Avetisian: We hope Armenia will attract $20m WB credit by end of year

PanArmenian News Network
Aug 5 2005

05.08.2005 02:48

/PanARMENIAN.Net/ Armenian Deputy Minister of Economy and Finance
David Avetisian gave a positive assessment to the preparatory
works carried out in Armenia during the initial half of 2005 for
the attraction of World Bank credit for poverty reduction. During
yesterday's press conference he noted that this June the Armenian
government has ratified the list of measures to be completed till
August 15. "We hope that as result of accomplishment of the programs
Armenia will attract World Bank credit totaling in $20 million by the
end of the year", he noted. The Deputy Minister also reported that
the Mission of the International Monetary Fund will arrive in Armenia
August 25 to assess the work carried out during the recent months.
David Avetisian expressed hope that the assessment by the experts will
serve as a basis for the further ratification by the IMF Council of
Directors. When touching upon the cooperation with the U.S. within the
Millennium Challenge Account program Avetisian said that by the end of
2005 Armenia will come through with the qualification phase and start
negotiations on bilateral agreement on attracting the appropriate
funds. In his words, first real investments can be expected in 2007
while the year 2006 will be devoted to the successful accomplishment
of the preparatory works. At that David Avetisian brought the example
of Georgia, which can "approach the signing of the document." To note,
Armenia will be allocated $60 million with the Millennium Challenge
Account. The financing will be carried out on the basis of precise
programs and will be targeted at poverty reduction, public health,
education and social field, IA Regnum reports.