YEREVAN. – The National Assembly (NA) of Armenia on Friday ratified the $300-million loan, which the Eurasian Fund for Stabilization and Development will provide for the objective of covering the country’s budget deficit.

The Parliament approved this loan by a vote of 60  for, 19 against, and 2 abstentions, informed the NA reporter of Armenian News-NEWS.am.

The majority of the NA opposition had not approved of the respective draft law arguing that the debt burden of Armenia should not be increased.

The loan will be provided from 2015 to 2017 in three $100-million tranches, with an annual interest rate of 2.1 percent for twenty years, and a ten-year year grace period.