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 | Pashinyan: We must stop searching for homeland, we have found that homeland Prime Minister Nikol Pashinyan has shared a message on the 109th anniversary of the Armenian Genocide. Erdogan wants “realistic road map” for relations with Armenia Turkish President Recep Tayyip Erdogan has called for a “new realistic road map” for relations with Armenia. Armenia-Azerbaijan: Experts launch work on determining coordinates Expert groups from the countries started the process of determining the coordinates based on geodetic measurements. Yerevan says did not expect CSTO in peacekeeping role Pashinyan has declared that the CSTO would be expected to come to the Armenia-Azerbaijan border as an ally of Armenia |