IMF AND WB’S SUPPORT HELPS ARMENIA TO STAND CRISIS

ARKA
Nov 24, 2008

YEREVAN, November 24. /ARKA/. Armenia has managed to resist the first
blow of the global crisis thanks to World Bank and International
Monetary Fund’s support, Armenian Prime Minister Tigran Sargsyan
said Saturday at his meeting with the delegation headed by Aristomene
Varoudakis, head of Armenian office of the World Bank.

The premier expressed appreciation of IMF and WB’s support saying it
is very important for Armenia.

He said it will be very difficult to meet the crisis-caused troubles.

Governmental press office quoted Sargsyan as saying that
increasingly-developing Armenia’s economy needs greater and greater
resources.

The premier said that, in accordance with agreements reached in
Washington, the financial assistance pledged by the World Bank will be
focused on three strategic segments – energy, drinking and irrigation
water and road construction.

A part of this money will be spent for implementation of education,
management, agriculture and social investment programs.

Sargsyan said that expected additional $250 million will target small-
and mid-scale business.