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  • Sergey Alexashenko: Armenia Should Develop Export To Successfully Re

    SERGEY ALEXASHENKO: ARMENIA SHOULD DEVELOP EXPORT TO SUCCESSFULLY REPAY THE RUSSIAN STABILIZATION LOAN

    ArmInfo
    2009-05-25 17:26:00

    ArmInfo. Armenia should develop export to successfully repay the
    Russian stabilization loan, former deputy chairman of the Central Bank
    of Russia, Director of Macroeconomic Research of High School of Economy
    Sergey Alexashenko told ArmInfo correspondent. "The 1:4 export-import
    ratio of Armenia is not normal. Development of export will improve the
    balance of payment of the country, so it will increase the solvency
    for foreign loans",- he said. He added that the growth in price of
    Russian gas in Armenia will hardly become one of the means of the
    loan repayment.

    The loan conditions are profitable for Armenia. "At the moment the
    loan at the rate of Libor + 3, i.e about 4%, is great success. The
    amount of the loan for Armenia is big enough if it makes up half of
    our national export.

    Taking into account the 5-year grace period, Armenia will have to pay
    a bit more than 50 mln USD, this amount is quite tolerable",- he said.

    To recall, on May 20 Russian Finance Minister Alexey Kudrin and
    Armenian Finance Minister Tigran Davtyan signed an agreement on
    providing Armenia with a loan worth 500 mln USD. The loan is provided
    for 15 years ate the rate of Libor + 3. The agreement envisages
    a grace period of 5 years, over this period of time only the loan
    interest will be paid off.

    From: Emil Lazarian | Ararat NewsPress
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