The Government Must Present a Report on Expenditures from the Armenia Fund, Says President

The President of the Republic, Armen Sarkissian, who is also the chairman of the board of trustees of the Armenia All-Armenian Fund, has officially addressed the members of the fund's board of trustees, according to a statement from the president's office.

During the severe days of war, a significant portion of the financial contributions raised by the "Armenia" All-Armenian Fund—specifically 52,703,113,395 AMD—was transferred to the separated treasury account of the Government of Armenia at the request of the government and by the decision of the fund's board of trustees, for the purpose of financing infrastructure, social, and healthcare expenses.

President Sarkissian has been of the opinion from the outset—and still holds this view—that the funds transferred to the government should have been documented as a loan. However, in the face of the complicated situation, the majority of the board members made a different decision.

In light of the growing public interest surrounding the issue, President Sarkissian has proposed clarifications and, in a letter dated November 26, reached out to the fund's director, Haikak Arshamyan.

“As the chairman of the board of trustees of the Armenia All-Armenian Fund, I am deeply concerned that the transfer of funds donated to the fund by our compatriots and friends has led to certain distrust and dissatisfaction regarding the fund's operations. This sentiment has also been voiced publicly. This situation has become an opportunity for misuse of trust, raising doubts among donors,” the president's letter states. “As a result, the reputation of the Armenia All-Armenian Fund, as well as the fundraising and donation of resources for future programs, could be jeopardized.”

The President emphasized that the current situation requires urgent measures to be taken before trust in both the government and the fund is completely lost. Moreover, there is a risk of undermining the idea of general Armenian unity, which has so far ensured the operation of the fund.

Therefore, according to the president, the government must present a clear, detailed, and transparent report on the expenditures made from the funds transferred by the fund, and this should be done as publicly as possible.

Simultaneously, there should be an urgent international audit, and comprehensive information should be provided to the public, especially to our compatriots in the Diaspora, who are the main and loyal donors to the fund, regarding the funds raised by the Armenia All-Armenian Fund and their targeted management.

In the event of a negative conclusion from the international audit, or if the audit results do not satisfy the trustees or donors, the amount of 52,703,113,395 AMD transferred to the government as a donation must be reclassified as a loan, with the condition of fully returning it to the Armenia All-Armenian Fund later.

“Understanding the complicated situation our country is currently in, I consider it unacceptable to add a crisis of trust around the Armenia All-Armenian Fund to the existing various crises. The return of the funds to the Armenia All-Armenian Fund could change the situation and serve as a guarantee for restoring trust in the fund. The return of the money to the fund's budget will allow the board of trustees to decide on the directions of expenditures, taking into account the opinions and suggestions of the trustees and donors as necessary, in collaboration with the leadership of Artsakh and the Government of Armenia,” President Sarkissian stated, expecting to also hear the opinions of the board members of the Armenia All-Armenian Fund regarding this issue. The fund must be an absolutely non-political structure, free from even the slightest doubts.