WB APPROVES THE FIRST DEVELOPMENT POLICY OPERATION FOR ARMENIA IN THE AMOUNT OF US$60 MILLION
Lilit Muradyan
"Radiolur"
07.07.2009 19:19
The World Bank’s Board of Executive Directors today approved the
First Development Policy Operation for Armenia in the amount of
US$60 million.
In the context of the global economic crisis, the proposed series of
three annual Operations supports Armenia’s two strategic objectives
of addressing vulnerability to the current shocks by protecting the
poor and supporting greater human capital development; and improving
competitiveness by removing constraints to better governance and a
more favorable investment climate–a key requirement for post-crisis
recovery and growth over the medium term.
"This Operation supports the implementation of the Government’s
program to help mitigate the social impact of the externally-driven
crisis and attract private investment for strong post-crisis growth,"
said Mr. Asad Alam, World Bank Regional Director for the South
Caucasus. "It provides for maintaining essential social services,
particularly for the poor and the vulnerable, who are hurting from
the loss in jobs and incomes." "
Expressing gratitude to the World Bank’s Board of Executive Directors,
Armenian Minister of Finance Tigran Davtyan said: It’s clear that
Armenia would not receive loans if our economic policy failed to
correspond to the requirem ents of international organizations." This
means that we are on the right path, the Minister of Finance added.