Armenia to receive $315 million in loans from IMFJune 4, 2020 - 16:53 AMT PanARMENIAN.Net - Armenia will receive $315 million in loans from the International Monetary Fund (IMF), which will be used to finance budget programs. The government on Thursday, June 4 approved the Stand-By Arrangement signed between the country and the IMF on May 23 and June 1. Finance Minister Atom Janjughasyan said that the world economy is expected to shrink by 3.5% in 2020 due to the coronavirus pandemic, which can't but affect Armenia's budget. "It is expected that the decline will lead to a reduction in tax revenues, which in turn will lead to an increase in the deficit if the same level of spending is maintained," Janjughazyan told a government meeting. "Debt financing requires the inclusion of borrowed funds, which will automatically lead to an increase in debt. 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 | Kazakh Foreign Minister arrives in Armenia Kazakh Foreign Minister Murat Nurtleu on Monday, March 18 arrived in Armenia for a two-day trip. Aliyev touts “good chances” for normalizing ties with Armenia Azerbaijani President Ilham Aliyev has declared that there are “good chances” for normalizing relations with Armenia. Putin secures fifth term as Russian president Russian President Vladimir Putin has secured a fifth term in office through a dubious national plebiscite. Top Armenian, Indian defense officials discuss cooperation The discussions primarily focused on enhancing cooperation in the defence sector between Armenia and India. |