SERGEY ALEXASHENKO: ARMENIA SHOULD DEVELOP EXPORT TO SUCCESSFULLY REPAY THE RUSSIAN STABILIZATION LOAN

ArmInfo
2009-05-25 17:26:00

ArmInfo. Armenia should develop export to successfully repay the
Russian stabilization loan, former deputy chairman of the Central Bank
of Russia, Director of Macroeconomic Research of High School of Economy
Sergey Alexashenko told ArmInfo correspondent. "The 1:4 export-import
ratio of Armenia is not normal. Development of export will improve the
balance of payment of the country, so it will increase the solvency
for foreign loans",- he said. He added that the growth in price of
Russian gas in Armenia will hardly become one of the means of the
loan repayment.

The loan conditions are profitable for Armenia. "At the moment the
loan at the rate of Libor + 3, i.e about 4%, is great success. The
amount of the loan for Armenia is big enough if it makes up half of
our national export.

Taking into account the 5-year grace period, Armenia will have to pay
a bit more than 50 mln USD, this amount is quite tolerable",- he said.

To recall, on May 20 Russian Finance Minister Alexey Kudrin and
Armenian Finance Minister Tigran Davtyan signed an agreement on
providing Armenia with a loan worth 500 mln USD. The loan is provided
for 15 years ate the rate of Libor + 3. The agreement envisages
a grace period of 5 years, over this period of time only the loan
interest will be paid off.

From: Emil Lazarian | Ararat NewsPress