ECONOMY OF ARMENIA MAY USE OVER $10 BILLION OF CREDIT FUNDS

ArmInfo
2009-06-16 13:42:00

ArmInfo. The economy of Armenia may use over $10 bln of credit funds,
adviser to the Armenian National Assembly speaker on economic issues
Tatul Manaseryan told journalists today.

‘The country’s economy is able to use these funds, moreover, the matter
concerns several perspective sectors, in particular, high technologies,
which can contribute to development of the whole economy. Armenia’s
ability to return the foreign credit will be determined by correct and
transparent distribution of funds by the corresponding governmental
structures’, he said.

To recall, according to the Finance Ministry’s report on fulfillment
of Armenia’s budget 2008, foreign debt of Armenia as of the end of the
year made up $1,577 bln or 13,2% of GDP, as compared to $1,449 bln or
15,7% of GDP in 2007. The amount of service of the foreign debt from
the budget made up $54,1 mln. Armenia signed an agreement with IMF
during 2009 on receipt of $540 mln credit, as well as an agreement
with the World Bank – on signing of a credit programme for 2009 –
2012 to the total sum of $525 mln and with Russia – on receipt of a
stabilization credit to the sum of $500 mln. During 2009, Armenia
intends to attract additionally 300 bln drams (about $800 mln) of
credit funds.