Armenia to receive a stabilization loan from Russia in one tranche

Armenia to receive a stabilization loan from Russia in one tranche

2009-05-23 14:24:00

ArmInfo. Armenia will receive a stabilization loan worth $500 mln from
Russia in one tranche, Armenian Prime Minister Tigran Sargsyan said,
Friday, when replying to ArmInfo correspondent’s question.

"We are to submit the agreement to the president, then the agreement
will be considered by the Constitutional Court, afterwards the credit
agreement will be ratified by parliament. Only upon completion of this
procedure Armenia will receive these funds",- stressed the prime
minister.

To recall, on May 20 the finance ministers of Russia and Armenia
Aleksey Kudrin and Tigran Davtyan signed an agreement on provision of
15-year loan worth $500 mln at the rate of LIBOR+3% to support
Armenia’s economy under the crisis conditions. The grace period will be
5 years. To recall, Armenia received the preliminary consent of Russia
on February 9, 2009 during the intergovernmental talks.