Where will the Russian half billion dollars be directed to?

PanARMENIAN.Net - Monetary funds obtained from Russia will be allocated based on primary programs, approved by Armenian government's operations office, Gagik Minasyan, the chairman of Armenia's National Assembly standing committee on finance-credit, budget and economic issues told a news conference in Yerevan.



According to him, the part of that amount will be aimed at supporting the small and medium business development, the rest in the form of loans, state guarantees and state participation will be directed to state anti-crisis programs. Besides, some amount will be allocated to realize budget programs, as well.



According to the chairman of the NA standing committee, the effective allocation of those funds will result in the growth of tax proceeds.



USD 30 million will be directed to small and medium business development , told Armenia's prime minister Tigran Sargsyan a governmental sitting on Thursday.



On May 20 Armenia's and Russia's finance ministers Aleksey Kudrin and Tigran Davtyan signed an agreement on providing Armenia the 15-year loan at LIBOR plus 3% to support the Armenian economy during the crisis.