ArmInfo.Atom Janjugazyan, the Minister of Finance of the Republic of Armenia, received the delegation of the Asian Development Bank (ADB) headed by the Director General of the ADB Department for Central and Western Asia, Werner Liepach, on June 11. As ArmInfo was told in the press service of the ministry, the parties discussed the possibilities of expanding the programs being implemented.
Lipak, congratulating Atom Janjugazyan on assuming the post of Minister of Finance, stressed the importance of continued and effective cooperation of the Armenian government with the Asian Development Bank.
Janjugazyan, also emphasizing the importance of cooperation with ADB, drew particular attention to the significant involvement of the Asian Development Bank in the process of reforms in Armenia.
During the meeting, the parties discussed issues related to debt management, development of the financial sector, as well as infrastructures, education financing, and possible investment programs that will contribute to the development of the country and ensure the return of economic resources.
According to the National Statistical Service of Armenia, as of January 1, 2018, in the structure of Armenia's external debt, 12% or $ 659.3 million is concentrated on loans from the Asian Development Bank (ADB). In 2017, the growth of credit resources from ADB amounted to 28.8%. It should be noted that the Asian Development Bank is based in Manila in 1966 with the aim of combating poverty, ensuring economic growth and sustainable development through regional integration in Asia and the Pacific. Today the bank has 67 member countries, including 48 from the region. Armenia joined ADB in 2005 and is included in the group of countries with mixed (preferential and usual) financing. According to the strategy for 2014-2018. ADB plans to provide financial assistance to Armenia in the amount of about $ 500 million. The funds will be used to support infrastructures, energy and social services to promote the country's flexible, comprehensive and stable development.