The Eurasian Fund for Stabilization and Development (EFSD) will provide Armenia with a $2 million grant.

At its cabinet session Friday, the Armenian government approved the draft of Supplement No. 2 to the agreement on the provision of a grant from the resources of the EFSD for funding the project “Enhancing the Quality of Financial Reporting of Public Sector Organizations of the Republic of Armenia.”

This agreement on providing a grant from the EFSD resources was signed on February 6, 2024, and entered into force on August 2.

The purpose of implementing this project is to contribute to increasing the efficiency of public finance management in Armenia; in particular, the full introduction of a new accounting system, as stated in the explanation of this decision.

The explanation adds that this new system will make it possible to prepare reliable financial statements, which will assess the financial situation of both individual organizations in the public sector and the ministries and the state as a whole in Armenia.