WORLD BANK GOING TO STUDY $60 MILLION STAND-BY ARRANGEMENT FOR ARMENIA FOR 2009-2010
ArmInfo
2009-06-05 15:05:00
ArmInfo.The World Bank Board of Directors is going to study a $60
million stand-by arrangement for Armenia for 2009-2010 on June 2,
Director of WB Office in Yerevan Aristomene Varoudakis told ArmInfo
on Friday.
He said discussion on this project with the Government of Armenia
have been over. A. Varoudakis said the credit will back budgetary
expenditure and support the poor sections of the population. In
particular, the credit will make it possible for the government to pay
social allowances and finance health care and educational services. A.
Varodakis said that the stand-by arrangement is part of the WB
strategy of assistance to Armenia for 2009-2012. The total volume of
the strategy of assistance was $525 million. However, the WB adopted a
decision a few months ago to increase the assistance to $545 million,
he said. Since 1992, the WB has provided over $1.1 million credits
to Armenia.