEOversightSystem

28

7.SOEPerformanceMonitoringCycle

34

Tables

1.KeyRecommendations

8

2.Armenia’sSOEPortfolio

10

3.ProposedPrioritySOEs,asDefinedbyAssetsandNetResult(2021)

14

4.SummaryofGoodCorporateGovernancePractices

29

Annexes

I.IllustrativeListofRationalesforStateOwnership

54

II.SelectedStateOwnershipPolicies

55

III.SummaryoftheOECDGuidelinesonCorporateGovernanceofState-OwnedEnterprises

57

IV.AnOverviewofANIF’sInitiativesandInvestments

62

V.SourcesandReferences

64

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AbbreviationsandAcronyms

AMD

Armeniandram

ANIF

ArmenianNationalInterestsFund

ARFI

ArmeniaFinancedCrowdfundingPlatform

CBA

CentralBankofArmenia

CD

CapacityDevelopment

CEO

ChiefExecutiveOfficer

CJSC

ClosedJointStockCompany

CPC

CorruptionPreventionCommission

E+SACIFund

Entrepreneurship+StateAnti-CrisisInvestmentsFund

E+SACIManager

Entrepreneurship+StateAnti-CrisisInvestmentsManagerCJSC

ESG

Environmental,Social&Governance

EU

EuropeanUnion

FAD

FiscalAffairsDepartment

FDI

Foreigndirectinvestment

FMO

FMO(NederlandseFinancierings-MaatschappijvoorOntwikkelingslandenN.V.)-

FRMD

FiscalRisksManagementDepartment

GDP

Grossdomesticproduct

GFSM

IMFGovernmentFinanceStatisticsManual2014(GFSM)

GSM

Generalshareholdersmeeting

IFRS

InternationalFinancialReportingStandards

IMF

InternationalMonetaryFund

ISA

InternationalStandardsonAuditing

JSC

JointStockCompany

MEFP

MemorandumonEconomicandFinancialPolicies

MoF

MinistryofFinance

MTEF

Medium-termExpenditureFramework

NOK

NorwegianKrone

NWF

Nationalwealthfund

OECD

OrganizationforEconomicCo-operationandDevelopment

PPP

Public-privatepartnership

PSRC

PublicServicesRegulatoryCommission

RA

RepublicofArmenia

SMEs

SmallandMediumEnterprises

SOE

State-ownedenterprise

SPMC

StatePropertyManagementCommittee

SWF

Sovereignwealthfund

USD

UnitedStatesDollars

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Preface

AttherequestoftheMinisterofFinanceofArmenia,ateamfromtheIMF’sFiscalAffairsDepartment(FAD)undertookanin-personmissionfromJanuary11to20inYerevan,toprovideadviceon

strengtheningtheaccountabilityframeworkofState-ownedEnterprises,includingtheArmenianNationalInterestsFund(ANIF).ThemissionteamwasledbyMs.NinoTchelishviliandincludedMs.Natalie

Manuilova(bothFAD),andMr.AndriyBoytsun(FADshort-termexpert).

ThemissionteammetwiththeMinisterofFinance,Mr.VaheHovhannisyan,andhisteamfromthe

MinistryofFinance:DeputyMinisterAvagAvanesyan;Mr.AraAvetisyan,HeadofFiscalRisksMonitoringDepartment,Mr.HaykOhanyan,FiscalRisksMonitoringDepartment;HrayrYesayan,Budget

Department;Mr.RaffiAleksanyan,AccountingDepartment;andMr.ArshaluysHovsepyan,AccountingandAuditRegulation,ReportingMonitoringDepartment.

