Dear donors of the Armenian Fund,
I formally took office as temporary Executive Director of the Hayastan All-Armenian Fund on July 19, 2018, following the favorable vote by the members of the Board of Governors, from which the President of the Republic (also President of the Fund) had requested an opinion. However, as soon as the President of the Republic asked me to assume this function, and after I accepted, I visited Yerevan on July 15 and 16, where I spoke with the highest State officials and met the staff of the Armenian Fund.
My first task was to ensure the integrity of the Armenian Fund's accounts. As all sums drawn on the Fund's line of credit for the personal use of the former Executive Director were repaid within a very short time, the balance of this credit facility always remained above the limit. As a result, this abuse escaped the oversight of the controllers.
However, in this case, since a flaw appeared in the Armenian Fund’s control system, I requested the immediate introduction of additional monitoring and warning mechanisms.
A call for applications has been issued for the selection of a new Executive Director. Candidatures will be examined by a jury, which will meet on September 10 in Yerevan under my Presidency.
For more than twenty-six years, the Armenian Fund has worked transparently, according to international norms, carrying out thousands of large-scale projects.
The Fund’s activities are continuing. Some 60 new projects are being carried at present. Armenia and Artsakh still need our organization.
I am sure that, with the support of its donors, the Fund will overcome the present challenge, undertake the necessary reforms and carry out even more ambitious projects than in the past for the people of Armenia and Artsakh.
Temporary Executive director
Hayastan All-Armenian Fund