ARMENIAN PARLIAMENT TO DISCUSS RATIFICATION PROBLEM OF RUSSIA STABILIZING CREDIT $500 MLN ON 2 JUNE

ArmInfo
2009-05-29 16:59:00

ArmInfo. On 2 June at its extraordinary session Armenian parliament
will discuss the problem on ratification of the Russia stabilizing
credit $500 mln on 2 June, Prime Minister Tigran Sarkisyan said at
the government sitting on Friday.

He also added that a part of the credit will be directed to financing
of the budget deficit 2009. In particular, the government is going to
direct 24 bln drams for restoration of the Spitak earthquake zone,
15 bln drams to develop small and medium-sized business. He also
said that sums will be allocated to plants to overcome temporary
difficulties because of the world crisis.

Tigran Sarkisyan said that the stabilizing fund will be formed in
Armenian Central Bank by means of the Russian credit to Armenia. A
part of the sums will be spent in 2010 to finance the budget deficit
2010 and another part the government will direct to holding of
the anti-crisis events. ‘We need the stabilizing fund to ensure
macroeconomic stability as in the conditions of the crisis it is
very much difficult to predict the GDP indicator in 2009 and the tax
revenues. This fund will create more favorable atmosphere for positive
expectations in the country’, – premier said.

To recall, on 20 May Russia signed an agreement with Armenia on giving
$500 mln credit.