Fromotheragencies,theteammetwithNarekTeryan,DeputyMinisterofEconomy;Mr.Armen

Nurbekyan,ViceGovernoroftheCentralBankofArmenia;Mr.GeghamGevorgyan,Chairman,

CompetitionProtectionCommission;Mr.SergeyGrigoryan,DeputyCEO,ANIF;Ms.BellaManoukian,VicePresident,ANIF;Mr.AraykAbrahamyan,ActingCEO,HayPost;Mr.AraratMovrovyan,HeadofFinancialDepartment,HighVoltageElectricNetworksCISC;Messrs.ZorayrKarapetyanandKarapetOganesyan,StateAuditChamber.

ThemissionteamalsometwithArminehManookian,theWorldBank;Ms.ZuzanaSorocinovaand

Mr.KarenAzaryan,EUDelegationtoArmenia;Mr.JoaoPedroFarinhaandMs.ElenaKhachvankyan,AsiaDevelopmentBank;Mr.GiorgiAkhalkatsi,Head,EBRDArmenia;andMr.GrigorHarutyunyan,

AmberCapital.

ThemissionteamwouldliketoparticularlythankMessrs.AraAvetisyanandHaykOhanyanfortheir

excellentassistanceandguidance;Mr.MehdiRaissi,IMFResidentRepresentative,andhisteamfortheirguidanceandadministrativesupport.ThemissionwouldalsoliketothankMs.MariettaSahakyanand

Mr.ArthurAroustamovfortheinterpretationsupportprovided.

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ExecutiveSummary

TheRepublicofArmenia's(RA)State-ownedEnterprises(SOEs)portfolioismanageableascomparedtoitsregionalpeers.ThegovernmentretainsownershipoverSOEsoperatingin

economicallysignificantsectors,suchasenergy,healthcare,andotherutilitysub-sectors.Thetotal

assetsoftheSOEssectorasashareofGDPaccountedforaround10percentattheendof2021,lowerthaninmostcountriesintheregion.TheGovernmentperformsSOEoversightforvariouspurposes–

fiscalrisksmonitoring,dividendcalculation,andperformanceanalysis.Thelistofmonitorableentities

currentlyvariesdependingonthepurposeofmonitoring.ThesynchronizationofsuchSOElistscould

ensurethatallentitiesareaccountedfor,evaluated,andmonitored.Thiswouldalsoensurethealignmentoflinesofaccountability,fiscaloversight,andenforcementofcorporategovernanceandfinancial

accountabilityrequirements.Itisadvisabletomaintainandpublishasingle,up-to-dateregistryofSOEstoensurethereistransparencyaboutpublicownershipofSOEs.Thegovernmentoversightfunction

shouldprioritizemacro-criticalSOEsovertheentireSOEportfolio,andfocusanalysisbasedonthesize,importance,andriskcategoryofthepotentialfiscalimpactsofeachentity.

Toensurethesustainabilityofpublicfinances,itiscriticalfortheMoFtobeawareofandmanagethefiscalimplicationsoftheSOEssector.MoF’sabilitytocopewithfiscalrisksdependsonthequalityofinformation,thelikelihoodandpotentialmagnitudeofimpact,andtheMinistry’scapacitytomanage

them.TheMoFshouldaimtostrengthenitsmandateandroleinassessingproposalstoprovideloans,

guarantees,equityinjections,andsubsidiestotheSOEsthatitmonitors.Itisimportanttostrengthenthe

analyticalapproachbyincorporatinganalysisoffinancialandnon-financialindicators,andensureadequateresourcesandcapacitytoundertakethisfunction.

TheroleofSOEsandtheircontributiontothenationaldevelopmentprioritiesidentifiedinthe

GovernmentProgramneedstobecloselyaligned.Thiscanbeachievedthrough:(i)revisitingthe

presenceofSOEsacrossvarioussectorsoftheeconomy,leavingstatepresenceonlyinprioritysectors;(ii)increasingtheeffectivenessofSOEsthroughenhancedcorporategovernancepracticesand

managementmodelsalignedwithSOEperformance;(iii)implementingaccountabilitymechanismsandtransparencyrequirements;and(iv)takingmeasurestopreventtheestablishmentofanynewSOEs

whennoapparentrationaleispresent.

