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Armenia's Strong Public Expenditure Management Qualifies For British

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  • Armenia's Strong Public Expenditure Management Qualifies For British

    Armenia's Strong Public Expenditure Management Qualifies For British Debt Relief Offer

    ArmenPress
    Feb 15 2005

    Yerevan, February 15, Armenpress: The British Embassy in Armenia
    has confirmed today that the Government of the United Kingdom has
    offered to pay 10% of Armenia's World Bank debt repayments until
    2015. The British Department for International Development (DFID)
    will pay the money into a World Bank trust fund. The International
    Development Association (the World Bank agency which provides funding
    on concessional terms to the poorest developing countries) will in
    turn reduce the repayments which Armenia makes over the next ten years.

    The British Government have offered this financial help in recognition
    of the difficulties which low income countries face in trying to
    reduce poverty while at the same time service their international
    debt. The objective is to free additional resources to enable Armenia
    to achieve its development goals. Armenia is one of five countries to
    benefit in this way, all chosen in recognition that they have sound
    public expenditure policies in place which will ensure that the money
    saved will be targeted towards poverty reduction. The other countries
    are Mongolia, Vietnam, Nepal and Sri Lanka.

    Following a meeting with Economy and Finance Minister Vartan
    Khachatrian the British Ambassador, Thorda Abbott-Watt, said "I am
    pleased that my Government has felt able to make this gesture, which
    recognizes and rewards strong economic management. The money which
    will be released will help Armenia increase investment in spheres such
    as health, education and social support and raise living standards
    more quickly."

    Armenia is due to repay the World Bank US$ 8 million, US$ 11 million
    and US$ 12 million in 2005, 2006 and 2007 respectively. The United
    Kingdom contribution will be 10% of this - US$800,000, US$1.1million
    and US$1.2million. Over the ten years of the initiative (until 2015),
    the total United Kingdom contribution will be just under US$20 million.
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