State Duma hasn’t confirmed
A1+ 08:00 pm | March 25, 2009 | Economy

On February 7 Armenia’s Ministry of Finance placed a notification on
its website about a 500 million credit extension by the Russian
Federation. The information later disappeared.

The Ministry’s Spokeswoman Irina Ayvazyan says the site has
encountered some technical problems and everything will be recovered
in a short while. "Two weeks ago hackers broke into our site. Some
information disappeared from the site. The notification will soon be
reposted. We didn’t even notice it."

Irina Ayvazyan dispelled the rumours that the credit will not arrive
in Armenia. "An agreement will be signed at the end of April, and the
money will be sent already in May-June."

She also says that no intergovernmental agreement on "allotting a
credit to the Republic of Armenia" has been approved by the Russian
State Duma. The global economic crisis made Russia review its state
budget, that’s why the loan issuance is delayed.

Economist Bagrat ASatryan says the racket over the credit arrangement
is not accidental.

"We haven’t heard from the credit for a month. I think the Russian
side has also forgotten about the arrangement as while reviewing the
state budget no reference was made about the credit," says
Mr. Asatryan.

The economist is convinced that the credit will be given to
Armenian-based Russian companies. "The credit isn’t a gift. It
suggested tough market conditions and was to be paid off by our
generations."

Asked whether Armenia would benefit if Russia didn’t allot the credit,
Mr. Asatryan answered in the affirmative.

Under a disputed agreement signed between the two countries Russia
will give Armenia a credit of 500 million dollars to neutralise the
aftermaths of the global financial-economic crisis in the country. The
loan is given with a term of 15 years.

Economist Bagrat Asatrian foresees inevitable hike in prices from
April 1 caused by the rise in gas, water and energy prices.