Board of Directors of the World Bank (WB) has approved the provision of Armenian loan of $ 60 million, which will be directed to support the budget in the period 2009-2011, reported Director of the WB Yerevan Office Aristomene Varoudakis at a press conference.

He noted that the funds will be provided by the Government of Armenia, they are intended to stimulate economic reform policies, and cover the budget deficit.

In particular, it will be financed by the social costs of unemployment benefits, family allowances and pensions. In a crisis most affected is the poor in Armenia has increased unemployment and growing numbers of poor, said the representative of the WB. The Government of the Republic, according to the Bank, should develop the practice of targeting of family allowances.

It is anticipated that loans will also help the authorities to carry out reforms in health, education and public service.

Credit will be granted for a period of 20 years, under the interest rate of 0,75% per annum with a grace period for payment in the first 10 years.

total cost of 3-year program is $ 100 million

decision to grant the remaining $ 40 million World Bank will take a second and third years of the program, said Varoudakis.

Credit on $ 60 million is part of World Bank Assistance Strategy for Armenia2009-2012 years at a cost of $ 545 million

Previously, it was reported that since 1992 Armenia has received from the World Bank loans totaling $ 1.247 billion

The broker is paid his company's losses to 10 million dollars
Named the most promising and unpromising career in Russia
Ukraine became a party to the European Convention on Transfrontier Television
Plan B for Yulia Tymoshenko
List of most expensive housing in the United States according to Forbes
For traders seeking approach
Records ended
In EBV found Ukrainian money
Forex - results of day