Armenian parliamentary advisor: By providing Armenia with a loan worth
$500 mln, Russia demanded writing off $5 bln debt

2009-08-21 20:36:00

ArmInfo. Providing Armenia with a loan worth $500 mln, Russia demanded
that Armenian authorities should write off a debt worth at least $5
bln, Armenian Parliamentary Advisor for Economic Issues Tatoul
Manaseryan told journalists, Friday.

"Russia demanded freezing the accounts Armenian residents, both
individuals and legal entities in Vneshtorgbank, the total amount of
the accounts is at least 10 times as much as the amount of the Russian
loan", – he said. These are the assets of Armenian enterprises , as
well as the support provided to liquidate the consequences of the
devastating Spitak earthquake of 1988, Manaseryan said. He pointed out
that during ratification of the Russian loan, Armenian MPs demanded
that the Armenian government should clarify the situation and present
data on the accounts in Vneshtorgbank, but they received no distinct
reply. Moreover, the high interest rates on the Russian loan do not
show the allied relations of Russia with Armenia either.

He added that due to the foreign borrowings from Russia, International
Monetary Fund, WB and Asian Development Bank, Armenia doubled the
amount of its foreign debt. Manaseryan said that the Armenian
population has $10-12 bln, and the task of the government is to attract
part of these funds to recover the country’s economy, while, in fact,
the capital is considerably flowing out of Armenia.

To recall, in mid June 2009 Russia provided Armenia with a loan worth
$500 mln at the rate of LIBOR+3%. The repayment period is 15 years, the
grace period being 4 years.

From: Emil Lazarian | Ararat NewsPress