Armenia to receive $50 million loan from IBRD

24.11.2016 18:41
Armenia to receive $50 million loan from IBRD

YEREVAN, November 24. /ARKA/. The government of Armenia approved today a draft $50 million loan agreement with the International Bank for Reconstruction and Development (IBRD, a division of World Bank) for financing the fourth part of the program "Development Policy Financing" (DPF-4).
According to minister of finance Vardan Aramyan, the $50 million loan will be provided to Armenia on favorable terms at a floating rate of six month LIBOR and a fixed spread.

He said this money was included in the 2016 budget as budget deficit financing. He said also the negotiations were held and the World Bank Board is expected to approve the loan on December 8.

The minister said also that the government has concretized some sources for budget deficit financing. In particular, Armenia will receive an additional credit of $30 million from the Asian Development Bank and the total loan will amount to $60 million. The government will also receive an additional $40 million budget loan from the French Development Agency.

The country’s draft state budget calls for 1 trillion 186 billion drams in revenue and 1 trillion 377 billion drams in revenue. The projected deficit is 197 billion drams or 3.5% of GDP. -0-


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