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 | 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. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. |