15:00, 19 February 2011

Armenia will receive 100 million euros from EU to overcome consequences of global crisis

On February 18, Olli Rehn, EU Commissioner for Economic and Monetary Affairs, signed a memorandum of understanding with Armenia on provision of macro-financial help amounting to 100 million euros. Of these, 65 million will be provided as a credit, and 35 million - in the form of a grant.

The funds will go to support the Armenia's programme for overcoming the consequences of the global financial and economic crisis, which was coordinated with the International Monetary Fund.

A part of the EU's help will allow funding the balance of payments in Armenia in 2011 and implementing the reforms aimed at achieving sustainable growth in the mid-term perspective, the "PanARMENIAN.Net" reports.

The first tranche of 40 million euros will be paid after ratification of the Memorandum of Understanding and agreements on loans and subsidies by the Armenian Parliament. The next tranche is scheduled for autumn 2011, the "News.am" reports.