Poverty Reduction Support Credits program of Armenia announced winner
of WB competition

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YEREVAN, MARCH 6, NOYAN TAPAN. A package of programs to be implemented
in Armenia within the next 4 years with the financing of the World Bank
was discussed at the March 6 meeting of Armenian Prime Minister Tigran
Sargsyan and WB Regional Director for the South Caucasus Asad Alam.

Expressing satisfaction at Armenia’s cooperation with the World Bank,
T. Sargsyan said that Armenia is interested in continuing its
cooperation on the envisaged programs, including reforms in government
system, agriculture, irrigation sector, etc. At the same time,
according to him, in conditions of the global financial and economic
crisis the Armenian government will have to give up some risky
projects. The prime minister attached importance to the implementation
of social programs and projects in the indicated package.

Asad Alam in his turn underlined the importance of the efficient use of
financial resources of 525m USD provided by the WB, the successful
implementation of the envisaged programs and ensuring a clear strategy
in each sector with the aim of attracting investments on its basis. He
said that two years later, based on the results of a report on
implementation of the package of programs, it will be possible to
address the problem of additional financing by the WB.

According to the RA Government Information and PR Department, Asad Alam
said that recently Poverty Reduction Support Credits program of Armenia
was announced the winner of the World Bank’s Improving the Lives of
People in Europe and Central Asia 2009 competition. He handed T.
Sargsyan the award for achieving significant results in the
implementation of this program.