Determined how to manage 500 million
"I'm starting to lose faith in the government," ARF MP, Yerevan mayor candidate Artsvik Minasyan announced today at the National Assembly.
He did not believe in the words of the Minister of Finances during the NA special session regarding the state loan agreement between the Russian and Armenian governments. This is the 500 million dollar loan, which went through long examination until it was established in the Russian Federation's state budget and sent to the RA National Assembly.
Minasyan proposed to the RA Finances Minister to go to the market and see if traders are able to trade or not.
"People have no income."
Davtyan did not respond to Minasyan's proposal and presented the courses to take for using the 500 million dollar loan:
1. reconstruction of the disaster zone
2. loans for small and medium businesses
3. implementation of anti-crisis programs
After the ratification of this agreement, the Russian Federation will grant Armenia the loan for a 15-year grace period, that is, LIBOR+ 3% annual interest rate, which is nearly 4% now. The full grace period will start in 5 years.
Karen Tchshmarityan spoke on behalf of the Republican Party:
"This is just an agreement that allows us to receive 500 million dolars from Russia. We have a clear-cut plan that must be provided for by the state budget, but our resources are not enough at the moment."
Tchshmarityan finds that the 500 million dollars must be used to turn the government's programs into a reality. The NA ratified the 500 million dollar loan agreement and the changes were made in the state budget. The 5% deficit was increased by 2.5% and the Minister of Finances tried to explain this by the current global economic crisis.
