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 | 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. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |