Friday, December 23 2016 13:15
Alexandr Avanesov

French Development Agency will lend upcoming reforms budget support EUR 40 mln loan

French Development Agency will lend upcoming reforms budget support  EUR 40 mln loan

ArmInfo. French Development  Agency will lend EUR 40 mln loan, which will be allocated for funding  the deficit of the state budget of Armenia. The appropriate Agreement  with FDA is ratified by National Assembly of Armenia on December 23. 

Presenting the Draft Agreement, the Deputy Finance Minister Armen  Hayrapetyan mentioned, that the document was signed on November 30,  2016.  It assumes rendering a budget loan to Armenia for 20 year term   within grace period for the first 6,5 years. The assets will be  allocated with fixed rates plus flexible margins. The loan is aimed  at the implementation of state reforms in the field of tax and  budget, social development, environmental sustainability improvement.   

The Deputy Minister accentuated that the state budget deficit in 2017  will form 2,8 % of GDP, or about AMD 150 bln, and the resources  involved will give an option  to solve a number of problems,  including the wages payouts issue. Launching this loan will not lead  to decrease of the country's solvency . Armenian government is  intended to involve such loans to capsulate a comprehensive field for  investments attraction.  According to him, the payouts top will be in  the years of 2020 and 2025, when except the body amount of involved  loans, a need to attract Eurobonds will occur  also. In 2016 Armenia  fulfilled all the duties in respect to state debt payouts. 

According to the budget of Armenia for 2017, the expenses items form  AMD 1 trln 377 bln  ( with the expenses/GDP correlation at 25,3%),  and the revenues part is AMD 1 trln 186,3 bln  ( with the  expenses/GDP correlation at 21,8%), within the deficite forming AMD  197 bln (deficit/GDP correlation 3,5%) 

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10 billion

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Maximum yield

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