Armenia to receive $500mln stabilization loan from Russia in late may – early June 2009

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Economy

27.03.2009, 03:06

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.

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. N.V. –0--

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