ArmInfo. Armenia will receive an 80 million euro loan from the OPEC Fund for International Development, which will be used to fill the country's state budget deficit. The decision to this effect was made at a government meeting on June 25.
As noted in the rationale for the draft decision, the agreement to provide the loan was reached on April 29. The loan will be provided at a 6-month floating rate of Euribor + a fixed rate of 1.56%, which currently equals 4.166% per annum. The loan term is 18 years, with a grace period of 5 years on the principal. The financial resources are planned to be used within the framework of a program to improve public administration efficiency, increasing tax collection rates and financial sustainability. A similar program was previously financed by the World Bank in the amount of ?170.3 million.
As a reminder, according to the country's state budget, Armenia's public treasury deficit for the current year is projected at 536.8 billion drams. A significant portion of this deficit is planned to be covered through foreign loans and the issuance of government bonds.
