INSOLVENT ARMENIA MAY GET NO FOREIGN LOANS
news.az
May 20 2010
Azerbaijan
International Monetary Fund Currently, the IMF delegation is visiting
Armenia and working at the projects of new loans along with the
government.
The US Senate has adopted a decision binding Washington to impose
veto on the decision of the International Monetary Fund to allocate
loans to the countries that are unable to return them.
Iragir reports that Armenia also receives loans from the fund, while
in period of crisis the country almost lived at the cost of the fund.
Currently, the IMF delegation is visiting Armenia and working at the
projects of new loans along with the government.
During the previous visits, the delegates of the fund stressed the need
to reform the tax system, settle monopoly issues, which will condition
further loans. At the same time, they noted that the correlation of the
foreign debt to Armenia’s GDP have not yet passed the dangerous line
but is approaching it. The IMF representatives will likely reduce or
stop allocation of loans to this country which is in a deep economic
crisis and unable to return debts during the visit to Armenia.