World Bank Approves New Budgetary Loan To Armenia

20/01/2006
Baku Today
Radio Free Europe

The World Bank has disbursed a new $20 million loan to Armenia, citing the country’s “exemplary macroeconomic performance” and its government’s efforts to reduce widespread poverty.

{This} is the second installment of a three-year “[The $60 million program]lending program that was launched by the World Bank in November 2004.
[...]
The World Bank is Armenia’s number one lender, having allocated a total of $916 million in low-interest loans since 1992. More than a third of that have been direct budgetary loans. They financed as much as half of Armenian budget deficits during the late 1990s.

The latest credit will cover only 13 percent of the $155 million budget deficit projected for this year, highlighting Armenia’s decreased dependence on external borrowing.

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