Aneffectivestateownershippolicywillbeimportantforstreamliningthestate’spresenceacrosseconomicsectorsandestablishingclearaccountabilitylines.AlthoughArmeniahasnoformulated

stateownershippolicy,thecountry’simplicitrationaleforowningSOEsisnotbasedsolelyonprofitability,butalsocoversSOEs’contributiontoachievingpublicpolicyobjectives.Thismissionrecommends

adoptingastateownershippolicythatstatesthatArmeniawillonlychoosetoownanenterpriseinoneor

allfollowingcircumstances:(i)tomakeaspecificcontributiontothepromotionofthenational

developmentprioritiesandnationalsecuritythatcannotbemadebytheprivatesector;or(ii)toensuretheprovisionofcriticalpublicserviceswhentheprivatesectorisnotwillingorabletoprovideeffectively.

ImplementationofgoodcorporategovernancepracticesinArmenianSOEswillbekeyto

improvingtheirperformance.Whilemanyimportantlegislativeimprovements,includingtheadoptionoftheCorporateGovernanceCode(basedona“complyorexplain”principle),havebeenintroducedover

thepastfewyears,SOEcorporategovernancepracticesremainweak.Weaknessesincludelow

independenceandengagementofboards,minimalpresenceofboardcommittees,andunderdeveloped

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controlfunctions.ThesesignificantlyreduceSOEautonomyandefficiency.Theimplementationofgoodcorporategovernancepractices,includingstrengtheningtheboardsbyaddingindependentprofessionalswithstrongindustryexpertise,shouldbemandatedandenforcedfortheprioritySOEs.

TheArmenianSOEsectorisdominatedbylegacycompanies1withonenotableexception-theArmenianNationalInterestsFund(ANIF)—establishedin2019.ANIF,whollyownedbythe

Government,holdsaverybroadmandatesummarizedas(a)generatingadditionalincomeforRAand(b)

contributingtotheeconomicdevelopmentofArmenia.ANIF’sinvestmentinitiativesandprojectsrange

fromthehospitalityindustrytoconsumerfinanceandlargeinfrastructureprojects.Duetoverylimited

disclosure,itisimpossibletoassesstheviabilityandrationaleofANIF’sinvestmentinitiatives.The

informationonhowtheinvestmentchoicesrelatetothecompany’smandate/strategy,theoutcomesandfinancialperformanceoftheseinvestments,investmentandriskpoliciesareeitherlackingorarenot

publiclyavailable.ANIFanditstwosubsidiariesare100%fundedfromthestatebudget.AftercarefullyexaminingthecorporategovernanceofANIFagainstglobalbestpractices,thismissionconcludedthatitremainsrelativelyimmaturetoday.

Fromthestateownershippolicy,theGovernmentshoulddistillaclearrationaleforowningANIFanddefineitsmandateandpriorities.ShouldtheGovernmentdeterminethatANIFfunctions—allor

part—arealignedwiththestateownershippolicy,itshouldbestatedexplicitly.TherespectiveANIFdecreeshouldclearlyspecifytherationaleforowningANIFbasedonspecificnationaleconomic

developmentprioritiesanddetailitsscope:(a)thepolicyobjectivesthatANIFisrequiredto(help)achieve;(b)sectorsinwhichANIFwillbeinvolved;and(c)whatitsroleinthesesectorswillbe.ToensurethatANIFinvestmentsaremadeinaresponsible,efficient,andmonitorablemanner,a

requirementshouldbeestablishedthatANIFinvestmentsarematchedwithco-investmentbyreputableinvestorsandrequirearateofreturnnolowerthanthecostofcapital,onaprojectbasis.Incaseitis

determinedthatANIFhasnosignificantroleindeliveringgovernment’spublicpolicyobjectivesand/orcompeteswithprivatesectorinvestment,theANIFdecreeshouldberevisedandstepstakentowardsANIF’sdissolution.

