MILLENNIUM CHALLENGES CORPORATION TO CONSIDER CONTINUATION OF PROGRAM IN ARMENIA

ARKA
Feb 19, 2009

YEREVAN, February 19. /ARKA/. At its sitting scheduled for this March
the Board of the US Millennium Challenges Corporation will consider the
issue of continuing its program in Armenia, reported Stephen Banks,
US Acting Vice-Ambassador to Armenia, Head of the policy and Economy
Department, US Embassy in Armenia.

Under a compact signed on March 27, 2006, the Millennium Challenges
Corporation is to allocate $235.65mln to Armenia for renovation of
irrigation systems and communal roads.

He expressed satisfaction with the program and gave a good rating
to the work carried out by the Millennium Challenge Account –
Armenia. Banks expressed a wish that the program be continued for
the benefit of the Armenian people. He pointed out that the program
is aimed to reduce rural poverty.

On the other hand he expressed concern over the decrease in some of the
indices that are a compulsory requirement for further implementation.

Banks said that, under the compact, the further implementation of the
program requires a certain level of a number of indices, particularly
socio-economic policy and fair management.

Banks pointed out a decrease in these indices, with the 2008 indices
not considered.

He gave assurances that the global economic and financial crisis will
not influence the amount of funds allocated under the program. This is
a specifi c program, and the funds have been transferred to a special;
account in Washington since the compact was signed.