WB MANAGING DIRECTOR ADMIRES ARMENIA’S CONSISTENCY IN IMPLEMENTING WB PROGRAMS
ARKA
Oct 13, 2008
YEREVAN, October 13. /ARKA/. At her meeting with RA Prime Minister
Tigran Sargsyan, WB Managing Director Ngozi Okonjo-Iweala, expressed
her admiration over Armenia’s consistency in implementing WB programs.
Diana Mnatsakanyan, Press Secretary of the RA Premier, reported that
since 1992, when the World Bank (WB) established cooperation with
Armenia, it has issued $1.1bln credits under 52 programs. Until 2006,
Armenia received soft credits from the International Development
Association (IDA) – credits were issued for 40 years, at an annual
interest rate of 0.75%, with a grace period of ten years.
Since January 1, 2006, Armenia has been receiving credits in the
terms of the International Bank for Reconstruction and Development
(IBRD) form middle-income countries.
The WB Managing Director also pointed out Armenian partners’ valuable
experience in implementing reforms.
The RA Premier laid emphasis on the existing problems and future
partnership. He pointed out that, along with the new programs, Armenia
also plans to meet new challenges, particularly a program of tax and
customs reforms.
The WB Managing Director shared the opinion that reforms in the
aforementioned fields are painful for all the concerned parties,
which, however, does not mean they are not necessary for forming
civil society based on democratic principles.
Ngozi Okonj o-Iweala stressed the necessity of tax and customs reforms
for the reduction of corruption risks and social integration.
The RA Premier is on a working visit to Washington, USA, to take
part in an annual forum of the World Bank (WB) and the International
Monetary Fund (IMF).
The Armenian delegation includes Minister of Economy Nerses Yeritsyan,
Minister of Finance Tigran Davtyan, RA Presidential Economic Advisor
Vahram Nersisyants, Head of the RA Government Staff David Sargsyan,
Chairman of the Central Bank of Armenia (CBA) Artur Javadyan, RA
Deputy Foreign Minister Arman Kirakosyan, RA Ambassador to the USA
Tatul Margaryan and other officials.