PRIME MINISTER OF ARMENIA: RUSSIAN CREDIT TO $500 MLN RECEIVED BY ARMENIA TO ALLOW TO STABILIZE COUNTRY’S ECONOMY AT LATE 2009IN 2010 AT A GREATER DEGREE

ArmInfo
2009-07-02 14:52:00

ArmInfo. The Russian credit to the sum of $500 mln received by Armenia
will help to stabilize the country’s economy at late 2009 and in 2010
at a greater degree, Prime Minister of Armenia Tigran Sarkisyan said
at Thursday session of the government.

He said 180 bln drams of this credit were allocated in Syunik region
of Armenia last week during the visiting session. Part of this sum at
the rate of 25 bln drams will be used to recover Spitak earthquake
zone in 2009-2010. Part of the funds will be directed for crediting
of small and medium entrepreneurship and system- forming enterprises,
and part of the funds will remain in the stabilization fund. ‘This
credit is very important for Armenia’s economy, and we shall feel
its positive influence in the 3rd and 4th quarters, 2009, and at a
greater degree, in 2010. The philosophy of distribution of this credit
is in enhancement of resistance of Armenia’s economy and possibility
of repayment of the state debt, the prime minister said.

To recall, Russia extended credit to Armenia to the sum of $500 mln
at LIBOR+3% rate in the midst of June, 2009. The credit repayment
period makes up 15 years, and the period of grace on payments –
4 years. Armenia’s GDP fall over 5 months, 2009, made up 15,7%.