World Bank Gran’s Loans to Armenia

WASHINGTON (Itar-Tass)–Two loans for the total sum of $65 million have been granted by the World Bank to the Armenian government for supporting reform programs.

The money is expected to promote the consolidation of macroeconomic stability and the creation of conditions for steady economic growth in the non-state sector of the national economy.

It is planned to take measures for resolving three key problems: to consolidate financial discipline and improve the collection of taxes–to develop the reform in the power sector and create a more reliable legal basis for it–as well as to improve water supply and irrigation by correcting water tariffs and restructuring the financial and economic basis of the work of companies operating in that sphere.

The loans will be granted through the International Development Association–which is an affiliated institution of the World Bank. It specializes on granting credits to the poorest countries. Armenia will be able to receive the loans on the terms which are standard for the association: for a period of 35 years with a ten-year deferment of paymen’s.

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