ADB To Help Armenia With Emergency Aid To Meet Wages


Microfinance Focus

July 24 2009

MicrofinanceFocus, July 24, 2009: Asian Development Bank (ADB)
Vice-President Xiaoyu Zhao, on a two day visit to Armenia, has
discussed about the Expenditure Support Program (APESP), an $80 million
emergency assistance loan approved by ADB’s Board of Directors earlier
this month.

Mr Zhao had held talks with President Serzh Sargsyan, Prime Minister
Tigran Sargsyan, Minister of Economy Nerces Yeritzyan, and Minister
of Transport and Communication Gurgen Sargsyansaying during the visit.

"Armenia has made remarkable progress in creating a favorable business
environment, liberalizing trade and enacting other reforms that are
helping the country weather the global economic crisis," Mr. Zhao
said after meetings with government leaders in the capital, Yerevan.

After many years of strong economic growth, Armenia has been hit
hard by the financial and economic crisis. The APESP will help the
government create and protect jobs and shore up social safety nets. The
emergency loan will also help maintain critical expenditures such as
wages and pensions, the bank said in a statement.

During his trip, Mr. Zhao also visited two ongoing ADB-supported
projects some 80 km northwest of the capital, one is a water supply
and sanitation project to help 30,000 beneficiaries and another,
a rural roads program linking 5,000 residents of a remote rural area
with a major inter-state road.

From: Emil Lazarian | Ararat NewsPress

Emil Lazarian

“I should like to see any power of the world destroy this race, this small tribe of unimportant people, whose wars have all been fought and lost, whose structures have crumbled, literature is unread, music is unheard, and prayers are no more answered. Go ahead, destroy Armenia . See if you can do it. Send them into the desert without bread or water. Burn their homes and churches. Then see if they will not laugh, sing and pray again. For when two of them meet anywhere in the world, see if they will not create a New Armenia.” - WS