Armenia to use proceeds from Eurobonds to repay Russian loan

Hasmik Dilanyan
Public Radio of Armenia

Armenia will use the proceeds from Eurobonds to repay the $440 mln Russian loan and the interests. The decision was made during today’s sitting of the Government.

According to Minister of Finance David Sargsyan, 60 billion AMD will be allocated to the Central Bank of Armenia for crediting of small and medium-sized enterprises. Another 3.9 billion will provided to the “SME Investments” Universal Credit Organization. Besides, 29 billion will be allocated to amend the foreign debt management strategy, which will create favorable conditions for the provision of low-interest loans

According to Prime Minister Tigran Sargsyan, the issuance of Eurobonds allows to improve the balance of payments and expect better execution of next year’s state budget.

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