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WORLD BANK APPROVES US$75 MILLION LOAN FOR ARMENIA TO SUPPORT A WIDE RANGE OF REFORMS
12:59, 13 Nov 2014
The World Bank Board of Executive Directors today approved a US$75
million loan for the Second Development Policy Operation (DPO) for
Armenia to support a wide range of reforms in the business environment,
finance, civil service, social protection, public infrastructure and
environment. This is the second in a series of three DPOs, supporting
the Government of Armenia in meeting its strategic objectives,
including stronger job creation, which is Armenia's overarching
development challenge.
"The Operation is designed to support economic growth and
sustainability to help Armenia reduce poverty and promote shared
prosperity," says Laura E. Bailey, World Bank Country Manager for
Armenia."Creating jobs is critical here in Armenia. The program aims
to achieve this through strengthening competitiveness and enhancing
fiscal, social and environmental sustainability."
The Operation supports reform measures implemented by the Government
under five main objectives.
Strengthening the business environment through reduction of
inspections burdening businesses, as well as implementation of the
"single window approach" for customs clearance of goods, and creation
of a new institutional structure for the oversight of the aviation
sector to increase transparency and improve accountability in the
civil aviation field.
Improving access to credit with measures to create a modern framework
for secured transactions, which will allow the use of moveable assets
as collateral for better access to credit.
Improving efficiency and transparency of the civil service through
strengtheningof the performance evaluation system and broadening the
use of e-government systems.
Expanding social protection through extending the coverage of the
waiver of co-payments in medical institutions to the households
covered by Family Benefits Program.
Improving fiscal space and the management of public infrastructure
and environmental resourcesthrough reporting estimates of the revenue
impacts of major tax expenditures, implementation of an Action Plan on
Drinking Water Sector Reforms, including the decision to create a new,
nationwide lease contract, and adoption of the Law on Environmental
Impact Assessment along withoperationalizing the"one-stop-shop
(OSS)" for mining rights in line with environmental and social (E&S)
guidelines.
"This development policy operation supports a package of reforms which
will help the Armenian economy make the shift from an unsustainable
reliance on inflows and the non-tradable sectors towards the tradable
sectors and a higher rate of job creation," says Ulrich Bartsch, World
Bank Task Team Leader of the Project. "We are helping the Armenian
government meet the challenges of reinvigorating the economy through
enhancing competitiveness and sustainability."
The Second DPO in the total amount of US$ 75 million is an IBRD
flexible loan with variable spread with a 14.5-year grace period and
repayment ofover 25 years.
Since joining the World Bank in 1992 and IDA in 1993, the total IDA
and IBRD commitments to Armenia amount to US$2,036,73 million.
http://www.armradio.am/en/2014/11/13/world-bank-approves-us75-million-loan-for-armenia-to-support-a-wide-range-of-reforms/
http://www.tert.am/en/news/2014/11/13/nubar-terzian/
12:59, 13 Nov 2014
The World Bank Board of Executive Directors today approved a US$75
million loan for the Second Development Policy Operation (DPO) for
Armenia to support a wide range of reforms in the business environment,
finance, civil service, social protection, public infrastructure and
environment. This is the second in a series of three DPOs, supporting
the Government of Armenia in meeting its strategic objectives,
including stronger job creation, which is Armenia's overarching
development challenge.
"The Operation is designed to support economic growth and
sustainability to help Armenia reduce poverty and promote shared
prosperity," says Laura E. Bailey, World Bank Country Manager for
Armenia."Creating jobs is critical here in Armenia. The program aims
to achieve this through strengthening competitiveness and enhancing
fiscal, social and environmental sustainability."
The Operation supports reform measures implemented by the Government
under five main objectives.
Strengthening the business environment through reduction of
inspections burdening businesses, as well as implementation of the
"single window approach" for customs clearance of goods, and creation
of a new institutional structure for the oversight of the aviation
sector to increase transparency and improve accountability in the
civil aviation field.
Improving access to credit with measures to create a modern framework
for secured transactions, which will allow the use of moveable assets
as collateral for better access to credit.
Improving efficiency and transparency of the civil service through
strengtheningof the performance evaluation system and broadening the
use of e-government systems.
Expanding social protection through extending the coverage of the
waiver of co-payments in medical institutions to the households
covered by Family Benefits Program.
Improving fiscal space and the management of public infrastructure
and environmental resourcesthrough reporting estimates of the revenue
impacts of major tax expenditures, implementation of an Action Plan on
Drinking Water Sector Reforms, including the decision to create a new,
nationwide lease contract, and adoption of the Law on Environmental
Impact Assessment along withoperationalizing the"one-stop-shop
(OSS)" for mining rights in line with environmental and social (E&S)
guidelines.
"This development policy operation supports a package of reforms which
will help the Armenian economy make the shift from an unsustainable
reliance on inflows and the non-tradable sectors towards the tradable
sectors and a higher rate of job creation," says Ulrich Bartsch, World
Bank Task Team Leader of the Project. "We are helping the Armenian
government meet the challenges of reinvigorating the economy through
enhancing competitiveness and sustainability."
The Second DPO in the total amount of US$ 75 million is an IBRD
flexible loan with variable spread with a 14.5-year grace period and
repayment ofover 25 years.
Since joining the World Bank in 1992 and IDA in 1993, the total IDA
and IBRD commitments to Armenia amount to US$2,036,73 million.
http://www.armradio.am/en/2014/11/13/world-bank-approves-us75-million-loan-for-armenia-to-support-a-wide-range-of-reforms/
http://www.tert.am/en/news/2014/11/13/nubar-terzian/