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World Bank Credits

publié le mercredi 23 décembre 2009

ARISTOMENE VAROUDAKIS : ECONOMIC DIVERSIFICATION IN ARMENIA REQUIRES ERADICATION OF OLIGOPOLIES
/DEC 17/NEWS.am/
Armenia’s economy needs diversifying, which is impossible without putting an end to corruption in the customs and taxation system, creating equal conditions for market competition and liquidating oligopolies, Head of the WB office in Yerevan Aristomene Varoudakis told a press conference.

WB LIKELY TO ALLOCATE $29M TO ARMENIA IN 2010
/DEC 17/NEWS.am/
The major WB’s programs are aimed at implementation of tax, customs, and communication reforms, the Head of WB office in Yerevan Aristomene Varoudakis said at the December 17 press conference.
He also underlined that Russian loan of $105m and $50m granted by WB are intended for the private sector to enable Armenian businessmen to overcome crisis consequences,
Varoudakis stated that presently WB credit program in communication sphere estimated at $29m is underway. According to him, the project is likely to be signed in September 2010.

ARISTOMENE VAROUDAKIS : ARMENIAN ECONOMY UNABLE TO DEVOUR SO MUCH CEMENT
/DEC 17/NEWS.am/
Varoudakis said that the year 2009 has been a most difficult one for the Armenian economy, but the peak of the crisis is behind. He forecasts a GDP decrease of 16-17 per cent, and an inflation rate of 5.5%, by the end of this year. The crisis caused a 3% rise in the poverty level, and, but for allowances, the figure would be 6%. Varoudakis pointed out that stabilization is expected next year. The expected rise in the international copper and molybdenum prices will contribute to the process.
Varoudakis pointed out an increase in the industry’s output this year as compared with last year. Despite the lower volumes of capital construction, a higher number of real estate businesses has recently been registered. However, economic growth in Armenia will be slow - 1.5% GDP growth is expected next year.
Varoudakis expressed his satisfaction with the stability in Armenia’s banking system and a high capitalization level. As regards negative factors, he pointed out 8% ineffective credits.

WORLD BANK TO EXTEND ARMENIA $160 MILLION IN 2010
/DEC 17/ARKA/
’We plan that in 2010 the WB Board of Directors will approve eight programs which will be ratified by Armenian National Assembly,’.
  Aristomene Varoudakis said $25 million of this sum will be channeled to support the budget, particularly, help reform tax and customs systems and strengthen the capacities of agencies dealing with competitiveness policy.
  Some $7 million will be allocated to Social Investment Funds to support implementation of 37 projects,
  $5 million for social security administration improvement, particularly, for modernization of regional social security centers.
  Besides, $10 million will be channeled to support a new project to upgrade the public sector, increase the transparency degree in the public service system and improve electronic management of services for population.
  Some $25 million are earmarked for IT sector, particularly, for construction of a technology park in Gyumri,
  $43 million will be directed for construction of a road from Yerevan to Vanadzor and Bagratashen as part of North-South highway.
  Also $36 million will be directed at restoration of electrical power transmission lines and $14 million for rural development projects.
  According to Aristomene Varoudakis, under the Country Partnership Strategy (CPS) with Armenia, which provides the framework guiding for the World Bank’s assistance to Armenia for 2009-2012, Armenia will receive $550 million, of which $100 million will be channeled to the budget and the rest will go to support government’s investment projects.
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