EU, Armenia sign memorandum on 100 million euros of financial assistance to ArmeniaFebruary 18, 2011 - 17:50 AMT PanARMENIAN.Net - The EU and Armenia have signed a memorandum on 100 million euros of financial assistance to Armenia. The European Commissioner for Economic and Monetary Affairs Olli Rehn has signed on behalf of the EU the Memorandum of Understanding with the Republic of Armenia setting forth the economic policy conditions for the provision of macro financial assistance (MFA) to Armenia in the form of a loan of up to €65 million and a grant of up to €35 million. The assistance will support the adjustment program agreed between Armenia and the International Monetary Fund to help the country through the global crisis. The planned assistance is part of the external financing provided to cover Armenia's balance of payment needs in 2011. The EU program is conditional on the respect of the economic program agreed between the Armenia and the International Monetary Fund (IMF) and on the implementation of a number of economic policy measures agreed by the Republic of Armenia and the European Union in the areas of: public debt management, pension system, public internal financial control, external audit, public procurement, tax policy and tax administration, and customs policy. It supports the economic adjustment and reform program of the Armenian authorities designed to achieve sustainable medium-term growth. The first instalment, amounting to EUR 40 million, will be released after the ratification of the Memorandum of Understanding and the Loan and Grant Agreements by the Armenian Parliament. The release of the second installment is planned for autumn 2011, the EU said on its official website. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |