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EU And Armenia Sign A Memorandum On 100 Million Euros Of Financial A

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  • EU And Armenia Sign A Memorandum On 100 Million Euros Of Financial A

    EU AND ARMENIA SIGN A MEMORANDUM ON 100 MILLION EUROS OF FINANCIAL ASSISTANCE TO ARMENIA

    armradio.am
    18.02.2011 16:51

    The European Commissioner for Economic and Monetary Affairs Olli Rehn
    has signed on behalf of the EU the Memorandum of Understanding with
    the Republic of Armenia setting forth the economic policy conditions
    for the provision of macro financial assistance (MFA) to Armenia
    in the form of a loan of up to ~@65 million and a grant of up to
    ~@35 million. The assistance will support the adjustment programme
    agreed between Armenia and the International Monetary Fund to help
    the country through the global crisis.

    The planned assistance is part of the external financing provided to
    cover Armenia's balance of payment needs in 2011. The EU programme is
    conditional on the respect of the economic programme agreed between
    the Armenia and the International Monetary Fund (IMF) and on the
    implementation of a number of economic policy measures agreed by the
    Republic of Armenia and the European Union in the areas of: public
    debt management, pension system, public internal financial control,
    external audit, public procurement, tax policy and tax administration,
    and customs policy.

    It supports the economic adjustment and reform programme of the
    Armenian authorities designed to achieve sustainable medium-term
    growth. The first installment, amounting to EUR 40 million, will be
    released after the ratification of the Memorandum of Understanding
    and the Loan and Grant Agreements by the Armenian Parliament. The
    release of the second installment is planned for autumn 2011.




    From: A. Papazian
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