WORLD BANK APPROVES FIRST DEVELOPMENT POLICY OPERATION OF 60 MILLION DOLLARS FOR ARMENIA
Noyan Tapan
July 3, 2009
YEREVAN, JULY 3, NOYAN TAPAN. The World Bank’s Board of Executive
Directors on July 2 approved the first Development Policy Operation
(DPO) of 60 million USD for Armenia. The maturity period of the credit
is 20 years, its grace period is 10 years. The Head of the World Bank
Armenia Office Aristomene Varudakis said at the July 3 press conference
that under conditions of the global economic crisis, the Operation
supports Armenia’s two strategic objectives: to reduce vulnerability
to the current shocks and to improve competitiveness, which is a key
precondition for post-crisis recovery and medium-term growth.
According to him, the DPO’s goal is to help Armenia reduce
vulnerability by supporting such measures as increasing the financing
for social security network programs, including family allowances
and pensions. Besides, the DPO will contribute to restoration of the
financing of priority programs for the vulnerable groups in health
care sphere by deepening reforms on service provision, improving
special and preschool education, and strengthening the sustainable
use of energy and natural resources through more efficient assessment
of the environmental impact.
A. Varudakis said that the DPO will also help strengthen control of
the banking system and ensure liquidity, reduce cost of enterprises’
registration, and adopt a program of measures for priority reforms
of the State Revenue Committee.
From: Emil Lazarian | Ararat NewsPress
