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World Bank Approves First Development Policy Operation Of 60 Million

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  • World Bank Approves First Development Policy Operation Of 60 Million

    WORLD BANK APPROVES FIRST DEVELOPMENT POLICY OPERATION OF 60 MILLION DOLLARS FOR ARMENIA

    Noyan Tapan
    July 3, 2009

    YEREVAN, JULY 3, NOYAN TAPAN. The World Bank's Board of Executive
    Directors on July 2 approved the first Development Policy Operation
    (DPO) of 60 million USD for Armenia. The maturity period of the credit
    is 20 years, its grace period is 10 years. The Head of the World Bank
    Armenia Office Aristomene Varudakis said at the July 3 press conference
    that under conditions of the global economic crisis, the Operation
    supports Armenia's two strategic objectives: to reduce vulnerability
    to the current shocks and to improve competitiveness, which is a key
    precondition for post-crisis recovery and medium-term growth.

    According to him, the DPO's goal is to help Armenia reduce
    vulnerability by supporting such measures as increasing the financing
    for social security network programs, including family allowances
    and pensions. Besides, the DPO will contribute to restoration of the
    financing of priority programs for the vulnerable groups in health
    care sphere by deepening reforms on service provision, improving
    special and preschool education, and strengthening the sustainable
    use of energy and natural resources through more efficient assessment
    of the environmental impact.

    A. Varudakis said that the DPO will also help strengthen control of
    the banking system and ensure liquidity, reduce cost of enterprises'
    registration, and adopt a program of measures for priority reforms
    of the State Revenue Committee.

    From: Emil Lazarian | Ararat NewsPress
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