ArmInfo. Armenia will send $ 5.4 million to maintain its quota in the World Bank, the relevant decision was adopted at a meeting of the RA Government on April 11. Presenting the draft decision, Atom Janjughazyan, RA Minister of Finance, noted that at the end of last year, the Bank, through its structures- International Bank for Reconstruction and Development, International Development Association, International Finance Corporation, the Multilateral Investment Guarantee Agency and the International Centre for the Settlement of Investment Disputes- carried out an additional issue of their shares.
In this regard, it became necessary to repurchase part of the shares in order to maintain its stake in the structures of the WB. As of today, the share of Armenia in the World Bank was 0.707%. The Republic maintained 1642 shares and the right to vote by 0.1%. With the additional issue, it will be necessary to purchase 360 shares at a price of $ 120 thousand 635 each. It is envisaged that $ 5.4 million will be spent on the implementation of the task in cash for five years.
The minister recalled that Armenia, along with 188 states, has been a member of the World Bank since 1992. During this period, over 100 programs have been implemented in the republic for a total amount of 1.8 billion provided to the country in the form of loans and grants. Thus, according to Janjughazyan, a significant part of the total public debt of $ 6.9 billion accounts for the WB investment, the main objective of which is to overcome by the countries of extreme poverty and promote prosperity. The Minister stressed that another $ 600 million remained unused, and negotiations with the Bank continue on this issue.