HELP CAME IN DUE TIME

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[06:39 pm] 21 November, 2008

The Prime Minister of Armenia, Tigran Sargsyan, received the Head of
the World Bank Armenia Office Aristomene Varoudakis and his delegation.

Greeting the guest, the Prime Minister noted that the visit of
the World Bank delegation is timely, because the assistance of
international financial organizations – the World Bank and the
International Monetary Fund – is very important for Armenia today. He
underlined that due to that assistance Armenia has managed to resist
the first wave of the world financial crisis, but such assistance
is more than essential today, since it will be much harder to resist
the negative influence of the expected second wave of the crisis.

The Prime Minister of Armenia noted that in the framework of the
agreement recently reached in Washington, the financial assistance
promised by the World Bank will be provided to implementing programs in
three strategic directions of the country’s economy – energy system,
drinking water and irrigation system and road construction. The
additional $250 million assistance will be used to encourage the
development of small and medium-sized businesses.

The Head of the World Bank Armenia Office expressed their opinion
on the raised taxes and welt on the possible developments of the
financial and economic crisis.