14 February 2009, 16:09
Armenia has no idea how to spend Russian credit
Nerses Eritsyan, Minister of Economy of Armenia, has reported that the dates, when Russia will provide the 500 million US dollar stabilization credit to Armenia, are not defined yet, same as the direction of spending it.
The "News-Armenia" Agency reports that according to the Minister, both issues will be defined after respective consultations.
At the same time, as Mr Eritsyan has stated, the country has rather serious anti-crisis programmes, which will start being implemented in the end of February. Among them, for example, the World Bank programme aimed, in particular, at restoration of rural roads and irrigation systems, which can provide thousands of new jobs, especially in rural areas, as the "ARKA" Agency reports.
We remind you that on February 9 Armenia and Russia signed a preliminary agreement on granting by Russian to Armenia of a stabilization credit in the sum of 500 million US dollars.