Table1summarizesthekeyrecommendationsofthismission.

Table1.KeyRecommendations

Area/Recommendation

Timeframe

I.SOELandscapeinArmenia

Recommendation1.1:FinalizetheSOEcategorizationandclarificationofallpublicsectorentitiesinto(i)SOEs;or(ii)GovernmentUnits.(MoF,MoE)

Recommendation1.2:FocustheMoFmonitoringontheprioritySOEsbasedonthe

sizeofSOEstotalassets,theirnetresultandrelatedrisktothepublicfinances,aswellastheirimportanceindeliveringcriticalpublicservices.(MoF,MoE)

Q4,2023

Q2,2023

1Companiesinheritedwiththecountry’sindependencein1991,suchasYerevanThermalPowerPlant,ArmenianNuclearPowerPlant,HighVoltageElectricNetworks,HayPost,andothers.

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II.ManagingFiscalRisksfromSOEs

Recommendation2.1:StrengthentheMoF’smandatetomonitorandmanageSOEfiscalrisks,focusingonprioritySOEs.(MoF)

Recommendation2.2:RequireSOEstosubmittheex-anteinformationtotheMoF,includingintheirstrategicplans,informationonsignificantriskstofinancialand

operationalperformance.(MoF)

Recommendation2.3:Strengthenanalyticalapproachbyincorporatingfinancialratioanalysisandotherindicators.(MoF)

Recommendation2.4:BuildcapacityoftheFRMDtoconductstresstestsoftheprojectedfinancialperformanceofprioritySOEs.(MoF)

Q4,2023

Q2,2024

Q2,2024

Q4,2023

III.SOEGovernance,Accountability,andOversight

Recommendation3.1:DevelopastateownershippolicydefiningtherationaleforowningSOEsbasedonpolicyobjectives.(MoE,PM’soffice,MoF)

Recommendation3.2:DefinetherationalesforowningeachprioritySOEandtranslatethemintoSOE-levelpolicyobjectives.(MoE,ownershipentities)

Recommendation3.3:MandatetheadoptionoftheCorporateGovernanceCode(upcoming)forallprioritySOEs.(MoE)

Recommendation3.4:StrengthenprioritySOEs'boards,appointindependentprofessionalswithstrongindustryexpertise.(MoE,ownershipentities)

Recommendation3.5:DefineadditionalrequirementsforreportingandtransparencyforprioritySOEs,suchasdebtlevels,significantincreaseofSOEsaccountspayable,andotherfinancialandnon-financialindicators.(MoF,MoE,ownershipentities)

Recommendation3.6:ImplementperformanceassessmentforSOEsmanagement

aligningtheirincentiveswithSOEsperformanceandensuringSOEsfinancialsustainability.(MoE,ownershipentities)

Q2,2023

Q4,2023

Q1,2024

Q4,2024

Q4,2023

Q4,2024

IV.ArmenianNationalInterestsFund

Recommendation4.1:Fromthestateownershippolicy,distillaclearrationalefor

owningANIFand,basedonthat,definethescopeofANIF,ordetermineitsdissolutionifnocontributiontotheGovernmentpublicpolicyobjectives.(MoE,PM’soffice,MoF)

Recommendation4.2:OnlyafterestablishingtherationaleforowningANIFanddefiningitsscope,establishpropercorporategovernanceatANIF.(PM’soffice)

Recommendation4.3:Refrainfrom/introduceamoratoriumonanyfurtherANIF

capitalinjectionsuntiltheabovestepshavebeencompleted.(PM’soffice,MoF,ANIF)

Q2,2023

Q2,2024

Q1,2023

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I.SOELandscapeinArmenia

A.OverviewofPublicSectorUnits

1.OverthepastdecadesArmeniahasmadesignificantreformstoreducethestatefootprintintheeconomy.Followingthemassprivatizationbetween1990sandearly2000s,theshareofSOEsintheArmenianeconomywasfurtherreducedduringthepastdecade—thenumberofentitiesownedatthecentralgovernmentlevelwentdownfrom480inthe2010sto85in2022throughprivatization,merger,

andliquidationofentities(Table2).ThenumberofSOEsownedattheregionalgovernmentlevelwasreducedto68,andmainlyincludehealthandmedicalfacilitiesoperatedattheregionallevel.

