WORLD BANK PROVIDES 28 MILLION DOLLAR CREDIT FOR POVERTY REDUCTION IN
ARMENIA

YEREVAN, MARCH 10, NOYAN TAPAN. The World Bank provided a 28 mln
dollar credit for poverty reduction in Armenia. The agreement was
signed on March 9 by the RA Minister of Finance and Economy Vardan
Khachatrian and the WB Yerevan Office Acting Director Naira
Melkumian. In the words of V. Khachatrian, the credit will assist with
implementation of the Poverty Reduction Strategy Paper (PRSP). The
credit will be used to maintain the country’s economic growth rates
and to reduce poverty through budgetary allocations and implementation
of PRSP reforms. The minister said that 196.5 mln out of 230 mln
dollars envisaged by the WB for 2005-2009 has already been
allocated. Negotiations on the rest of the sum are continuing.

V. Khachatrian expressed a hope that this sum will be provided by late
2007. According to WB information, despite the economic growth
registered in the country, the unemployment making up about one third
of labor force has started declining only recently.