EUROPEAN COMMISSION TO PROVIDE 100 MILLION EURO TO ARMENIA

PanARMENIAN.Net
16.10.2009 17:29 GMT+04:00

/PanARMENIAN.Net/ The European Commission proposed on the 14 of October
2009 to the Council to provide macro-financial assistance to Armenia,
in the form of a loan of up to 65 million euro and of a grant of up to
35 million euro. The assistance will support the adjustment program
agreed by the Armenian government with the International Monetary
Fund to help the country through the global crisis.

The Commission adopted on the 14 of October 2009 a draft decision
recommending to the Council to provide macro-financial assistance
(MFA) in the form of a loan of 65 million Euro and of a grant of
35 million Euro to Armenia. The assistance would be provided in
two instalments, tentatively in the first and fourth quarter of
2010. The assistance supports, and is conditional on the respect
of the adjustment program agreed between Armenia and the IMF. It
complements the latter’s financial assistance to the country. The
European Parliament is consulted.

The proposed financing will complement the financial resources provided
by the EU, in the form of budget support programs financed under the
European Neighborhood and Partnership Instrument.

From: Emil Lazarian | Ararat NewsPress