Thursday, November 2 2017 19:50
Alexandr Avanesov

Asian Development Bank to provide Armenia with a loan of $ 40 million for budget assistance

Asian Development Bank to provide Armenia with a loan of $ 40 million  for budget assistance

ArmInfo. The Asian  Development Bank will provide Armenia with $ 40 million to support  the government's consistent efforts to strengthen fiscal stability  and develop financial markets in the country. The government of  Armenia at the meeting on November 2 gave a go- ahead for signing an  agreement with the bank.

According to RA Minister of Finance Vardan Aramyan, the entire  assistance program is estimated at $ 90 million, of which the first $  40 million is expected in 2017. The country's parliament has already  approved the amount of budget assistance of $ 220 million, and the  funds provided by ADB are part of this amount. The loan is aimed at  financing the budget deficit. Funds of $ 40 million are provided with  a maturity of 15 years, of which the first three are preferential.  The interest rate will be six-month Libor + 0.6%, which is now 2%.

On October 25 2017, the Board of Directors of the Asian Development  Bank approved granting Armenia a loan of $ 40 million, which will be  aimed at facilitating consistent efforts of the government to  strengthen fiscal stability and develop financial markets in the  country. "Effective management of public debt and developed financial  markets are necessary for long-term growth and stable development of  Armenia," said Shane Rosenthal, Director of the Permanent Mission of  ADB in Armenia. According to him, the bank assists the Armenian  government in implementing a number of reforms to increase  transparency, improve governance and stimulate private investment,  which will create more jobs in the country. The efficiency programs  of the state administration and financial markets will contribute to  the expansion of financial markets in Armenia and will help the  government implement the goals aimed at strengthening the fiscal  stability of the financial sector of the republic. The program also  aims to stimulate corporate transparency, which will improve the  investment environment and expand investment in the economy.

According to the strategy for 2014-2018, ADB plans to provide Armenia  with financial assistance of about $ 500 million. The funds are  directed to support infrastructure, energy and social services to  promote a flexible, comprehensive and stable development of the  country. In the transport sector, ADB will continue to assist in the  construction of the North-South transport corridor, as well as in  strengthening transport links between cities with high poverty  levels. For regional cooperation and integration of the country, ADB  will provide support for the development of roads connecting Armenia  with neighboring Georgia. In addition, ADB will assist in the  sustainable development of cities with a high level of poverty,  assisting local governments in developing coordinated plans and  providing the investments needed to modernize infrastructures,  including water supply, and the management of urban roads and solid  waste. The worn-out electric power infrastructure of Armenia and the  strong dependence on imported mineral fuel weaken the energy security  of the country. ADB will assist in solving this problem by supporting  the development of renewable energy sources, as well as the  restoration and modernization of energy infrastructures.

Armenia joined ADB in 2005 and is included in the group of countries  with mixed (preferential and usual) financing. ADB deals with poverty  reduction in the Asia-Pacific region by stimulating economic growth  and regional integration. 

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