Former prime minister of Armenia Hrant Bagratyan said that the legislative package of pension reforms have not been thoroughly discussed by the Armenian parliament.

“Members of the parliament either did not want to go into details, or they do not understand anything, as the package is rather complex,” Bagratyan told a press conference in Yerevan.

The former prime minister expressed his opinion concerning implementation of pension reforms in the country, saying that the pension amount should have a nominal value and make 30% of the average salary, as if this ratio exceeds the average salary, people are deprived of the stimulus to work. As for the compulsory funded component, Bagratyan is against its introduction.

He criticized the government for the fact that the pension assets, which it is going to collect from the population (around $800mln), will be transferred to managers chosen by the government. “As a result, new oligarchs owning pensions assets will appear in Armenia,” noted Bagratyan.

Besides, he said that the legislative package of pension reforms provides with the opportunity to invest in securities of developed countries, what will result in outflow of funds from the country.

Meanwhile, according to him, the pension assets should stay in the country to be invested in such huge projects, as construction of Iran-Armenia railroad, creation of high-capacity irrigation system, construction of Zvartnots airport, etc.

Besides, Bagratyan expressed concern over the possibility that the AMD pension assets may later cause tenseness at the fօreign exchange market of the country, as the government will be have to transfer them into dollars.