YEREVAN. – The Armenian authorities never explained where the loans received from Russia were spent. 
Opposition Armenian National Congress National Assembly (ANC NA) Faction Head Levon Zurabyan on Wednesday stated at the NA.

As per Zurabyan, first and foremost, these loans—totaling $500 million—were spent on helping the construction business. 

According to the ANC MP, however, solely one component was not fulfilled: the 5-billion-dram (approx. $12,076,550) investment for the renovation of the Vorotan hydroelectric power plant.

“Why did you [the authorities] put this money aside, and not put it into circulation?

“According to the experts, the 40 billion drams [approx. $96,612,415] of the state spending are an additional 1-percent increase in the GDP. But the government is not doing that,” Levon Zurabyan said, in particular.