RA PRIME MINISTER TIGRAN SARGSYAN RECEIVED WORLD BANK YEREVAN OFFICE REPRESENTATIVES, LED BY HEAD OF OFFICE ARISTOMENE VARUDAKIS
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Tuesday, 18th of November, 2008
The Prime Minister advised that the FY 2009 State budget law is out,
the National Assembly has been presented with the government action
plan for counteracting the global financial crisis, which prompts for
comprehensive action. As assured by Tigran Sargsyan, this approach
was highlighted by World Bank experts during his recent contacts in
Washington. In the words of the Prime Minister, although Armenia was
able to withstand the first wave of the crisis, nevertheless like
many other governments facing the second tide, Armenia must design
steps to that effect.
Tigran Sargsyan suggested the Bank representatives to discuss with
their management the possibility for an expedited lending of additional
250 million US dollars to cover the needs of small and medium-size
business in Armenia. The proposal was made considering that under
the World Bank rules of procedure, decision-making work will not be
complete before next spring.
The Prime Minister stressed that according to an earlier assessment
carried out by the Deutsche KFW Bank, Armenia’s SME funding program was
deemed to be the best such program in the world. Based on the above,
the government wishes to give effect to the program through a sharp
increase in borrowed funds as currently there is a great demand in
such resources in Armenia.
Armenian banks are in a position and stand ready to make sizeable
investments in this sector. Tigran Sargsyan further advised that
account taken of the Washington arrangements, earlier today he sent
corresponding letters to the deputy director and regional director
of the Bank in the hope of possibly soonest realization of the program.
In conclusion, the Prime Minister said talks are underway with
international financial institutions concerning the commitment of
the necessary funds.