Another loan for Armenia
The World Bank will provide Armenia with an additional 200 million dollars for the next two years, Head of the World Bank Office in Yerevan Jean Michel Hap announced during a joint press conference with the RA Minister of Finance. Half of the sum will be provided through the International Development Association, while the rest will be provided through the International Bank for Reconstruction and Development.
The Head of the WB Office in Yerevan mentioned that the WB took into account the global economic crisis when developing the Partnership Strategy, which is aimed at assisting the vulnerable level of society and promoting economic growth.
Touching upon the indicators published in Forbes magazine, according to which Armenia has the worst economy in the world after Madagascar, RA Minister of Finance Vache Gabrielyan mentioned that the magazine doesn't give the best assessment of Armenia's economic development, and that that assessment is linked to the 2009 economic crisis.
"I would say being second or third is a reflection of Armenia's challenges, not the place or situation of Armenia. This indicator can't be considered stable. It is just an instantaneous assessment," Vache Gabrielyan mentioned.
The World Bank representative shared the minister's view, and didn't deny Armenia's inflation and the crisis.
"Through measures, this year Armenia will be able to reduce the inflation. The World Bank considers the 6.5 percent inflation realistic," Jean Michel Hap mentioned.
