D. AVETISIAN: WE HOPE ARMENIA WILL ATTRACT $20 MILLION WB CREDIT BY END OF YEAR

PanARMENIAN.Net - Armenian Deputy Minister of Economy and Finance David Avetisian gave a positive assessment to the preparatory works carried out in Armenia during the initial half of 2005 for the attraction of World Bank credit for poverty reduction. During yesterday's press conference he noted that this June the Armenian government has ratified the list of measures to be completed till August 15. "We hope that as result of accomplishment of the programs Armenia will attract World Bank credit totaling in $20 million by the end of the year", he noted. The Deputy Minister also reported that the Mission of the International Monetary Fund will arrive in Armenia August 25 to assess the work carried out during the recent months. David Avetisian expressed hope that the assessment by the experts will serve as a basis for the further ratification by the IMF Council of Directors. When touching upon the cooperation with the U.S. within the Millennium Challenge Account program Avetisian said that by the end of 2005 Armenia will come through with the qualification phase and start negotiations on bilateral agreement on attracting the appropriate funds. In his words, first real investments can be expected in 2007 while the year 2006 will be devoted to the successful accomplishment of the preparatory works. At that David Avetisian brought the example of Georgia, which can "approach the signing of the document." To note, Armenia will be allocated $60 million with the Millennium Challenge Account. The financing will be carried out on the basis of precise programs and will be targeted at poverty reduction, public health, education and social field, IA Regnum reports.