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Armenia To Receive $500mln Stabilization Loan From Russia In Late Ma

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  • Armenia To Receive $500mln Stabilization Loan From Russia In Late Ma

    ARMENIA TO RECEIVE $500MLN STABILIZATION LOAN FROM RUSSIA IN LATE MAY - EARLY JUNE 2009

    ARKA
    March 26, 2009

    YEREVAN, March 26. /ARKA/. Armenia is to receive a $500mln worth
    stabilization loan from Russia in late May - early June 2009, Press
    Secretary of Armenian Ministry of Finance Irina Ayvazyan reported
    Thursday.

    On February 9 2009, Russia and Armenia signed a loan agreement on
    provision of $500mln to Armenia for neutralization of the negative
    impact of the global financial crisis on the country's economy. Under
    the preliminary agreement, the loan is to be provided for 15 years
    with a 4-year grace period.

    The final agreement is expected to be signed at the end of April after
    the redistributed Russian state budget is approved by the State Duma
    of Russia, Ayvazyan said adding that yet, no certain schedule or
    dates exist.

    The first loan funds are expected to arrive in the country at the end
    of May - beginning of June after the required procedures are observed
    in Armenia, he said.

    Earlier, Armenian Premier Tigran Sargsyan said that the entire
    stabilization loan will be spent on anti-crisis measures to ensure
    economic growth in Armenia.
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