Consult Before Posting: HEC Supervisory Committee to Vahe Hovhannisyan

The HEC Supervisory Committee has responded on its Facebook page to a post by Armenia's Minister of Finance, Vahe Hovhannisyan, stating that the minister is not well-versed in the current tariff policy of the Republic of Armenia.

“To the attention of the Minister of Finance of the Republic of Armenia Vahe Hovhannisyan: It is unfortunate that the Minister of Finance is not familiar with the current tariff policy of the Republic of Armenia and is unaware of the fact that both the principal and interest on loan funds are paid by the owner of HEC LLC from their own resources, which does not and cannot affect the cost of the electricity paid by you,” the statement reads.

“We advise that before making similar posts, you consult with specialists who are knowledgeable about the tariff policy. As for the loan obligations of HEC LLC, at the time of its acquisition by the Tashir group of companies in 2016, it already had accumulated enormous debts and was operating at a significant loss. We believe that the residents of Armenia would not be opposed if the national debt, which amounts to approximately 5.4 trillion AMD (about $14 billion), were serviced by those who attracted these funds, rather than fully paid by the citizens of the Republic of Armenia. Meanwhile, by 2025, citizens will pay a total of 390 billion AMD to service these obligations,” the announcement concludes.