WB support reached $6.1 billion in current fiscal yearSeptember 26, 2011 - 11:26 AMT PanARMENIAN.Net - Economic recovery is underway in the Emerging Europe and Central Asia (ECA) region, but at a slow pace and is at risk from the troubled Eurozone, according to the World Bank at a press briefing during the World Bank/IMF Annual Meetings 2011. “Most countries in Emerging Europe and Central Asia have recovered from the global economic crisis, but growth has returned at lower rates than pre-crisis trends in most of the region. The region is expected to record a real growth rate of 4.3 percent in 2011, which is one of the lowest of any developing region,” said Philippe Le Houérou, World Bank Vice President for the Europe and Central Asia Region. “The slow recovery in the region may be establishing a ‘new normal’ of lower economic growth rates in many of the region’s countries.” World Bank support reached $6.1 billion this fiscal year, including $5.5 billion from the International Bank for Reconstruction and Development (IBRD) and $650 million from the International Development Association (IDA). Turkey ($1.4 billion), Romania ($1.1 billion), and Poland ($1.1 billion) were the largest borrowers. The sectors receiving the most funding were energy and mining ($1.9 billion), public administration ($1.7 billion), and health and social services ($1.2 billion). Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Pashinyan’s spokesperson denies intention to visit Baku for COP29 Pashinyan’s agenda doesn’t include a trip to Baku for the COP29 conference, his press secretary Nazeli Baghdasaryan has said. Russia accuses West of preparing invasion of CSTO countries NATO is preparing an invasion of the CSTO countries, the number of provocations in the air is growing, Sergei Shoigu has said. Lithuania sending €100,000 to help Armenia fight floods consequences Armenian Prime Minister Nikol Pashinyan took to social media to thank his Lithuanian counterpart for the contribution. Armenia: Rescue workers restore pedestrian bridge for flood-hit community Rescue workers on Wednesday, June 5 restored a pedestrian bridge in the town of Alaverdi in Armenia’s north. |