European Union Confirms Decision To Provide Armenia With 100 Million

EUROPEAN UNION CONFIRMS DECISION TO PROVIDE ARMENIA WITH 100 MILLION EUROS ASSISTANCE

/ARKA/
December 10, 2009
YEREVAN

The European Union has confirmed its decision to provide Armenia with
100 million euros assistance designed to help it alleviate the worst
economic downturn since the early 1990s.

The Armenian foreign ministry told ARKA that the decision was
confirmed during Armenia -EU consultations on the level of Political
and Security Committee.

Sixty-five million euros will come as a loan and 35 million euros as
a grant. An earlier press release of the European Commission said the
assistance would be provided in two installments, tentatively in the
first and fourth quarter of 2010.

`The assistance supports, and is conditional on the respect of the
adjustment program agreed between Armenia and the International
Monetary Fund. It complements the latter’s financial assistance to
the country. `The proposed financing will complement the financial
resources provided by the EU, in the form of budget support programs
financed under the European Neighborhood and Partnership Instrument,’
said the EU statement.

The Armenian foreign ministry said a European Union delegation will
visit Armenia in February to sign a memorandum of understanding that
will precede the disbursement of the installment.

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