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  • WB Managing Director Admires Armenia's Consistency In Implementing W

    WB MANAGING DIRECTOR ADMIRES ARMENIA'S CONSISTENCY IN IMPLEMENTING WB PROGRAMS

    ARKA
    Oct 13, 2008

    YEREVAN, October 13. /ARKA/. At her meeting with RA Prime Minister
    Tigran Sargsyan, WB Managing Director Ngozi Okonjo-Iweala, expressed
    her admiration over Armenia's consistency in implementing WB programs.

    Diana Mnatsakanyan, Press Secretary of the RA Premier, reported that
    since 1992, when the World Bank (WB) established cooperation with
    Armenia, it has issued $1.1bln credits under 52 programs. Until 2006,
    Armenia received soft credits from the International Development
    Association (IDA) - credits were issued for 40 years, at an annual
    interest rate of 0.75%, with a grace period of ten years.

    Since January 1, 2006, Armenia has been receiving credits in the
    terms of the International Bank for Reconstruction and Development
    (IBRD) form middle-income countries.

    The WB Managing Director also pointed out Armenian partners' valuable
    experience in implementing reforms.

    The RA Premier laid emphasis on the existing problems and future
    partnership. He pointed out that, along with the new programs, Armenia
    also plans to meet new challenges, particularly a program of tax and
    customs reforms.

    The WB Managing Director shared the opinion that reforms in the
    aforementioned fields are painful for all the concerned parties,
    which, however, does not mean they are not necessary for forming
    civil society based on democratic principles.

    Ngozi Okonj o-Iweala stressed the necessity of tax and customs reforms
    for the reduction of corruption risks and social integration.

    The RA Premier is on a working visit to Washington, USA, to take
    part in an annual forum of the World Bank (WB) and the International
    Monetary Fund (IMF).

    The Armenian delegation includes Minister of Economy Nerses Yeritsyan,
    Minister of Finance Tigran Davtyan, RA Presidential Economic Advisor
    Vahram Nersisyants, Head of the RA Government Staff David Sargsyan,
    Chairman of the Central Bank of Armenia (CBA) Artur Javadyan, RA
    Deputy Foreign Minister Arman Kirakosyan, RA Ambassador to the USA
    Tatul Margaryan and other officials.
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