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By providing a loan worth $500 mln, Russia wrote off $5 bln debt

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  • By providing a loan worth $500 mln, Russia wrote off $5 bln debt

    Armenian parliamentary advisor: By providing Armenia with a loan worth
    $500 mln, Russia demanded writing off $5 bln debt

    2009-08-21 20:36:00


    ArmInfo. Providing Armenia with a loan worth $500 mln, Russia demanded
    that Armenian authorities should write off a debt worth at least $5
    bln, Armenian Parliamentary Advisor for Economic Issues Tatoul
    Manaseryan told journalists, Friday.

    "Russia demanded freezing the accounts Armenian residents, both
    individuals and legal entities in Vneshtorgbank, the total amount of
    the accounts is at least 10 times as much as the amount of the Russian
    loan", - he said. These are the assets of Armenian enterprises , as
    well as the support provided to liquidate the consequences of the
    devastating Spitak earthquake of 1988, Manaseryan said. He pointed out
    that during ratification of the Russian loan, Armenian MPs demanded
    that the Armenian government should clarify the situation and present
    data on the accounts in Vneshtorgbank, but they received no distinct
    reply. Moreover, the high interest rates on the Russian loan do not
    show the allied relations of Russia with Armenia either.

    He added that due to the foreign borrowings from Russia, International
    Monetary Fund, WB and Asian Development Bank, Armenia doubled the
    amount of its foreign debt. Manaseryan said that the Armenian
    population has $10-12 bln, and the task of the government is to attract
    part of these funds to recover the country's economy, while, in fact,
    the capital is considerably flowing out of Armenia.

    To recall, in mid June 2009 Russia provided Armenia with a loan worth
    $500 mln at the rate of LIBOR+3%. The repayment period is 15 years, the
    grace period being 4 years.

    From: Emil Lazarian | Ararat NewsPress
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