Table2.Armenia’sSOEPortfolio2

NumberofSOEswithState'sshareabove50%

NumberofSOEswith

State'sshareof50%

andless

CentralGovernment,Ministries,Agencies

85

14

RegionalGovernments

68

0

TOTAL

153

14

Source:MoF,SPMC,Missioncompilation

2.TheArmeniapublicsectorremainsrelativelylargeandfragmented,leavingroomfor

furtherconsolidation.PublicsectorunitscategorizationwascarriedoutbytheMoFwithIMFassistanceduring2021-2022.Ittookstockandcategorizedpublicsectorunitsbasedontheirassociationwiththe

statebudgetandtypeofeconomicactivity,classifyingallpublicentitiesinto:(i)PublicCorporations

(SOEs);and(ii)GeneralGovernmentUnits,aspertheIMFGovernmentFinanceStatisticsManual2014(GFSM).

3.Designationofpublicsectorunitsbasedontheirtypeofeconomicactivitydependsonthe

mandateandfundingofrespectiveinstitutions.WiththetargetedIMFtechnicalassistance,the

Governmentidentifiedatotalof3,456institutionalpublicsectorunits,mostofwhichshouldbetreatedasgovernmentunits:3

.3,214entitieswereclassifiedasGeneralGovernmentUnits,astheydonotperformcommercial

activities,permanentlydependonGovernmentsubsidiesandothertypesoffinancialsupport,andwhicharetobeincludedinthepublicsectorbalancesheet.

.129entitieswereclassifiedasPublicCorporations–state-ownedenterprises,orpublicfinancialcorporations–stand-alonelegalentitiesincorporatedasentitiesofprivatelaw.

.113publicunitsareyettobeclassifiedbytheGovernment.

2ThesestatisticsonlyincludeparentcompaniesanddonotincludeSOEs’subsidiarycompanies.

3DavidBailey.RepublicofArmenia:ReportonGovernmentFinanceStatisticsMission-September27-October8,2021,IMF.

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4.Sectorizationofpublicsectorunitsisimportantforimprovingpublicsectorperformance,reportingandaccountability.Propercompilationandregularupdateofalistofallpublicsectorunits

andtheircategoriesensuresthecompletenessofoversightandmonitoringandprovidestransparencyoffiscalreportingacrosstheentirepublicsector.Onceallpublicsectorunitsarecategorized,the

GovernmentwillbeabletoproperlyaccountforsuchentitiesandcloseraligntheiraccountstotheIMFGFSM(2014).ThelistwillalsohelptheMoFidentifyandcomprehensivelyassessfiscalrisksstemmingfromalltypesofpublicentities.

5.RecentanalysisofpublicsectorunitsidentifiedthattheGovernmentoftheRAhas230

state-ownedjoint-stockcompanies(JSCs)thatneedtobefurtherre-groupedaspertheirpurposeandactivitytype.Ofthese230jointstockentitiesownedbytheStateandidentifiedbytheIMFReportonGovernmentFinanceStatisticsMission,only79satisfytheGFSMcriteriafortheSOEdefinition,while151shouldbereclassifiedintogovernmentunits.4

6.Governance,accounting,andreportingrequirementsvaryacrosspublicsectorunitsandSOEsdependingontheircategory.Whilegovernmentunitsshouldbeincorporatedintothebudget

cycleandgovernmentreporting,publiccorporations(orSOEs)shouldfollowgoodpracticesand

recognizedinternationalstandards,suchastheOECDGuidelinesontheCorporate