Legal Market Overview
The market in Armenia continues to grow at a steady pace, driven by gains in foreign and private investment in the media, IT and telecoms sectors. In the economic and legal sphere, optimism remains high under the leadership of Prime Minister Nikol Pashinyan and bolstered by a $250m loan from the IMF, which was confirmed in February 2019. The banking sector is well-capitalised and credit growth is supporting economic activity and keeping financial conditions stable with low inflation and limited pressure on the exchange rate.
The New Civil Procedure Code of 2018 fully entered into force by 2019, outlining new regulations in connection with various institutions of civil procedure. However, implementation of the law by courts and officials is uneven.
In terms of long-term future developments, the International Development Law Organization is working in partnership with the European Bank for Reconstruction and Development, in implementing a project that aims to improve the investment climate in Armenia by building judicial capacity in relation to commercial litigation, arbitration, insolvency and intellectual property disputes, and increasing the uniformity of judicial practice in these selected areas of law.