In its Cabinet meeting Friday, the Armenian government approved the draft law of Armenia on ratifying the Fiscal Sustainability and Financial Markets Development Program (Subprogram 2) loan agreement with the Asian Development Bank (ADB).

According to the respective explanation, the expediency of ratifying this agreement is due to the need to ensure the implementation of the law on the state budget of Armenia for 2024 and the decision of the Armenian government on measures to ensure the implementation of this budget.

In order to fund the deficit defined by the law on the 2024 state budget of Armenia, the budget envisages getting about $450 million budgetary support loans.

And taking into account the abovementioned, the Ministry of Finance of Armenia launched this process of getting a budget support loan from the ADB in the amount of 89,469,000 euros.