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EU AND ARMENIA SIGN A MEMORANDUM ON 100 MILLION EUROS OF FINANCIAL ASSISTANCE TO ARMENIA
armradio.am
18.02.2011 16:51
The European Commissioner for Economic and Monetary Affairs Olli Rehn
has signed on behalf of the EU the Memorandum of Understanding with
the Republic of Armenia setting forth the economic policy conditions
for the provision of macro financial assistance (MFA) to Armenia
in the form of a loan of up to ~@65 million and a grant of up to
~@35 million. The assistance will support the adjustment programme
agreed between Armenia and the International Monetary Fund to help
the country through the global crisis.
The planned assistance is part of the external financing provided to
cover Armenia's balance of payment needs in 2011. The EU programme is
conditional on the respect of the economic programme agreed between
the Armenia and the International Monetary Fund (IMF) and on the
implementation of a number of economic policy measures agreed by the
Republic of Armenia and the European Union in the areas of: public
debt management, pension system, public internal financial control,
external audit, public procurement, tax policy and tax administration,
and customs policy.
It supports the economic adjustment and reform programme of the
Armenian authorities designed to achieve sustainable medium-term
growth. The first installment, amounting to EUR 40 million, will be
released after the ratification of the Memorandum of Understanding
and the Loan and Grant Agreements by the Armenian Parliament. The
release of the second installment is planned for autumn 2011.
From: A. Papazian
armradio.am
18.02.2011 16:51
The European Commissioner for Economic and Monetary Affairs Olli Rehn
has signed on behalf of the EU the Memorandum of Understanding with
the Republic of Armenia setting forth the economic policy conditions
for the provision of macro financial assistance (MFA) to Armenia
in the form of a loan of up to ~@65 million and a grant of up to
~@35 million. The assistance will support the adjustment programme
agreed between Armenia and the International Monetary Fund to help
the country through the global crisis.
The planned assistance is part of the external financing provided to
cover Armenia's balance of payment needs in 2011. The EU programme is
conditional on the respect of the economic programme agreed between
the Armenia and the International Monetary Fund (IMF) and on the
implementation of a number of economic policy measures agreed by the
Republic of Armenia and the European Union in the areas of: public
debt management, pension system, public internal financial control,
external audit, public procurement, tax policy and tax administration,
and customs policy.
It supports the economic adjustment and reform programme of the
Armenian authorities designed to achieve sustainable medium-term
growth. The first installment, amounting to EUR 40 million, will be
released after the ratification of the Memorandum of Understanding
and the Loan and Grant Agreements by the Armenian Parliament. The
release of the second installment is planned for autumn 2011.
From: A. Papazian