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Interfax, Russia
Nov 20 2008
Armenia to put $300 mln into economy as anti-crisis support
YEREVAN Nov 20
The Armenian government presented its anti-crisis program on Thursday,
which foresees the provision of over $300 million in economic support,
Prime Minister Tigran Sarkisian said at a government session.
He said that the funds would be earmarked for developing small and
medium-sized business, which would, in turn, create new jobs and step
up Armenia's economic development.
He said that the development of financial opportunities for small and
medium sized business was the best instrument for resisting the
current world economic crisis.
The Armenian government will provide around $50 million while the
World Bank will allocate the remaining $250 million.
He added that a preliminary agreement had been reached for the
allocation of $250 million during a visit of an Armenian government
delegation to Washington. Sarkisian expressed his hope that the first
tranche worth $50 million would be received in the first quarter of
2009.
In addition to financial assistance, the government has worked up a
program for the anti-crisis program's implementation, as well as
changes in legislation on state debt. In accordance with these
changes, restrictions are being lifting on the provision of state
guarantees to small and medium-sized enterprises.
Sarkisian said that these measures would improve the Armenian
economy's ability to stave off the negative effects of the world
economic crisis. A special commission formed by the Prime Minister
will examine business projects in the framework of the anti-crisis
program.
Nov 20 2008
Armenia to put $300 mln into economy as anti-crisis support
YEREVAN Nov 20
The Armenian government presented its anti-crisis program on Thursday,
which foresees the provision of over $300 million in economic support,
Prime Minister Tigran Sarkisian said at a government session.
He said that the funds would be earmarked for developing small and
medium-sized business, which would, in turn, create new jobs and step
up Armenia's economic development.
He said that the development of financial opportunities for small and
medium sized business was the best instrument for resisting the
current world economic crisis.
The Armenian government will provide around $50 million while the
World Bank will allocate the remaining $250 million.
He added that a preliminary agreement had been reached for the
allocation of $250 million during a visit of an Armenian government
delegation to Washington. Sarkisian expressed his hope that the first
tranche worth $50 million would be received in the first quarter of
2009.
In addition to financial assistance, the government has worked up a
program for the anti-crisis program's implementation, as well as
changes in legislation on state debt. In accordance with these
changes, restrictions are being lifting on the provision of state
guarantees to small and medium-sized enterprises.
Sarkisian said that these measures would improve the Armenian
economy's ability to stave off the negative effects of the world
economic crisis. A special commission formed by the Prime Minister
will examine business projects in the framework of the anti-crisis
program.