The European Union will increase financial assistance to Armenia by 20-25%, head of the EU delegation to the country Piotr Switalski told reporters on Tuesday, February 25.

“Substantially more resources will be provided to Armenia from the umbrella fund,” Switalski said.

The ambassador also maintained that the EU greatly values the process of reforms in Armenia.

"We are now discussing concrete projects where Armenia expects the EU’s support,” the diplomat said, adding that he hopes Armenia will manage to use all the opportunities provided by the 28-nation bloc.

Executive Director Richard Doornbosch of the International Monetary Fund said Monday that the IMF is ready to assist Armenia in achieving reforms currently underway in the country.