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Finance Minister: Armenia To Be More Cautious In Attracting New Fund

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  • Finance Minister: Armenia To Be More Cautious In Attracting New Fund

    FINANCE MINISTER: ARMENIA TO BE MORE CAUTIOUS IN ATTRACTING NEW FUNDS IN 2010

    ARKA
    Sep 30, 2009

    YEREVAN, September 30. /ARKA/. Armenia will be more cautious in
    attracting new credits in 2010, Finance Minister Tigran Davtyan said
    at a press conference on Tuesday.

    "Attracted funds have their price and need service expenses. That is
    why we will be more cautious and conservative in attracting funds in
    2010 to recover economy, reduce the budget deficit and get back our
    pre-crisis indicators", he said.

    The minister said that the budget deficit will be driven 1% down to
    5.6% or 5.7% of GDP the next year.

    The government will do whatever necessary to return to international
    standards and lower deficit to 3% of GDP, the pre-crisis level.

    "There will be no need to attract great funds the next year. The
    money received from World Bank, International Monetary Fund,
    Asian Development Bank and Russia is intended for 2009 and 2010",
    Davtyan said.

    He said that the World Bank lent $60 million to Armenia and Asian
    Development Bank $80 million.

    The International Monetary Fund will transfer $305 million to Armenia
    in 2009 and 2010.

    The minister said that Russia sent $500 million to the country
    as bailout credit for supporting economy, not for covering budget
    expenses.

    In his words, AMD 95 billion of the Russian credit has already been
    sent to various sectors of the national economy for supporting s
    mall- and mid-scale businesses, another 24 billion was earmarked for
    recovery of quake-stricken areas this year and 22 to 24 billion will
    be transferred for these purposes in 2010.

    "This is a half of the Russian credit - AMD 140 or 145 billion has
    already been utilized. The remaining amount will be kept in the
    Central Bank as bailout fund", Davtyan said.
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