YEREVAN. – The Government of Armenia publicized the spending plan of the new $30 million-loan to be received from the World Bank (WB). Close to 70 percent of this amount will be provided to Yerevan Thermal Power Plant (TPP), and the other part—to the Armenian Nuclear Power Plant, according to Haykakan Zhamanak daily.

“[But] it turns out that our energy system enterprises have accrued huge debts for reasons having nothing to do with their activity. Especially, Yerevan TPP and Vorotan Cascade [of hydropower plants], being in extremely dire financial difficulty, have given close to 100 million [US] dollars in loans to Nairit [chemical plant in capital city of Yerevan], and Vanadzor Khimprom [chemical plant].

“The government took loans with high interests in the name of these companies, and paid the salaries of the Nairit and Khimprom workers; a total of 100 million dollars.

“And now, interest [rate] comes on these 100 million dollars every day, every hour. About 600 thousand dollars of interest [rate] has ‘circled’ around that loan, in the last two months alone,” Haykakan Zhamanak wrote.