Asian Development Bank to provide budget support loan to Armenia
YEREVAN, DECEMBER 12, ARMENPRESS. The Asian Development Bank (ADB) will provide a budget support loan worth 40 million USD for implementation of public efficiency and implement of financial markets programs, reports Armenpress.
The Armenian Parliament is discussing the issue on ratifying the loan agreement between Armenia and the ADB.
Deputy finance minister Armen Hayrapetyan said the loan will contribute to ensuring a financial stability in 2018 since these funds are already included in the 2018 state budget program.
The deputy minister stated the the reforms made before the signing of the loan agreement were directed towards the public efficiency and improvement of financial markets, as a result of which it is expected that the management of fiscal risks of the state debt will be strengthened.
He clarified that the budget support loans have better terms, than the private loans. “This loan is worth 40 million USD. It is provided for 15 years, three years of which are privileged”, he noted.