EU TO PROVIDE ARMENIA WITH 100 MILLION EURO ASSISTANCE

ARKA
Oct 19, 2009

YEREVAN, October 19, /ARKA/. The European Union said last Friday
it plans to provide Armenia with 100 million euros and Georgia with
46 million in assistance designed to alleviate their worst economic
downturns since the early 1990s, RIA Novosti reported citing a European
Commission’s press release.

The European Commission will ask the bloc’s member governments to
approve a loan of 65 million euros and a grant of 35 million euros
for Armenia, the press release said.

`The assistance would be provided in two installments, tentatively
in the first and fourth quarter of 2010,’ read the statement.

`The assistance supports, and is conditional on the respect of the
adjustment program agreed between Armenia and the International
Monetary Fund. It complements the latter’s financial assistance to
the country.’

`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,’ said
the EU statement.