The Armenian government has approved a $ 50 million budget support crediting project from the Asian Development Bank.

According to the project justification,

The Republic of Armenia and the Asian Development Bank will sign an agreement on "Public Efficiency and Financial Markets Program. Subproject 2 loan agreement for the purpose of attracting $ 50 million credit funds to support the budget.

The mentioned funds will be directed to the total deficit financing (amounting to 156 billion 915 million 705.5 thousand drams), defined by the RA Law "On State Budget of 2018", therefore, the timely receipt of credit funds is of great importance in the context of financing the expenditures envisaged by the state budget categories.

The total cost of the project is $ 90 million. It consists of subprojects for 2017 and 2018 for a total of $ 40 million and $ 50 million, respectively.

The program is aimed at expanding the Armenian financial markets. It includes: (a) enhancing the borrower's public debt and fiscal risk management practices and policies, (b) improving government securities and money market infrastructure, (c) enhancing the range of financial instruments and investors and strengthening corporate transparency.

"A prerequisite for obtaining budgetary support funds is the implementation of a number of measures and reforms in the above-mentioned areas that have already been fully implemented.

Based on the foregoing, we find it appropriate to sign a loan agreement between the Republic of Armenia and the Asian Development Bank on "Public Efficiency and Financial Markets Program, Subprogram 2", "says the statement submitted by the RA Ministry of Finance.Ж

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