Government Plans to Take a Loan of $152 Million

By the end of the year, the government plans to take a loan of $152 million to implement expenditures outlined in the budget. This was announced today by Deputy Minister of Finance Armen Hayrapetyan during a session of the National Assembly.

The agreements presented for ratification in the National Assembly propose that the loans be taken out in euros, as the Deputy Minister stated that euro-denominated loans are being offered under better conditions. Of the four agreements, Armenia will receive the following loans:

• €45.8 million from the International Bank for Reconstruction and Development,
• €9.1 million from the Asian Development Bank,
• €40 million from the Bank for Reconstruction (KfW),
• €36.5 million from the Asian Development Bank.

The agreements were signed in November and have been undergoing Armenia's internal procedures for ratification until now. The Deputy Minister of Finance stated in the National Assembly that these funds are essential to complete the implementation of programs planned for the year 2019.