MINISTRY OF FINANCE: ARMENIA TO RECEIVE RUSSIAN STABILIZATION LOAN FUNDS IN JUNE

ARKA
Apr 2, 2009

YEREVAN, April 2. /ARKA/. Armenia will be able to get the Russian
stabilization loan funds at the end of May – beginning of June 2009,
Armenian Minister of Finance Tigran Davtyan said.

On February 9 2009, Russia and Armenia signed a loan agreement
on provision of $500mln to Armenia for neutralization of the
negative impact of the global financial crisis on the country’s
economy. According to the preliminary agreement, the loan is to be
provided for 15 years with a 4-year grace period.

The Russian revised state budget with the loan for Armenia in a
separate line is submitted to the State Duma for approval. It is
expected to be discussed and approved within the next days, Davtyan
told journalists Thursday in summarizing the results of his visit to
Moscow on March 31.

After State Duma’s approval the budget is also to be approved by
the Council of Federation and signed by the President. The respective
agreement could be signed most probably at the end of April – beginning
of May this year – after the revised Russian budget comes into effect,
the Minister said.

Davtyan added that the agreement will also need to be ratified by
both Armenia and Russia, which will take several weeks under favorable
circumstances.

From: Emil Lazarian | Ararat NewsPress