YEREVAN. –Finance Minister Davit Sargsyans said Armenia is not going to address Russia for new loans.

In October Armenia fully repaid the 15-year credit amounting to $500 million that was received four years ago, he told Armenian News-NEWS.am correspondent.

“We are not going to apply to the Russian government for a new loan yet,” Sargsyan said.

The mentioned loan was granted for 15 years and was aimed at supporting Armenia in the period of global financial crisis. Funds were directed to the construction and banking sectors, as well as interest rate subsidies for agricultural credits and a number of other measures. The loan was repaid through issuance of Eurobonds for $700 million in September 2013.