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PREMIER: RUSSIAN STABILIZATION LOAN TO BE SPENT ONLY ON ANTI-CRISIS MEASURES
ARKA
March 2, 2009
YEREVAN, March 2. /ARKA/. The stabilization loan extended by Russia
will be spent exclusively on anti-crisis measures to ensure economic
growth in Armenia, the country's Premier Tigran Sargsyan said.
On February 9, 2009, Russia and Armenia signed a preliminary agreement
about extending a $500mln worth stabilization loan to Armenia for
neutralizing effects of the global crisis on the country's economy.
The loan allocation issue is included in the package of amendments
of the Russian budget sent for Russian State Duma's approval.
"This is of primary importance to us in terms of implementation
of effective anti-crisis measures, and I expressed my gratitude to
Vladimir Putin for Russian Government's approval of the agreement
reached with Armenia, Sargsyan told journalists while summarizing
the outcome of his visit to Moscow.
During his meeting with Armenian Premier in Novo-Ogarevo, Russian
Premier Putin said that the elaboration of the issue was almost
finished and expressed hope that the budget would be approved by
Duma soon.
After State Duma approves the budget amendments, finance ministers of
the countries will sign an agreement and the funds will be transferred
to Armenia, Premier Sargsyan said.
"This is a state loan, and it is financial liabilities of our
government toward the Russian government. No ot her loan conditions
exist. We have the right to independently make decisions on how we are
going to spend these funds and we bear only financial responsibility
on this loan," Sargsyan said.
He pointed out that the loan funds will be used on programs that
envisage opening of new jobs.
These programs, as well as the loan agreement details, including terms
and interest rates, will be reported to the public, Sargsyan said
adding that the Russian loan is extended under soft terms - for 14
years with a 4-year grace period and at a Libor+3% interest rate.
ARKA
March 2, 2009
YEREVAN, March 2. /ARKA/. The stabilization loan extended by Russia
will be spent exclusively on anti-crisis measures to ensure economic
growth in Armenia, the country's Premier Tigran Sargsyan said.
On February 9, 2009, Russia and Armenia signed a preliminary agreement
about extending a $500mln worth stabilization loan to Armenia for
neutralizing effects of the global crisis on the country's economy.
The loan allocation issue is included in the package of amendments
of the Russian budget sent for Russian State Duma's approval.
"This is of primary importance to us in terms of implementation
of effective anti-crisis measures, and I expressed my gratitude to
Vladimir Putin for Russian Government's approval of the agreement
reached with Armenia, Sargsyan told journalists while summarizing
the outcome of his visit to Moscow.
During his meeting with Armenian Premier in Novo-Ogarevo, Russian
Premier Putin said that the elaboration of the issue was almost
finished and expressed hope that the budget would be approved by
Duma soon.
After State Duma approves the budget amendments, finance ministers of
the countries will sign an agreement and the funds will be transferred
to Armenia, Premier Sargsyan said.
"This is a state loan, and it is financial liabilities of our
government toward the Russian government. No ot her loan conditions
exist. We have the right to independently make decisions on how we are
going to spend these funds and we bear only financial responsibility
on this loan," Sargsyan said.
He pointed out that the loan funds will be used on programs that
envisage opening of new jobs.
These programs, as well as the loan agreement details, including terms
and interest rates, will be reported to the public, Sargsyan said
adding that the Russian loan is extended under soft terms - for 14
years with a 4-year grace period and at a Libor+3% interest rate.