International Loans Received By Armenia To Be Used For Social Progra


July 30, 2009

YEREVAN, July 30. /ARKA/. International loans attracted by Armenia will
be used to implement social programs particularly for development of
infrastructures, Armenian Minister of Economy Nerses Yeritsyan told
journalists Thursday

According to Yeritsyan, implementation of infrastructure projects and
road construction in particular will help to create a considerable
number of new jobs.

Yeritsyan said that the ministry is implementing its own projects
within the government budget scope.

The budget of the ministry has not been increased for the projects: the
ministry just re-distributes some funds to help implement anti-crisis
measures, the Minister said.

Under anti-crisis assistance programs, Armenia is to receive $545
million from the World Bank for four years, $823 million from the IMF,
$140 million from the Asian Development Bank (ADB) for two years and
$500 million from Russia.

So far Armenia has received from the ADB a total of $381 million in
a form of financial assistance.

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