President holds consultation to sum up Servicemen Insurance Fund’s activities – Press releases – Updates


President Serzh Sargsyan held a consultation to sum up the results of the work done over a year since the establishment of the Servicemen Insurance Fund (SIF). The meeting reviewed the Fund’s achievements and goals, given the fact that originally this initiative had aroused great public interest and, therefore, its activities should be given maximum transparency.

In addition to SIF Board members, the consultation was attended by the Fund’s Executive Director, the Chairman of the Central Bank of the Republic of Armenia, officials from the President’s Office and the Ministry of Defense.

Minister of Defense Vigen Sargsyan reported back the Fund’s financial performance, dwelling on fundraising efforts and the contributions made by the Fund in the period under review. Before proceeding to the report, the Minister thanked the President of Armenia for the idea to establish the Fund, as well as for supporting the ongoing activities and keeping them in the spotlight since its inception.

Vigen Sargsyan also thanked the SIF founder in the face of the Central Bank of Armenia, given the fact that its staff have been implementing on voluntary terms all legal, accounting, auditing, actuarial, asset and liability management, public relations and service development-related activities.

The Minister of Defense expressed gratitude to the Board members who represent different social strata, including those non-governmental organizations dealing with the protection of servicemen’s rights and the largest opposition faction in Parliamentary.

Varuzhan Avetikyan, Director of the Foundation and Head of the Legal Department of the Central Bank of Armenia presented the SIF Management Report. It was noted that all the information presented at the consultation and the work done are detailed on the Fund’s official website, ensuring transparency of its activities. Varuzhan Avetikyan advised that the Republic of Artsakh had joined the initiative earlier this year, and the citizens of Artsakh, too, shall henceforth make monthly contributions of 1000 drams to the Fund.

After taking note of the reports, the members of the Board came up with comments and recommendations. They agreed with the President’s opinion that this initiative is of utmost importance and serves the purpose.

President Sargsyan considered the foundation’s work to set a very good example of effective cooperation between public, private sectors and non-governmental organizations in the field of security. He expressed the firm belief that servicemen’s insurance is closely associated with national security.

Hopeful that the Fund’s resources will go augmenting every year, the President of Armenia said such tendencies can be seen already. Serzh Sargsyan expressed gratitude to all those who are coordinating and supporting the Fund’s activities.

“After 15 years or 20 years, the Fund will enjoy both greater attention and social support. Many will say you see how much support is coming now, but there were so few supporters in 2015, 2018. It is a heavy burden for any country, but we must carry that burden with honor. I am convinced, and it seems to be clear from media publications that even not all veterans of World War II have received the legitimate support they were entitled to in different countries, though you see how many years have passed. Thank God, I am confident that in the foreseeable future we will be able to address the welfare needs of families of killed servicemen and commissioned officers.

This is a very good job that you are making, for which I thank you all. It goes without saying that there will be some criticism and underestimation of the work we are doing now. We certainly have to take into account the public concerns, which should be different from the opinion of a small group of people. Our main task is to see whether it is the opinion of the entire society or not. I am convinced that our society is almost unanimous about this initiative. Homeland’s defenders should definitely get social support, and there is no alternative.

If the State had the necessary amount of money, and the time will come for that, we would not bother our citizens. But I repeat that it is crucial as a work style. We can see government officers, the private sector in the person of the banks, and the public-at-large sharing in this initiative with pleasure, which means that we are doing the right job, and it should set an example for others. Thank you very much for your work,” the President of the Republic of Armenia said.