"Exchange of debt on the environment" program was discussed in Nature Protection Ministry of Armenia with World Bank

ArmInfo. Armenian Nature Protection Minister Artsvik Minasyan yesterday during the meeting with representatives of World Bank-environmental economist Maya Murisiki and senior economist of Yerevan office Gohar Gyulumyan discussed "Debt exchange on the environment" program.

According to Armenian Nature Protection department press service, the sides discussed the details of the program, particularly, cooperation of the technical assistance provided by Armenia from WB.

Minister Minasyan greeted WB support on the implementation of the program within the framework of President's instruction on activization of the works aimed at implementing Environment-Foreign Dept mechanism, which will allow Armenia to direct  certain funds within the framework of bilateral credit obligations to address environmental problems. He stressed the need to develop a "road map", which will accelerate the implementation of the program and increase its targeting. "We are confident that the improved environment, which presupposes a responsible, harmonious and perspective use of the country's natural resources, will ensure sustainable economic growth in the long term," Artsvik Minasyan said. He added that the project will provide not only the implementation of investment projects in the sphere, but will also significantly contribute to the implementation of Armenia's international obligations.

Armenian Nature Protection Ministry head came out with a number of suggestions on implementing prioritized projects within the framework of further cooperation. Particularly, the issue of water system improvement and forestry was discussed, as well as protection of green zones and issues in the sphere of mining industry. WB representatives expressed readiness to support all the sides of the program in being implemented as soon as possible.

To note, in overall Armenia,which became member of WB in 1992 and member of International Development Association in 1993, has received $2.3 bln.  At this background it should be recalled that Armenia's aggregate state debt would reach 54.6% of GDP by the end of the year.  Already in 2017, according to the forecasts of Armenia's Finance Ministry the figure will reach 56.1%. In the structure of the government debt the main lenders to Armenia are International Development Association -38.8% of the debt and International Bank for Reconstruction and Development-15.8%, which are parts of the World Bank.  To recall, the World Bank basing on the data for Jan-Oct sharply downgraded GDP forecast for Armenia to zero. Earlier in January the bank forecasted 2.2% GDP growth, 2.5% in March. On June 17 WB Country Manager for Armenia Laura Bailey stated that the bank forecasts 1.9% growth of economy for the country.  In the latest official document of WB the forecast on Armenia's GDP was 3.1%.