YEREVAN. – The National Assembly of Armenia on Tuesday is debating on the bill with respect to ratifying a loan agreement between Armenia and the Asian Development Bank, and within the framework of the public efficiency and financial markets program.
The main speaker, Deputy Finance Minister Armen Hayrapetyan, noted that this agreement is a budget support loan that will enable Armenia go through 2017 smoothly and to ensure financial stability in the country.
In his words, this loan is $40 million, it is issued for 15 years, of which 3 years are a preferential loan.
The deputy minister said this loan program has no specific target expenditure, and this is why a budget support loan differs from other types of loans.
“Since our budget year will be with a deficit, that loan will cover the difference between the revenues and the expenditures,” Hayrapetyan added.