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WB Disburses USD75 mn for Armenia Policy Reform Program

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  • WB Disburses USD75 mn for Armenia Policy Reform Program

    Economic News (Information Agency Oreanda), Russia
    January 5, 2015 Monday


    WB Disburses USD75 mn for Armenia Policy Reform Program



    Washington. OREANDA-NEWS . January 05, 2015. The World Bank today
    disbursed the full amount of the USD 75 million Second Development
    Policy Operation (DPO) for Armenia to support a wide range of critical
    reforms under implementation by the Government of Armenia.

    The World Bank remains fully committed to helping the country as it
    adjusts to the volatile regional and global economic developments and
    builds a stronger economy that creates jobs, which is Armenias
    long-term development challenge.

    The regional dynamics that are affecting Armenia reinforce how
    important it is for us to support economic growth and sustainability
    in the medium- and long-term, says Laura E. Bailey, World Bank Country
    Manager for Armenia. At the same time, as international partners work
    with the national authorities in dealing with the current short-term
    volatility, we continue to focus on important structural changes that
    will allow Armenia to deal with the realities in the world economy and
    be more competitive, which is what needs to happen to create jobs.

    The Operation supports reform measures implemented by the Government
    under five main objectives.

    Strengthening the business environment through the reduction of
    inspections burdening businesses, 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.

    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 finance.

    Improving efficiency and transparency of the civil service with a
    stronger performance evaluation system and broader use of e-government
    systems.

    Expanding social protection by extending the coverage of the waiver of
    co-payments in medical institutions to the households covered by the
    Family Benefits Program.

    Improving fiscal space and the management of public infrastructure and
    environmental resources through reporting estimates of the revenue
    impacts of major tax expenditures, implementation of an Action Plan on
    Drinking Water Sector Reforms, and adoption of legislative and
    regulatory improvements that strengthen environmental and social (E&S)
    guidelines in the mining sector.

    Our commitment to the people and government of Armenia includes
    supporting this package of reforms, which will help the Armenian
    economy make the shift from an unsustainable reliance on inflows
    towards export-oriented growth and a higher rate of job creation, says
    Ms. Bailey.

    The Second DPO in the total amount of US//$75 million is an IBRD
    flexible loan, with a variable spread and a 14.5-year grace period,
    and repayment of over 25 years.


    From: Baghdasarian
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