International loans received by Armenia to be used for social programs

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Economy

31.07.2009, 15:04

International loans attracted by Armenia will be used to implement social programs particularly for development of infrastructures, Armenian Minister of Economy Nerses Yeritsyan told journalists Thursday

YEREVAN, July 30. /ARKA/. International loans attracted by Armenia will be used to implement social programs particularly for development of infrastructures, Armenian Minister of Economy Nerses Yeritsyan told journalists Thursday

According to Yeritsyan, implementation of infrastructure projects and road construction in particular will help to create a considerable number of new jobs.

Yeritsyan said that the ministry is implementing its own projects within the government budget scope.

The budget of the ministry has not been increased for the projects: the ministry just re-distributes some funds to help implement anti-crisis measures, the Minister said.

Under anti-crisis assistance programs, Armenia is to receive $545 million from the World Bank for four years, $823 million from the IMF, $140 million from the Asian Development Bank (ADB) for two years and $500 million from Russia.

So far Armenia has received from the ADB a total of $381 million in a form of financial assistance. N.V. –0--

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