In order to overcome the negative consequences of the global crisis the WB decided to allow Armenia $100mln credit, Aristomene Varudakis, the Head of the World Bank’s Yerevan Office, informed.

This amount is a part of WB’s $550-million credit to be extended to Armenia by tranches. Initially, Armenia will get $60mln, and $40mln more — within next two years. The credit is allocated for 20 years, he stated. Varudakis positively evaluates the Armenian Government steps to overcome the crisis consequences. These funds will enable to improve the social environment and increase the manufacturers competitiveness.

WB forecasts GDP decrease for 9-10% this year and economic growth of barely 1-2% by FY 2010 in Armenia. The national debt-to-GDP ratio makes 13%, whereas in FY 2011 it will hit 45%. However Varudakis believes Armenia will be able to pay off the credit, as the most parts of the credit are preferential.