YEREVAN. – The National Assembly of Armenia on Wednesday passed 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 said proposed law was adopted by a vote of 61 for and 37 against.
As reported earlier, the main speaker at the respective parliamentary debates, Deputy Finance Minister Armen Hayrapetyan, had 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 had 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 had added.