The Armenian government today approved a $40m loan agreement with the Asian Development Bank.
The Asian Development Bank announced on October 25 that it would give Armenia a $40m loan to improve its fiscal sustainability and development of financial markets.
The ADB’s policy-based loan is aimed at assisting the country’s government through a series of reform measures to strengthen public debt management to enhance fiscal discipline and transparency.
It will also improve the government efficiency of its market so Armenia can rely more on domestic borrowing.
Country director Shane Rosenthal said: “Sound public debt management and well-developed financial markets are essential for Armenia’s long-run growth and sustainable development.
“We are helping the Government of Armenia implement a series of reforms to increase transparency, improve governance, and encourage more private investment in the country that will create more jobs.”
The development bank has worked with Armenia since 2005 and has approved a total of 26 loans worth $1.27bn, as well as 26 technical assistance grants totaling $16.5m.