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ARMENIAN GOVERNMENT STARTS UTILIZING RUSSIAN BAILOUT LOAN
ARKA
Oct 9, 2009
YEREVAN, October 9. /ARKA/. Armenian Finance Minister Tigran Davtyan,
speaking at a press conference on Friday, said that AMD 57.7 billion
from the Russian bailout loan is already being utilized in Armenia.
"It means new jobs and growth of GDP budget, revenue with expenses"
On July 12, Russia transferred $500 million (AMD 185 billion)
to Armenia as bailout loan at LIBOR plus 3% preferential rate for
supporting the country's economy amid the crisis.
Davtyan said that AMD 19.9 billion of this amount has been targeted
for recovery of quake-stricken areas, and 36.5 billion for crediting
the economy.
He said AMD 110 billion would be used for spurring the economy.
"Distribution of these funds is under way now, and will reach targets."
The minister also said that this money are being sent to the economy
through the Central Bank and the national centre for promoting small
and mid-scale businesses as well as by extending direct loans.
He said that some effect of these efforts is already becoming visible.
"Economic decline slowed down 0.1 percentage points in August," he
said adding that the effect of these efforts would be obvious later
this year, and in 2010 Armenia will record economic growth.
Armenian government has planed one-percent GDP growth in the 2010
state budget. ($1 = AMD 385.64).
ARKA
Oct 9, 2009
YEREVAN, October 9. /ARKA/. Armenian Finance Minister Tigran Davtyan,
speaking at a press conference on Friday, said that AMD 57.7 billion
from the Russian bailout loan is already being utilized in Armenia.
"It means new jobs and growth of GDP budget, revenue with expenses"
On July 12, Russia transferred $500 million (AMD 185 billion)
to Armenia as bailout loan at LIBOR plus 3% preferential rate for
supporting the country's economy amid the crisis.
Davtyan said that AMD 19.9 billion of this amount has been targeted
for recovery of quake-stricken areas, and 36.5 billion for crediting
the economy.
He said AMD 110 billion would be used for spurring the economy.
"Distribution of these funds is under way now, and will reach targets."
The minister also said that this money are being sent to the economy
through the Central Bank and the national centre for promoting small
and mid-scale businesses as well as by extending direct loans.
He said that some effect of these efforts is already becoming visible.
"Economic decline slowed down 0.1 percentage points in August," he
said adding that the effect of these efforts would be obvious later
this year, and in 2010 Armenia will record economic growth.
Armenian government has planed one-percent GDP growth in the 2010
state budget. ($1 = AMD 385.64).